From a traditional property consultancy to a professional-services organisation, Knight Frank India has evolved alongside the country’s real estate industry. At the centre of that transformation has been Shishir Baijal, who believes the next phase of Indian real estate will be defined by institutional capital, consolidation, premiumisation and the rise of new cities and asset classes.
Real estate is a business obsessed with permanence. Buildings are designed to last for decades, cities evolve over generations, and relationships between developers, investors, occupiers and advisers are rarely built in a quarter or a year. Yet the business itself is constantly being reinvented.
Few have witnessed that transformation as closely as Shishir Baijal, International Partner, Chairman and Managing Director of Knight Frank India. With close to five decades in real estate and 15 years at the helm of Knight Frank’s India operations, Baijal has seen the industry move from a largely fragmented, promoter-driven business towards one increasingly shaped by governance, institutional capital, professional management and execution.
A Lifetime Achievement Award is therefore an appropriate moment to take stock. But Baijal is less interested in the number of years than in what those years have helped build. “I have spent almost five decades in real estate and have had the privilege of witnessing the industry evolve through several cycles and disruptions,” he says. “But my greatest satisfaction does not come from the number of years; it comes from seeing people and institutions grow.”
For him, the real measure of a career is not the position occupied but whether an organisation becomes stronger after the individual leaves. That philosophy is particularly relevant to Knight Frank, the London-headquartered property consultancy founded in 1896. Over more than 130 years, the firm has survived economic cycles and upheavals by continually broadening its capabilities.
I would like to be remembered for building an institution rather than simply occupying a position
Today, its global operations span residential and commercial real estate, capital markets, valuation, research, project management and facilities management across 57 territories. In India, where Knight Frank began operations in 1995, the business has now spanned more than three decades. Under Baijal, it has sought to bring the firm’s global culture and institutional DNA to a market whose own real estate industry has undergone a fundamental transformation.
When Baijal entered real estate, the size of a developer’s land bank was often regarded as an important measure of stature. Today, that metric tells only part of the story. “The biggest change is that credibility was often judged by the size of a land bank. Today, it is judged by governance and the ability to deliver,” he says.
Several forces have driven that change: RERA, greater transparency, stronger corporate governance, the arrival of institutional capital and a far more discerning consumer. The result is a market in which land ownership is no longer sufficient. Developers must demonstrate the financial capacity to execute, the governance structures to manage complexity, and the reputation to retain the confidence of customers, investors and partners.
Baijal believes this will accelerate industry consolidation. He expects the top 10 developers to command an even larger share of the market over the next decade. Strong balance sheets, access to capital, execution capability and trusted brands will increasingly become competitive advantages. There will still be room for regional and niche developers, particularly those with differentiated offerings, but the broad direction is towards more organised and professionally managed companies. “Trust has become the most valuable asset in real estate,” he says.
It is a significant shift in an industry traditionally associated with land, construction and transactions. Today, the scarce resource is increasingly credibility.
The rise of the premium buyer
The changing nature of the Indian consumer is perhaps clearest in residential real estate. Baijal argues that the residential market is considerably healthier than it was a decade ago, but measuring that health requires looking beyond headline numbers. Sales velocity, inventory age, absorption, price movements and buyer behaviour provide a more meaningful picture of market strength. One of the most important changes has been premiumisation.
“The residential market today is significantly healthier than it was 10 years ago. We don’t look only at headline numbers such as launches, sales and unsold inventory. We look at sales velocity, inventory age, absorption, price movements and buyer behaviour.” Increasingly, Indian homebuyers are upgrading rather than simply buying. Larger homes, better amenities, integrated developments and branded projects have become more important considerations. Buyers are prepared to pay for quality, convenience and, importantly, a developer’s reputation.
Premiumisation therefore reflects more than higher ticket sizes. It signals rising confidence and aspiration. Buyers are no longer purchasing only square footage; they are buying execution certainty, amenities, location, lifestyle and long-term value. That, in turn, places an even greater premium on trusted developers.
The office refuses to disappear
If residential real estate has been transformed by the rise of the aspirational consumer, commercial real estate has been reshaped by an entirely different force: the pandemic. During Covid, many predicted that the office would become obsolete. Hybrid working took hold, employees demanded greater flexibility, and companies reassessed their real estate requirements. Yet the office did not disappear. It evolved.
Before the pandemic, office absorption reached around 61 million sq ft in 2019. Following the disruption, the recovery proved stronger than many had anticipated. Office leasing touched a record 85.5 million sq ft in 2025, while the first half of 2026 recorded nearly 48 million sq ft. For Baijal, the explanation lies in the changing role of the workplace. “The office is no longer simply a place where employees sit. It is where collaboration, innovation, culture and learning happen.” Companies may offer greater flexibility, but they continue to invest in high-quality workplaces because physical proximity remains important to organisational culture and productivity.
The biggest change is that credibility was often judged by the size of a land bank. Today, it is judged by governance and the ability to deliver
Demand is also being driven by India’s growing role in the global economy. Global Capability Centres (GCCs) have become a significant driver of office demand as multinational companies increasingly locate technology, engineering, financial services, research and innovation functions in the country. That creates demand not only for more office space but also for better buildings, infrastructure and locations. India’s young and skilled workforce, combined with its growing importance to global business, gives the office market structural support that extends well beyond the traditional property cycle.
