India's REIT Market Poised for Massive Growth: Knight Frank India

• India's REIT market has significant growth potential, with less than 20% of Grade A office stock currently under REIT structures, according to Knight Frank India.
• The REIT segment's market capitalization reached $18 billion after its fifth listing in 2025, with investors increasingly recognizing the value of annuity-generating commercial assets.
• Gulam Zia of Knight Frank India notes a large runway for future listings, expecting 3-4 new REITs soon and several more across various asset classes like retail, hospitality, and warehousing in 3-4 years.
• Vinod Rohira of K Raheja Corp emphasizes REITs as equity instruments, driven by dividend and total growth, not debt substitutes.
• Beyond offices, sectors like hospitality, healthcare, and education are identified for higher institutional participation and new real estate asset classes in the next five years.

Why It Matters: India's REIT market is set for substantial expansion, driven by untapped office stock and new asset classes.