||“Global Financial Crisis” of 2008 and “Demonetization” of 86% of currency notes in circulation in India on 8th November 2016 have yet again emphasized the importance of risk in real estate investments. In good times risks are overlooked by investors but in challenging times importance of risks is realized. These risks assumes even greater significance in an emerging economy like India due to issues of transparency and corporate governance. For investment decision making it is important to understand various risks across the life cycle of an investment including entry, monitoring and exit stages.This studies will develop better understanding of risk factors impacting non listed real estate funds in India. It would evaluate both macroeconomic and fund specific factors across the life cycle of a real estate fund. In absence of reliable data, this study would include primary survey of various real estate professionals associated with real estate fund management in India. We would use factor analysis to identify significant risk factors and sub-factors. Unlike other Asian countries like Singapore, Malaysia, Hong Kong and China, there is hardly any academic research available in India in this area. With fast growth of economy, likely listing of first REIT and increasing transparency real estate sector in India is expected to see substantial flows of capital. This research will contribute towards developing better understanding of risks in Indian real estate for institutional investors, across the life cycle of invested capital.