Private equity firm Blackstone Group LP is leading the charge for investments into India's commercial real estate market after the recent global recession has lowered interest in its once red hot residential market. As a result, the number of unsold units has risen, causing a glut in the market.

The glut has caused a tumble between five and thirty percent in value of properties since 2009. This has made many investors interested in infusing finances into commercial assets that yield stable rental income and avoiding the effects of the volatile residential market.

Aside from Blacrock, other private equity firms such as Morgan Stanley, the Xander Group and others have gone into commercial real estate investment, forecasting that the surging Indian economy would increase the demand for these kinds of properties.

According to Akhil Gupta, Chairman of Blackstone India, "We waited till valuations got a bit softer and more attractive. And now we are going aggressive. We have done a few large deals and are looking to infuse more capital."