New Delhi, Nov 27 (LatestNewsX) – India’s Real Estate Investment Trust market could swell to a gross asset value of Rs 10.8 trillion by 2029, with office properties making up roughly 65.3 percent of that total, a JLL report said Thursday. The sector hit a watershed moment in FY 2025 when its market capitalization surpassed the Rs 1 trillion mark, the consultancy noted. Market cap climbed from Rs 264 billion in fiscal 2020 to Rs 1.6 trillion by September 30, 2025. Over the last few years, the industry has expanded from a single REIT that managed 33 million sq ft in 2019 to five listed entities that now collectively own 174 million sq ft of leasable office and retail space.
“India’s REIT sector has evolved from an emerging concept to a compelling investment vehicle. This remarkable 40 per cent CAGR trajectory across 6 years reflects increasing investor confidence in commercial real estate as an institutional asset class,” said Lata Pillai, Senior Managing Director & Head of Capital Markets, India, JLL.
Institutional holders—mutual funds, insurers, pension funds, sovereign wealth funds, and NBFCs—have boosted their shares, indicating a maturing market. By June 2025, REITs had secured 15 percent of the Grade A office market in India’s top seven cities, up from just 4.2 percent in 2019. Leasing fundamentals remained robust, with combined occupancy rates across the four office REITs hitting 91 percent as of September 2025.
With institutional capital, regulatory support, and a sizable pipeline of assets aligning, the report projects the Indian REIT market could experience exponential growth over the next five to seven years, making strategic positioning crucial for industry leaders. SEBI Chairman Tuhin Kanta Pandey earlier this month confirmed that the regulator is studying whether REITs and Infrastructure Investment Trusts (InvITs) should be incorporated into major market indices.
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