India's REIT Market Expands with 133 Mn Sq Ft Office Portfolio, Potential to Add 371 Mn Sq Ft
India's Real Estate Investment Trust (REIT) market is witnessing significant growth, with nearly 140 million sq ft of office and retail real estate already under the portfolio of five listed REITs. According to Colliers India, the market is transitioning from a 'nascent' to an 'early growth' stage, with substantial potential for further expansion.
ReitReal EstateOffice SpaceRetail Real EstateCommercial Real EstateReal EstateAug 26, 2025
Real estate consultant Colliers India noted that the REIT market in India is steadily progressing from a 'nascent' to 'early growth' stage. The five listed REITs currently encompass about 133 million sq ft of Grade A office space, with retail stock under REITs around 5 million sq ft.
Stating that around 500 million sq ft of office assets are REIT-worthy, the consultant said the four listed office REITs currently encompass close to 133 million sq ft of Grade A office space. Additionally, about 371 million sq ft of office assets can potentially come under future REITs.
Office REITs in India are at an early growth stage. Rising demand from Global Capability Centres (GCCs), along with space uptake by technology and BFSI firms, is driving occupancy levels. This, in turn, is expected to accelerate the growth of office REITs in India, said Badal Yagnik, Chief Executive Officer of Colliers India.
The report reaffirms the strong potential of India’s REIT market and the growing depth of institutional participation in the office sector, Ramesh Nair, MD and CEO of Mindspace REIT, said. With nearly half of the country's Grade A office stock yet to be listed, the opportunity is immense. We are strengthening our portfolio across key markets to capture this growth, Nair added.
Knowledge Realty Trust REIT CEO Shirish Godbole said, REITs in India have truly come of age -- evolving from a novel concept to a trusted, mainstream investment vehicle. The growing participation from both institutional and retail investors is a testament to the confidence in the asset class and the underlying fundamentals of India’s commercial real estate sector. As a product, he said, REITs offer the ideal blend of stability and growth.
At present, there are five listed REITs -- Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, Nexus Select Trust, and the latest Knowledge Realty Trust REIT. Apart from Nexus Select Trust, the other four REITs are backed by rent-yielding office assets. Nexus owns a large portfolio of retail real estate spaces.
This growth in the REIT market is not only a sign of a maturing investment landscape but also a reflection of the strong fundamentals of India’s commercial real estate sector. With increasing demand and a robust pipeline of potential assets, the future of REITs in India looks promising.
Frequently Asked Questions
What is the current size of the REIT market in India?
The current REIT market in India encompasses nearly 140 million sq ft of office and retail real estate, with four office REITs holding about 133 million sq ft of Grade A office space and retail stock under REITs around 5 million sq ft.
What is the potential for further growth in the REIT market?
There is a significant potential for further growth, with approximately 371 million sq ft of office assets that can potentially come under future REITs, out of around 500 million sq ft considered REIT-worthy.
What are the key drivers of growth in the office REIT market?
The key drivers of growth in the office REIT market include rising demand from Global Capability Centres (GCCs), increased space uptake by technology and BFSI firms, and the overall stability and growth potential offered by REITs.
Who are the current listed REITs in India?
The current listed REITs in India are Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, Nexus Select Trust, and Knowledge Realty Trust REIT.
What is the significance of the transition from a 'nascent' to an 'early growth' stage in the REIT market?
The transition from a 'nascent' to an 'early growth' stage signifies a maturing investment landscape, increased institutional and retail investor confidence, and a robust pipeline of potential assets, indicating a promising future for REITs in India.
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