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REITs grew nearly 7% in India, some delivered 8% annual returns: Report

Bengaluru registered a maximum total leased REIT area of 27.8 million square feet (msf). While Noida recorded the highest percentage growth of 60.81 percent YoY.

India recorded 6.85 percent year-on-year (YoY) growth in the total leasable area of listed Real Estate Investment Trust (REITs), an increase from 87.6 million square feet (msf) to 93.6 msf between September 30, 2021, and September 30, 2022, according to a report by Windmill Capital, a wholly-owned subsidiary of Smallcase Technologies Pvt Ltd.

Mindspace REIT delivered the highest absolute returns of 8.11 percent year to date till October 31, 2022. For the same period, Brookfield India REIT was the second best performing listed REIT with 7.30 percent absolute returns followed by Embassy REIT with 1.40 percent during the same period.

Bengaluru continues to dominate the REITs market with 27.8 msf of the total leased area under REITs as of September 30, 2022. Noida witnessed exponential growth in the total leasable area under REITs from 7.4 msf to 11.9 msf registering 60.81 percent YoY growth, the report mentioned.

"Additionally, according to listed REITs’ expansion plans, the current leasable area is expected to grow by more than 10 percent in the coming quarters. Mumbai is expected to witness the highest addition of 7.7 msf of REIT leasable area in the city followed by Chennai 5 msf," the report added.