India’s listed REIT market has expanded more than six-fold since FY20, growing from ₹271 billion to ₹1,726 billion in the first nine months of FY26, according to a report by CBRE Group. The surge has been driven by fresh listings and rising unit prices. India now has five listed REITs, with Knowledge Realty Trust the latest entrant in August 2025.

The other four REITs recorded over 20 per cent year-on-year unit price growth between Q3 FY25 and Q3 FY26. Embassy REIT grew 18 per cent year-on-year, Mindspace Business Parks REIT rose 31 per cent, Brookfield REIT climbed 21 per cent, and Nexus Select Trust gained 14 per cent.

“India’s REIT market has delivered consistent returns to investors through a volatile global cycle,” said Anshuman Magazine, Chairman and CEO, India, South-East Asia, Middle East and Africa, CBRE. “The listing of these instruments can provide flexible exit options for key investors, potentially driving a wave of institutional participation and deepening market liquidity. The structural reforms now taking shape are likely to significantly expand the segment’s investor base in the coming years.”

Rami Kaushal, Managing Director, Consulting & Valuation Services — India, Middle East & Africa, CBRE, said the evolving regulatory framework is expected to enable broader equity market participation and lower the cost of capital for REIT platforms, accelerating portfolio expansion and new listings. He added that the SM REITs segment is adding another layer of maturity to the market.

CBRE India Research estimates that India’s SM REIT market could exceed $75 billion, supported by over 500 million sq. ft. of eligible office, logistics and retail assets.

Published on March 13, 2026