India’s REIT market manages gross Assets Under Management (AUM) exceeding Rs. 1.63 lakh crores, with a combined market capitalisation of over Rs 98,000 crores (as of 14 May 2025). The four REITs collectively operate more than 128.9 million square feet of Grade A office and retail real estate across India’s key urban centres.
The four listed REITs in India—Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust— reported a Net Operating Income (NOI) of Rs. 89,100 crores in FY2025, compared to Rs. 76,626 crores in FY2024 — an increase of Rs. 12,474 crores, representing 16% year-on-year growth.
Their total revenue from operations also rose by 16%, from Rs. 97,482 crores in FY2024 to Rs. 1,12,802 crores in FY2025 — an increase of Rs. 15,320 crore.
Since their respective inceptions, these four REITs have distributed a cumulative total of over Rs. 22,800 crores to unitholders, highlighting their rising prominence among both institutional and retail investors.
They have collectively distributed over Rs. 1,553 crores to more than 2.64 lakh unitholders during the fourth quarter of the financial year ended March 31, 2025. This marks around 13% increase compared to Rs. 1,377 crores distributed in the same quarter of the financial year ended March 31, 2024. For the full financial year 2024–25, the cumulative distribution by the four REITs reached Rs. 6,070 crores, up from Rs. 5,366 crores in FY 2023–24, reflecting a strong and consistent over 13% year-on-year growth.
In addition to India’s four publicly listed Real Estate Investment Trusts (REITs), Knowledge Realty Trust's will be the largest REIT in India in terms of Net Operating Income (NOI) and Gross Asset Value which is estimated at around ?60,000 crore.
The CCI has approved IPO-bound Knowledge Realty Trust's acquisition of several entities affiliated with Blackstone and Bengaluru-based Sattva Group.
Knowledge Realty Office Management Services is a Sebi-registered REIT with total portfolio of 48 million sq ft (37 million square feet completed) across 30 Grade A office assets across six major cities, making it India's most geographically diverse Office REIT. Of the total portfolio, 90 per cent is leased with marquee tenants - 76 per cent with MNCs and 45 per cent with GCCs (Global Capability Centres).
Commenting on the consolidated performance, Alok Aggarwal, MD & CEO of Brookfield India Real Estate Trust and Chairman of the Indian REITs Association, said, “The robust quarterly distributions and expanding investor base reflect the increasing maturity and investor confidence in India’s REIT ecosystem. A 13% year-on-year increase in distributions underscores the strength and stability of the sector, driven by high-quality assets and strong leasing activity, particularly from Global Capability Centres (GCCs) and strong domestic demand. We remain optimistic about the long-term prospects of Indian REITs amid evolving market dynamics.”
