India`s listed REIT market sees multifold growth post-COVID to Rs 1.72 lakh crore
Domestic-listed Real Estate Investment Trust (REIT) market has expanded more than six-fold since FY20 -- a pandemic year -- growing from Rs 27,100 crore in 2019-20 to Rs 1.72 lakh crore in the first nine months of FY26, a report said on Friday.
As per the CBRE report, the sharp growth comes after the listing of the country’s first REIT in FY20 and has been driven by new listings as well as steady unit price appreciation among existing REITs.
From the total listed REITs, four of them recorded more than 20 per cent year-on-year (YoY) unit price growth between Q3 FY25 and Q3 FY26.
“India’s REIT market has delivered consistent returns to investors through a volatile global cycle,” said Anshuman Magazine, Chairman and CEO for India, South-East Asia, the Middle East and Africa at CBRE.
The report also highlighted that three regulatory changes expected to support wider adoption of REITs in 2026 and beyond.
The Securities and Exchange Board of India’s (SEBI) decision to reclassify REITs as equity-related instruments from January is expected to improve liquidity by enabling broader participation from mutual funds and specialised investment funds that were earlier restricted by hybrid investment limits, it said.
The report also pointed out that the sector may also benefit from the Reserve Bank of India’s proposal to allow commercial banks to lend directly to REITs, which would align the framework with infrastructure investment trusts (InvITs).
Further, the Union Budget 2026-27 has outlined plans to monetise Central Public Sector Enterprise (CPSE) assets through dedicated REIT structures, potentially unlocking value from state-owned commercial real estate and offering investors access to sovereign-backed assets.
CBRE India Research has estimated that India’s SM REIT market could exceed $75 billion, supported by more than 500 million square feet of eligible office, logistics and retail assets.
According to CBRE, the office sector REIT is the most preferred segment for capital allocation, with about 42 per cent of India-based respondents indicating willingness to invest.
Currently, five REITs are listed on Indian stock exchanges – the BSE and the NSE.
