The institutionalization and democratization of India’s real estate sector are being expedited by Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). This is being driven by asset acquisition, supportive policies, strong operational performance of underlying assets, and increasing investor participation. Over the past five to six years, the REIT/InvIT ecosystem has experienced consistent expansion across asset class, size, geography, and investor base.
According to a survey conducted by Colliers India, the market currently includes five office-focused REITs, a retail REIT, and an industrial & warehousing-focused InvIT, which is indicative of the scalability of REIT/InvIT structures in India.
As of March 2026, the extant portfolio of listed REITs/InvIT has exceeded 195 million sq ft, with an upcoming pipeline of 37 million sq ft, according to the most recent report from Colliers, “India REITs: Gaining scale & unlocking value.” The retail and industrial & warehousing segments are acquiring momentum, while the office segment continues to dominate with an approximately 84% share in the operational portfolio of existing Indian REIT/InvIT.
Given the depth of institutional-grade supply and occupier demand in these markets, the existing REIT portfolio in the office segment is primarily concentrated in Tier I cities. Bengaluru accounts for the largest share of the approximately 164 million square feet of existing office REIT stock, at 42%. Hyderabad, Mumbai, and Delhi NCR each have a 12-15% share.
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