Bengaluru, Hyderabad and Chennai together account for 62% of the total office space portfolio held by listed REITs in India, highlighting the growing concentration of institutional real estate ownership in southern markets.
Bengaluru, Hyderabad and Chennai together hold 103.5 million sq ft of office space owned by listed Real Estate Investment Trusts, representing 62% of the total REIT-backed office portfolio in India, according to a report by Assocham and Knight Frank India.
The report, titled “Building Viksit Bharat – Real Estate as a Catalyst for Growth”, said India’s eight major cities had a total office stock of 1,054.6 million sq ft as of June 2026. Of this, around 167 million sq ft was held by listed REITs.
India currently has five listed REITs backed by office assets — Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, Knowledge Realty Trust and Bagmane Prime Office.
Bengaluru has the highest REIT penetration among major office markets, with 67.6 million sq ft of REIT-backed office stock accounting for 27% of the city’s total office inventory. Embassy Office Parks remains a major listed platform in the city, while the addition of Bagmane’s portfolio has increased institutional ownership.
Hyderabad follows with 26.2 million sq ft of REIT-backed office stock, equivalent to 20% of its total office inventory. Knowledge Realty Trust and Mindspace have contributed to the city’s institutional real estate footprint.
Mumbai has 24.6 million sq ft of REIT office stock, representing about 14% of its total office inventory. REIT penetration in Delhi-NCR and Pune stands at around 11% each, while Chennai and Kolkata have penetration levels of about 10%. Ahmedabad has the lowest share among the major cities, with only around 1% of office stock under REIT ownership.
Knight Frank India CMD Shishir Baijal said the expansion of listed REITs has strengthened capital recycling and exit options for institutional investors. Stabilised real estate assets can be aggregated into listed portfolios, allowing investors to monetise holdings while giving a broader investor base exposure to institutional-grade property.
The report also pointed to institutionalisation beyond office real estate. Operational retail REIT portfolios stood at 11 million sq ft as of June 2026, while warehousing InvIT portfolios totalled 44.2 million sq ft.
Roads and fibre continue to dominate the broader InvIT asset base, though warehousing is emerging as an increasingly important segment.
