India's REIT market has overtaken Hong Kong with a gross asset value of Rs 2.3 lakh crore, built across five listed trusts in just six years since the first listing, per ANAROCK Capital's new report.
India's Real Estate Investment Trust market has grown to a gross asset value of ₹2.3 lakh crore, with a listed market capitalisation of ₹1.66 lakh crore, making it larger than Hong Kong's REIT market, according to ANAROCK Capital's latest report. The milestone is notable given only around 32% of India's REIT-ready commercial stock is currently listed, pointing to a long runway still ahead.
India introduced REITs only in 2019. Since then, the sector has grown through Embassy Office Parks REIT, Mindspace Business Parks REIT, Brookfield India REIT, Nexus Select Trust, and 2025 entrant Knowledge Realty Trust, which has already become the country's largest office REIT by gross asset value and net operating income.
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Across the five listed REITs, India has outperformed mature Asian peers including Singapore, Japan and Hong Kong on price performance, yields, occupancy and ESG scores, the report found. India's REIT index has delivered a five-year annualised price return of roughly 8.9%, ahead of several Asian REIT markets that posted flat or negative returns over the same stretch.
