Top REITs in India: Market Cap and Dividend Yields
India’s Real Estate Investment Trusts (REITs) have emerged as a popular asset class for investors seeking stable income and exposure to premium commercial properties. As of December 2025, the sector boasts a combined equity market capitalization exceeding ₹1.66 lakh crore (around $20 billion), surpassing Hong Kong’s REIT market despite only a fraction of eligible assets being listed. With high occupancy rates (90-96%), consistent dividend distributions, and yields in the 5-7% range, REITs offer attractive returns compared to global peers.
The market has grown rapidly since the first listing in 2019, driven by office and retail demand. Here are the top listed REITs in India, ranked by market cap (approximate figures based on recent data):
| Rank | REIT Name | Market Cap (₹ Crore) | Dividend Yield (Approx.) | Key Focus |
|---|---|---|---|---|
| 1 | Embassy Office Parks REIT | ~40,000–42,000 | 5.5–5.8% | Office parks, hotels, solar |
| 2 | Mindspace Business Parks REIT | ~28,000–29,000 | 4.9–5.2% | Office parks in Mumbai, Hyderabad, Pune |
| 3 | Brookfield India Real Estate Trust | ~25,000–26,000 | 6.0–7.5% | Grade-A office spaces |
| 4 | Nexus Select Trust | ~20,000–21,000 | 6.0–6.5% | Retail malls and consumption centers |
| 5 | Knowledge Realty Trust (or similar recent listing) | Varies (newer) | Varies | Office/commercial assets |
1. Embassy Office Parks REIT
India’s largest and first-listed REIT, sponsored by Blackstone and Embassy Group. It manages one of Asia’s biggest office portfolios with strong GCC tenant base.
- Market Cap: Approximately ₹40,000–42,000 crore.
- Dividend Yield: 5.5–5.8% (recent payouts around ₹6–7 per unit).
- Highlights: High occupancy (~90–96%), consistent growth, and exposure to hotels and renewable energy.
2. Mindspace Business Parks REIT
Sponsored by the K Raheja Corp, it focuses on integrated business parks in key cities.
- Market Cap: Approximately ₹28,000–29,000 crore.
- Dividend Yield: 4.9–5.2% (recent distributions ~₹5.8–6.4 per unit).
- Highlights: Strong leasing momentum and blue-chip tenants, with solid long-term returns.
3. Brookfield India Real Estate Trust
Backed by global giant Brookfield, it owns premium office assets in major metros.
- Market Cap: Approximately ₹25,000–26,000 crore.
- Dividend Yield: 6.0–7.5% (higher among office REITs, with payouts ~₹5–5.25 per unit).
- Highlights: Rapid portfolio expansion and resilient performance.
4. Nexus Select Trust
India’s first retail-focused REIT, operating shopping malls and urban consumption centers.
- Market Cap: Approximately ₹20,000–21,000 crore.
- Dividend Yield: 6.0–6.5% (consistent from retail footfalls).
- Highlights: Benefits from rising consumer spending and organized retail growth.
Why REITs Are Gaining Traction in India
- High Yields: Average 5.5–7%, often beating fixed deposits and bonds.
- Regulatory Boost: SEBI’s recent reclassification as equity instruments aids index inclusion and liquidity.
- Growth Outlook: The sector’s Gross Asset Value (GAV) stands at ~₹2.3 lakh crore, with potential to reach $25 billion+ by 2029.
- Risks: Sensitive to interest rates, office vacancy trends, and economic cycles.
REITs provide diversification, liquidity, and passive income without direct property management. Always check the latest SEBI filings, company reports, or platforms like NSE/BSE for real-time data, as market conditions fluctuate. Consult a financial advisor before investing. The REIT space in India is maturing fast—expect more listings in retail, logistics, and data centers soon!
Leave a Comment