India's REIT Market Set to Soar: Penetration to Reach 25-30% by 2030
India’s Real Estate Investment Trust (REIT) market, currently at about 20% of the country’s total institutional real estate, is poised for significant growth. According to a report by FICCI-Anarock, this figure is expected to reach 25-30% by 2030. This growth is particularly noteworthy given that India joined the REIT movement later than many global counterparts like the US, Singapore, and Japan.
In just seven years, India has achieved a market capitalization of nearly $18 billion, driven by five listed REITs. These REITs have democratized property investments, allowing retail investors to participate in an asset class that was previously dominated by institutions. This shift has broadened the investment landscape and made it more accessible to a wider range of investors.
Future growth in the REIT market will be driven by diversification into alternative asset classes such as data centers, logistics parks, and retail malls. These new asset classes reflect changing investor preferences and occupier trends, aligning with the evolving needs of the market. The report highlights that the office market in India has demonstrated remarkable resilience, with all-time high office space leasing across the top seven cities.
The surge in office space leasing is primarily driven by Global Capability Centres (GCCs), which now account for more than 40% of total gross leasing in these cities. India is on track to host more than 2,400 GCCs by 2030, employing over 2.8 million professionals. As of the end of 2024, India already hosted over 1,700 GCCs, employing more than 1.9 million professionals.
The Indian GCC market has expanded rapidly, growing from $30 billion in 2019 to approximately $64 billion in 2024. This momentum is expected to continue, with the market projected to reach a size of $105–110 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 10%.
Anuj Puri, Chairman of the Anarock Group, commented on the rapid expansion of the GCC landscape in India. “Over the years, India’s GCC landscape has expanded rapidly, with its market size rising from $30 billion in 2019 to approximately $64 billion in 2024. This momentum is expected to continue,” he said.
Raj Menda, Chairman of the FICCI Committee on Urban Development and Supervisory Board Chairman of RMZ Corp, emphasized the shift in the perception of India’s office real estate market. “For three decades, India’s office real estate market was largely viewed as a cost line to be managed. Today, it shapes where global capital is deployed, where high-value jobs are created, and where India’s young workforce chooses to live,” he noted.
India’s top seven cities already host around 800 million square feet of Grade A office stock, with Bengaluru and the National Capital Region (NCR) together accounting for nearly half of that. Net absorption in 2025 has been over 58 million square feet, with gross leasing of over 80 million square feet, marking another record-breaking year.
This growth trajectory underscores the robustness and potential of India’s REIT market, positioning the country to become a key player in the global real estate investment landscape.
