How many REITs are listed in India?

India has three listed Real Estate Investment Trusts (REITs) as of 2024 :Embassy Office Parks REIT, Mindspace Business Parks REIT, and Brookfield India Real Estate Trust :all primarily focusing on Grade A commercial office space across India's major technology and financial services cities. The Indian REIT market, while nascent compared to mature markets like Singapore, Japan, or Australia, has established a credible foundation with demonstrated distribution track records and growing investor familiarity.

India's Three Listed REITs Overview

Each of India's listed REITs offers distinct portfolio characteristics and investment propositions.

• Embassy Office Parks REIT market pioneer :India's first listed REIT in 2019, anchored by Blackstone partnership with Embassy Group
• Mindspace Business Parks REIT second listing :K Raheja Corp-promoted REIT with diverse geographic portfolio across four cities
• Brookfield India Real Estate Trust institutional quality :institutional-quality REIT sponsored by global asset manager Brookfield Asset Management
• Combined portfolio significant office stock :three REITs collectively managing over 70 million square feet of Grade A commercial space

REIT Market Development Timeline

India's REIT market has developed through specific regulatory and market milestones since inception.

• SEBI REIT Regulation 2014 enabling framework :foundational regulatory framework enabling REIT formation and listing in India
• First REIT listing in 2019 market milestone :Embassy REIT listing marking the beginning of India's institutional commercial REIT market
• Investor appetite demonstration through listings :successful capital raising demonstrating domestic and international investor interest
• Secondary market development and price discovery :growing trading volumes improving price discovery and market liquidity

Future REIT Market Expansion Potential

India's REIT market has substantial room to grow beyond the current three office REITs.

• Retail REIT potential for mall assets :institutional quality retail real estate candidates for future REIT listing
• Industrial and warehousing REIT opportunity :logistics real estate accumulation potentially enabling industrial REIT structure
• Hospitality REIT regulatory consideration :hotel real estate potentially eligible for REIT structure under evolving regulations
• Residential REIT long-term developmental possibility :build-to-rent residential housing potentially becoming future REIT asset class

India's three listed REITs have successfully introduced institutionally managed, exchange-traded real estate investment to Indian capital markets, demonstrating viable product economics and building a foundation for significant market expansion. As additional asset classes qualify and institutional real estate ownership grows, the Indian REIT universe is expected to expand beyond the current three office-focused vehicles to encompass a broader range of property types and investment strategies.