Blackstone, a global private equity giant, is making a significant foray into India’s residential real estate sector through a ₹1,800 crore ($240 million) partnership with Kolte-Patil Developers (KPDL). The transaction, announced on March 17, 2025, will see Blackstone Real Estate funds acquiring:
- 14.3% stake via newly issued equity shares
- 25.7% stake from existing promoters
- A potential additional 26% stake through a public open offer
This move marks Blackstone’s first major investment in India’s residential real estate, expanding beyond its dominant position in office, retail, logistics, and data centers.
Kolte-Patil’s Growth Story
KPDL is a leading real estate developer, primarily known for its projects in Pune, Mumbai, and Bengaluru. Having completed over 64 projects spanning 28 million square feet, the company has been scaling operations aggressively.
KPDL’s Chairman Rajesh Patil described the Blackstone deal as a “defining moment” for the company, promising transformative growth through the strategic capital infusion. Asheesh Mohta, Blackstone India’s Head of Real Estate Acquisitions, emphasized that the deal aligns with the firm’s long-term commitment to India, given the country’s urbanization boom and expanding middle class.
Following the transaction, Blackstone will share joint control over KPDL alongside existing promoters and be classified as a promoter entity, though it clarified there are no plans to delist the company.
As Blackstone celebrates two decades of investments in India, its Chairman & CEO Stephen Schwarzman visited Mumbai this week, reaffirming the firm’s confidence in India’s growth trajectory.
He called India “the world’s fastest-growing major economy”, signaling future investments in infrastructure as well. “We have deep expertise in infrastructure globally, and when we expand in that area, we will match what we know with the opportunities in India,” Schwarzman stated.
Beyond real estate and infrastructure, Blackstone is also planning to introduce its $450 billion global credit business to India, further diversifying its exposure in the country.
Blackstone’s REIT Expansion: A $710M Office IPO
Parallel to its residential push, Blackstone is doubling down on India’s booming real estate investment trust (REIT) market. It has filed for its fourth India REIT IPO, looking to raise ₹62 billion ($710 million) for Knowledge Realty Trust, in partnership with Sattva Group.
This IPO follows Blackstone’s previous successes in launching three India REITs, including:
- Embassy Office Parks REIT (Exited in 2023 for $853.5M)
- Mindspace Business Parks REIT
- Nexus Select Trust (Retail-focused REIT)
Additionally, Blackstone recently secured approval from India’s anti-trust regulator to acquire a stake in Bengaluru-based Bagmane Developers, which owns 30 million square feet of operational business parks and has another 5.3 million square feet under development.
With its India assets under management (AUM) already at $50-55 billion, Blackstone sees huge upside potential in the country’s real estate and credit markets. Amit Dixit, Blackstone’s Asia Head of Private Equity, stated that the firm is targeting a doubling of its India AUM in the next three years.
Blackstone’s growing investments indicate a strong vote of confidence in India’s economy, with real estate, infrastructure, and credit emerging as key focus areas. The Kolte-Patil stake acquisition signals a long-term commitment to residential real estate, while its REIT expansion strengthens its commercial property footprint.
Is Blackstone’s growing presence in India a sign of bigger opportunities in real estate and credit markets? How do you see this shaping the investment landscape?