The report, titled Building Viksit Bharat – Real Estate as a Catalyst for Growth, said office REITs accounted for 16% of India’s total office stock of 1.05 billion square feet as of June 2026.
The operational retail REIT portfolio stood at 11 million square feet, while warehousing assets held through infrastructure investment trusts (InvITs) stood at 44.2 million square feet.
Bengaluru leads office REIT penetration
Bengaluru had the highest REIT penetration among India’s major office markets. REIT-backed office stock in the city stood at 67.6 million square feet, accounting for 27% of its total office inventory of 254 million square feet.
Hyderabad followed with 26.2 million square feet of REIT-backed office stock, equivalent to 20% of its 129.1 million square feet office inventory.
Mumbai Metropolitan Region (MMR) had 24.6 million square feet of REIT-backed office stock, representing 14% of its 173.8 million square feet office inventory.
The National Capital Region (NCR) and Pune each had REIT coverage of 11%, while Chennai and Kolkata stood at 10% each. Ahmedabad had the lowest coverage among the markets covered, at 1%.
Across the eight markets, the report put total operational office stock at 1.05 billion square feet and REIT-backed stock at 167 million square feet.
36 million sq ft of office space under construction
Listed office REIT platforms had a combined 36 million square feet of office space under construction, according to the report.
Bengaluru accounted for the largest share at 16.3 million square feet, followed by Mumbai at 4.6 million square feet, Hyderabad at 3.9 million square feet and Chennai at 3.8 million square feet.
The report said the under-construction portfolio was equivalent to around 19% of the existing operational office REIT stock, pointing to further expansion in institutional ownership of office assets.
Knight Frank India Chairman and Managing Director Shishir Baijal said the growth of listed REITs has provided institutional investors with an avenue to monetise stabilised assets and recycle capital.
Retail REITs spread beyond major office markets
The operational retail REIT portfolio stood at 11 million square feet as of June 2026. Nexus Select Trust accounted for 10.7 million square feet, while Brookfield India Real Estate Trust accounted for 0.4 million square feet.
Unlike office REITs, retail REIT assets have a wider geographic spread. About 4.6 million square feet, or 45% of the total retail REIT stock, was located outside the eight major office markets.
These assets were spread across cities including Chandigarh, Bhubaneswar, Amritsar, Udaipur, Mangaluru, Mysuru, Indore and Ludhiana.
The report attributed the difference to the demand drivers of the two asset classes. Office assets are concentrated around employment and corporate occupier hubs, while retail properties tend to follow consumer catchments, population and spending patterns.
Warehousing InvIT assets at 44.2 million sq ft
The warehousing InvIT portfolio stood at 44.2 million square feet as of June 2026, including 32.2 million square feet of operational assets and a 12 million square feet development pipeline.
The two listed warehousing platforms covered in the report had around 32.2 million square feet of operational assets. The portfolio included about 23 million square feet for NDR InvIT Trust and 9.3 million square feet for TVS Infrastructure Trust.
NDR InvIT’s portfolio covered 100 warehouses across 17 cities, while TVS Infrastructure Trust had 18 industrial parks across five states, according to the report.
The report said warehousing is emerging as a growing component of the InvIT market alongside more traditional infrastructure assets such as roads and fibre.
ASSOCHAM Secretary General Saurabh Sanyal said real estate would play a role in supporting investment, employment and the expansion of sectors such as manufacturing, logistics and technology.
