Press Release

India registers 93.5 mn sq ft of total leasable area under listed REITs assets; recording 6.85% YoY growth

  • Bengaluru registers maximum total leased REIT area of 27.8 mn sq ft
  • Noida records highest percentage growth of 60.81% YoY
  • Brookfield REIT showcased the strongest performance with 17.58% of returns since inception till 31st October 2022

In a recent study on REITs by Windmill Capital, a wholly-owned subsidiary of smallcase Technologies Pvt Ltd, it was found that India recorded 6.85% YoY growth in total leasable area of listed Real Estate Investment Trust (REITs) from 87.6 mn sq ft as of 30th September 2021 to 93.6 mn sq ft as of 30th September 2022. According to corporate filings of listed REITs, Bengaluru continues to dominate the REITs market with 27.8 mn sq ft of total leased area under REITs as of 30th September 2022. Noida witnessed an exponential growth in total leasable area under REITs from 7.4 mn sq ft as of 30th September 2021 to 11.9 mn sq ft as of 30th September 2022, registering 60.81% YoY growth.

Additionally, according to listed REITs’ expansion plans, current leasable area is expected to grow by more than 10% in the coming quarters. REITs have emerged as a strong investment alternative, due to market volatility and inflationary pressures which have led investors to view REITs as an asset diversification strategy. This is also validated in an upcoming report titled ‘Rise of the Indian Retail Investor’ by Zinnov Management Consulting & smallcase which indicates that retail investors allocate up to 2% of their investment portfolio in REITS as compared to 5 years back.

Mumbai is expected to witness the highest addition of 7.7 mn sq ft of REIT leasable area in the city followed by Chennai 5 mn sq ft as per the Windmill Capital study.


 CITIES As of 30th Sept, 2021
(in mn sq ft)
As of 30th Sept, 2022
(in mn sq ft)
% Growth
BENGALURU 27 27.8 2.96%
MUMBAI 16.2 16.5 1.85%
PUNE 13.9 14.2 2.16%
NOIDA 7.4 11.9 60.81%
GURUGRAM 4 4 0.00%
HYDERABAD 12.6 12.7 0.79%
CHENNAI 0.8 0.8 0.00%
KOLKATA 5.7 5.7 0.00%
INDIA 87.6 93.6 6.85%

Source: Windmill Capital

Sharing a perspective on REITs, Vasanth Kamath, Founder & CEO, smallcase said, “India’s REITs market is poised for accelerated growth as both investors and sponsors are drawing confidence from evolving regulatory framework, transparency, institutionalised ownership and ability to deliver robust returns. Regulations have also encouraged retail investors with the reduction in minimum subscription (from INR 50,000 to INR 15,000). This increases the liquidity for the entire REITs market and allows greater participation from young retail investors.”

With regard to stock performance of listed REITs, Mindspace REIT delivered the highest absolute returns of 8.11% year to date till 31st October 2022. For the same period, Brookfield India REIT was the second best performing listed REIT with 7.30% absolute returns followed by Embassy REIT with 1.40% during the same period.


REIT Listing Date Since Listing* YTD (From 3 Jan 22)
Embassy Office Parks 01-Apr-19 2.58% 1.40%
Mindspace Business Parks 07-Aug-20 7.32% 8.11%
Brookfield India Real Estate Trust 16-Feb-21 10.07% 7.30%
*Returns greater than 1 year are annualised

Source: Windmill Capital

Blackstone Group is planning to list the next REIT in the country and India’s first retail REIT ‘Nexus Select Trust’ along with Select Citywalk and other shareholders according to media reports.


About smallcase: smallcase is a financial technology company building a platform for direct indexing & model portfolios of stocks & ETFs known as smallcases. In the last six years, smallcase has developed an ecosystem of 350+ businesses in the capital markets space. The ecosystem includes some of India’s prominent financial institutions and brands that leverage the smallcases platform & technology. Over 6.5 million investors use smallcase products and apps every month. Headquartered in Bengaluru, smallcase has more than 300 employees across engineering, product, business, and growth functions. Download the smallcase app here:

About Windmill Capital: Windmill Capital Private Limited (hereinafter referred to as “the Company”) is a SEBI registered Research Analyst having registration number – INH200007645 under SEBI (Research Analyst) Regulations, 2014 and is a wholly owned subsidiary of smallcase Technologies Private Limited. Visit for more information and disclosures

Disclaimer: Investing in securities are subject to market risk. Please read all the related documents carefully before investing. Investors should consider all risk factors and consult their financial advisor before investing. This should not be construed as professional financial advice and nor to be construed as an offer to buy /sell or the solicitation of an offer to buy / sell any security or financial products. Representations are not indicative of future results.

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