Savills India’s Q3 2026 private-equity summary puts hospitality at 26% of reported real-estate PE inflows and industrial and logistics at 22%. Office accounted for 14% and data centres for 8%. In Savills’ Q3 2025 report, office had 39% and data centres 38% of the reported mix. The lower shares are a comparison of reported allocations, not proof that capital left either asset type. ETRealty reported the 2026 figures from Savills India data; Savills’ original Q3 2025 report provides the earlier shares.
What the two Savills snapshots report
For Q3 2025, Savills reported office at 39% of PE inflows, data centres 38%, residential 20% and co-living 1%. The Q3 2026 summary lists hospitality at 26%, industrial and logistics at 22%, residential at 15%, office at 14% and data centres at 8%. Office’s share is 25 percentage points lower and data centres’ share is 30 points lower, calculated from the reported rounded shares. The 2026 summary does not list co-living; that omission does not mean its share was zero.
Savills also reported $1.3 billion of Q3 2026 PE inflows and $4.5 billion for January–September, 16% above the same period in 2025. The quarterly figure excludes $167 million in REIT and InvIT asset acquisitions. The nine-month total and quarterly asset shares describe different periods, so the headline growth does not identify which categories account for it.
Why the shares are not a flow ledger
A sector share is a portion of a quarter’s reported total, not an absolute dollar value invested in that sector. The public summaries do not provide matched transaction-level tables for both quarters. They also do not establish that the smaller office or data-centre shares were caused by capital moving into hospitality or logistics.
There is a disclosure caveat. Savills’ 2025 report says the series includes private-route equity deals and excludes plain debt fund-raises, QIPs, public-market deals and platform formations. A reproduced copy of Savills’ 2026 announcement additionally lists AIF structured-debt deals and NCD issuances as included. The public descriptions do not show whether this is a change in scope or a fuller description of the same method. Treat the percentage-point comparison as reported snapshots, not a fully reconciled sector-flow series.
Keep capital allocation separate from office activity
A lower office share in PE inflows is not the same as a fall in office leasing or occupied space. BestProp.ai separately covered Q3 office absorption, new supply and vacancy, which measures the operating market rather than investor allocation.
Which sectors led Savills’ Q3 2026 India real-estate PE mix?
Hospitality led at 26%, followed by industrial and logistics at 22%. Residential accounted for 15%, office 14% and data centres 8%.
Does this prove capital moved from offices into hospitality?
No. The reports show different shares in two periods, but do not provide a matched deal ledger or establish why the mix differed.
Source and limitation
BestProp.ai compared the Q3 2025 Savills report with Q3 2026 figures reported by ETRealty and a reproduced announcement. The method descriptions are not fully harmonised; no claim is made about absolute sector outflows, asset performance, investor motives or future allocation.