Powered by office, retail and warehousing sectors, India’s Real Estate Investment Trust (REITs) market is projected to reach Rs 19.7 trillion by 2030 from Rs 10.4 trillion in 2025, according to a report by Knight Frank India.
The report stated that India’s office market stock surpassed 1 billion square feet, ranking as the fourth largest globally.
The report “Commercial Real Estate: Potential is Built, Opportunity is Now” said that India’s REITs have a potential to diversify beyond traditional asset classes like office, retail, and warehousing, to industrial parks, data centres, and hospitality. Listed REITs have delivered stable average annual dividend yield of about 5.5 percent, making them attractive income-generating vehicles.
The report was launched on October 31 at the Confederation of Indian Industry (CII) conference on “Evolving Landscape of Indian Real Estate – CRE: Unlocking Investments, Opportunities & Economic Growth”.
India currently has five listed REITs covering about 177 million square feet of commercial and retail space spanning operational, under-construction, and upcoming assets worth approximately Rs 2.3 trillion with over 290,000 unitholders, the Knight Frank data showed.
India’s office REITs account for just 15.3 percent of the total office stock across the top eight tier-1 cities, signalling strong potential for institutional growth. Demand from Global Capability Centres (GCCs) and India-facing businesses continues to strengthen, supported by a steady leasing pipeline and occupier preference for premium, sustainable workspaces.
Viral Desai, senior executive director occupier strategy and solutions, industrial & logistics, capital markets and retail agency, Knight Frank India, said that India’s commercial real estate has moved from promise to performance.
“As REITs scale from Rs 10.4 trillion to a projected Rs 19.7 trillion by 2030, the focus must shift to quality supply, sustainability and global-standard asset management. The real opportunity lies in converting this built momentum into long-term, inclusive economic value,” he said.
The value of REIT-able office assets is expected to rise from Rs 8.2 trillion in 2025 to Rs 16 trillion by 2030. Similarly, in retail segment only 7.3 msf of Grade A stock is currently under REITs, out of 66 msf of Grade A stock, which shows there is significant headroom for institutional expansion. The value of REIT-able retail assets is projected to grow from Rs 1.5 trillion in 2025 to Rs 2.4 trillion by 2030, driven by rising consumer demand and the shift toward formal retail formats.
Neel Raheja, Chair, CII National Committee on Real Estate and Housing, and Group President, K Raheja Corp, said that as commercial real estate matures, it would play a pivotal role in shaping investment flows, employment, and urban transformation.
“The sector’s progress mirrors India’s broader economic journey—where potential is abundant, and the time to seize opportunity is now,” he said.
NITI Aayog, Programme Director Anna Roy, also attended the conference where she called for a shift from a city-centric approach to a “city-region” model integrating infrastructure, economy, and livability.
“We need to think in terms of city regions and growth hubs that connect surrounding districts to avoid overburdening existing cities and unlock new economic opportunities. NITI Aayog has developed a city-region framework built around four pillars -regional lens, economic anchors, aspirational goals and sustainability,” she said.
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