New Delhi, Sep 22: India’s real estate investment trust (REIT) market has reached a new milestone, with its market value rising to $17.7 billion and overtaking Hong Kong to become Asia’s fourth-largest REIT market.
According to Cushman & Wakefield’s Asia REIT Market Insight 2025–2026, India’s REIT market grew 62 per cent from $11 billion at the end of 2024 to $17.7 billion by March 2026. Hong Kong’s REIT market stood at $17.4 billion during the same period.
The sharp rise reflects the growing maturity of India’s organised real estate market. New REIT listings, strong demand for quality office space and increasing participation from institutional investors have helped expand the market and bring more commercial property assets into the investment ecosystem.
As of June 2026, six listed Indian REITs together held around 178 million square feet of portfolio space, with another 36.7 million square feet under construction or planned. New listings by Knowledge Realty Trust and Bagmane Prime Office REIT added a combined 53.7 million square feet, accounting for around three-fourths of the new space added to the six REITs between June 2025 and June 2026.
Strong demand from multinational companies and Global Capability Centres has also supported the sector. High occupancy levels in Grade A office properties are providing stability to REIT portfolios, while the expansion of professionally managed commercial assets is helping deepen institutional participation in India’s real estate market.
India now ranks behind Japan, Singapore and the Chinese mainland. As of March 31, 2026, Japan’s REIT market was valued at $101.4 billion, Singapore at $76.7 billion and the Chinese mainland at $32.1 billion. India accounted for about 6 per cent of Asia’s total REIT market value, with seven REIT products, including two small and medium REITs.
The growth also comes as the wider Asian REIT market expands. Asia had 289 active REIT products with a combined market value of $279.4 billion as of March 31, 2026, up 18 per cent from $235.8 billion at the end of 2024.
For India’s real estate sector, the growing REIT market is opening a larger channel for institutional capital and giving investors access to professionally managed, income-generating properties. The development pipeline, continued office demand and new listings could further increase the scale of the market.
Cushman & Wakefield expects India and the Chinese mainland to remain important growth markets for Asia’s REIT sector. Data centres and hospitality assets are also expected to gain greater attention as demand for digital infrastructure and tourism-related properties grows.