Only 23% of REIT-Ready Office Stock Listed in India

20 Jun 2025 CW Team

ANAROCK Research reveals that the combined REIT portfolio of these three entities stands at just 117.2 million square feet. This signals a vast untapped potential in India’s maturing REIT ecosystem, which was only introduced in 2019 but has already outpaced some more established global markets in terms of market capitalisation.

The southern cities—Bengaluru, Hyderabad, and Chennai—together hold the highest share of REIT-suitable office stock at approximately 313 million square feet, yet only 18 per cent of this is listed. Bengaluru leads with 162 million square feet of REIT-compliant stock, of which just 24 per cent (about 39 million square feet) is currently listed. Hyderabad follows with 102 million square feet, but only 16 per cent is REIT-listed. Chennai lags with just 4 per cent of its 49 million square feet listed.

In the north, Delhi-NCR holds 82 million square feet of REIT-eligible stock, with 30 per cent listed. In western India, MMR and Pune together offer 118 million square feet, of which 27 per cent is listed. MMR alone has 80 million square feet, with 29 per cent listed, while Pune has 38 million square feet, with 24 per cent listed. Interestingly, Kolkata, with just 7 million square feet of stock, has already listed 43 per cent.

Since 2023, the total REIT-suitable office stock in these cities has grown by 36 per cent, rising from 383 million square feet to the current 520 million square feet. This growth has been driven by new office space additions and upgrades to older Grade A assets. Approximately 106.4 million square feet of new Grade A stock has been added since 2023 alone.

Of the total 850 million square feet of Grade A office space in India’s top cities, about 400 million square feet—or 47 per cent—is over a decade old and can be upgraded to REIT standards. This transition would not only expand the REIT pool but could also increase rental yields by 10 to 30 per cent.

India’s REITs have delivered strong returns as of June 2025, with Mindspace Business Parks REIT generating a 23.34 per cent one-year return, followed by Brookfield India REIT at 15.19 per cent, and Embassy Office Parks REIT at 9.17 per cent. The sector continues to gain momentum, underpinned by healthy leasing activity and steady rental escalations, indicating a bright future for India’s REIT landscape.

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As of 2025, only 23 per cent of India’s 520 million square feet of REIT-ready office stock across the top seven cities is currently listed under the country’s three real estate investment trusts—Embassy Office Parks, Mindspace Business Parks, and Brookfield India REIT. This leaves substantial room for future listings and market consolidation in the commercial real estate sector.ANAROCK Research reveals that the combined REIT portfolio of these three entities stands at just 117.2 million square feet. This signals a vast untapped potential in India’s maturing REIT ecosystem, which was only introduced in 2019 but has already outpaced some more established global markets in terms of market capitalisation.The southern cities—Bengaluru, Hyderabad, and Chennai—together hold the highest share of REIT-suitable office stock at approximately 313 million square feet, yet only 18 per cent of this is listed. Bengaluru leads with 162 million square feet of REIT-compliant stock, of which just 24 per cent (about 39 million square feet) is currently listed. Hyderabad follows with 102 million square feet, but only 16 per cent is REIT-listed. Chennai lags with just 4 per cent of its 49 million square feet listed.In the north, Delhi-NCR holds 82 million square feet of REIT-eligible stock, with 30 per cent listed. In western India, MMR and Pune together offer 118 million square feet, of which 27 per cent is listed. MMR alone has 80 million square feet, with 29 per cent listed, while Pune has 38 million square feet, with 24 per cent listed. Interestingly, Kolkata, with just 7 million square feet of stock, has already listed 43 per cent.Since 2023, the total REIT-suitable office stock in these cities has grown by 36 per cent, rising from 383 million square feet to the current 520 million square feet. This growth has been driven by new office space additions and upgrades to older Grade A assets. Approximately 106.4 million square feet of new Grade A stock has been added since 2023 alone.Of the total 850 million square feet of Grade A office space in India’s top cities, about 400 million square feet—or 47 per cent—is over a decade old and can be upgraded to REIT standards. This transition would not only expand the REIT pool but could also increase rental yields by 10 to 30 per cent.India’s REITs have delivered strong returns as of June 2025, with Mindspace Business Parks REIT generating a 23.34 per cent one-year return, followed by Brookfield India REIT at 15.19 per cent, and Embassy Office Parks REIT at 9.17 per cent. The sector continues to gain momentum, underpinned by healthy leasing activity and steady rental escalations, indicating a bright future for India’s REIT landscape.

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