The next generation of opportunities, however, may lie beyond the conventional office and residential markets. Industrial and warehousing are becoming structural growth sectors as India positions itself as a global manufacturing and supply-chain hub. Every manufacturing facility creates an ecosystem around itself: warehouses, logistics, offices, housing and supporting infrastructure. Data centres represent another emerging opportunity. The growth of artificial intelligence, cloud computing and digital services is creating demand for secure, high-capacity infrastructure.
What may appear to be separate property sectors are, in reality, interconnected consequences of India’s broader economic transformation. That is increasingly how real estate has to be understood. When manufacturing moves, logistics follows. When digital consumption rises, data centres follow. When employment moves, housing and retail follow. Property is therefore becoming a map of where the economy is headed.
That changing economic geography is also reshaping the country’s real estate map. The traditional Indian property story revolved around a handful of major metropolitan markets. Baijal believes the next decade will be more dispersed. Bengaluru is likely to remain a leading office market because of its technology ecosystem and concentration of Global Capability Centres (GCCs). Hyderabad, Pune and Chennai will continue to benefit from similar trends. Mumbai and Delhi-NCR will remain critical because of their scale, economic diversity and infrastructure-led transformation. Increasingly, however, the growth story will extend to Tier 2 cities.
The residential market today is significantly healthier than it was 10 years ago
Better highways, airports, rail connectivity and digital infrastructure are allowing economic activity to spread beyond the traditional centres. As businesses and employment opportunities move, real estate inevitably follows. Knight Frank’s own expansion reflects this view. The company has recently opened offices in Indore and Kochi and is looking at Vadodara. This is more than geographical expansion. It reflects a recognition that India’s next wave of real estate demand will emerge from a broader economic base. For global investors, however, a wider opportunity set also requires greater selectivity.
The case for patient capital
India’s long-term growth prospects make it an increasingly important destination for global capital. But Baijal cautions against treating the country as a short-term tactical allocation. His advice to first-time global investors is straightforward: understand the market, be patient and disciplined, partner with credible local players, and focus on quality assets. “India should not be viewed as a tactical allocation within a global portfolio. It deserves to be seen as a strategic market.”
That perspective was also shaped by his experience at Everstone, which gave him an investor’s perspective on the business.
India should not be viewed as a tactical allocation within a global portfolio. It deserves to be seen as a strategic market.
For a real estate professional, it underscores the importance of disciplined capital allocation, governance, risk management and execution. That second perspective changes the question. It is no longer simply whether an asset can be built or sold; the more important question is whether it represents a sound allocation of capital. That distinction matters even more as institutional money enters real estate and developers become increasingly dependent on sophisticated sources of finance.
Capital is becoming more discerning. Investors are no longer looking at India simply because it is growing. They are examining the quality of the opportunity and, equally importantly, the quality of the partner.
Knight Frank itself offers an interesting counterpoint to an industry increasingly driven by capital markets. The firm has remained privately held, allowing it to think beyond the next quarter. For Baijal, that independence is strategically important for a professional-services business. Investment in people, technology, research and client relationships often produces returns over a much longer period than a financial reporting cycle. “Being privately held allows us to think beyond the next quarter,” he says.
The structure also allows the company to respond quickly when markets change. That flexibility has been tested repeatedly. Knight Frank has navigated the Global Financial Crisis, demonetisation, Covid and periods of geopolitical and economic uncertainty. Those experiences reinforced a critical distinction between a transaction-led intermediary and a professional adviser. When markets are rising, transactions can make almost everyone appear successful. In uncertain markets, the value of advice becomes much clearer. Baijal argues that Knight Frank’s role is to help clients make informed decisions in an increasingly complex environment.
This explains why Baijal places unusual emphasis on people when discussing the company’s performance. For him, professional services are ultimately a people business. Property may be the subject of the transaction, but the adviser’s value lies in the judgement, knowledge and relationships of the people providing the advice.
My greatest satisfaction does not come from the number of years; it comes from seeing people and institutions grow
He takes particular pride in the stability of Knight Frank India’s leadership team. In an industry where senior talent can move rapidly between organisations, much of the firm’s leadership has remained broadly unchanged for more than a decade. That continuity, he believes, comes from creating a culture in which people feel valued, collaborate and believe they have a future within the organisation. It is also central to his definition of leadership. Baijal does not describe his tenure simply in terms of revenue growth, market share or expansion. His ambition has been to create an organisation capable of thriving beyond any one individual. That is perhaps why the Lifetime Achievement Award appears almost incidental to the larger story.
What remains after the leader?
For someone who has spent almost five decades in real estate, legacy could easily be measured through projects, transactions or corporate milestones. But Baijal chooses a different yardstick. “I would like to be remembered for building an institution rather than simply occupying a position,” he says.
At Knight Frank India, that institution has been shaped around valuing the individual, collaborating to succeed, making a difference and creating the future. The longevity of client relationships and the stability of its leadership are, to him, evidence that the culture has taken root. There is an important distinction between building a successful business and building an institution. A business can prosper during a favourable cycle. An institution must survive economic cycles, technological change, new competitors and successive generations of leadership. It must be able to reinvent itself without losing its identity.
The opportunities ahead are considerable, spanning premium housing and offices, manufacturing, logistics and data centres, and extending from the established metros to a new generation of Indian cities. For Baijal, however, the most enduring achievement would be to leave behind an organisation that is stronger because of the culture built during his tenure, rather than one that depended on the individual who led it. In a business where buildings are designed to outlast their creators, there is perhaps no more fitting measure of leadership.