Mumbai, Apr 24: Units of PropShare Celestia, India’s 3rd SM REIT scheme debuted on the BSE with an issue price of Rs 10,50,000 per unit.
Kunal Moktan, Co-founder, Property Share said “PropShare Celestia’s successful listing marks another important milestone in the evolution of SM REITs in India. Ahmedabad is increasingly being recognised as a high-growth commercial market, supported by growing infrastructure development and rising occupier demand from global firms. With PropShare Celestia, investors gain access to a high-quality, fully leased asset delivering stable yields within a regulated and liquid structure.”
The Scheme had opened for a Rs 244.65 crore issue with the subscription period between April 10, 2026 to April 16, 2026. The SM REIT Scheme garnered substantial interest, and the offer was subscribed 1.18 times with the Non-Institutional Investors Portion being subscribed 4.24 times.
PropShare Celestia comprises ~2,07,838 sq. ft. of Grade A+ office space within Venus Stratum, a premium mixed-use commercial development located in Nehru Nagar, Ahmedabad. This IGBC Platinum Certified asset is fully leased to a diversified tenant base, including multinational corporations, Fortune 500 and Global 500 companies, ensuring stable and predictable income streams.
Ahmedabad is rapidly emerging as a key commercial real estate hub, supported by worthy infrastructure upgrades and rising occupier demand. Improved connectivity through expanding road networks and metro development, along with proximity to strategic corridors like the Delhi-Mumbai Industrial Corridor (DMIC) and the growth of GIFT City, have enhanced the city’s appeal. This infrastructure momentum, coupled with increasing interest from global capability centers (GCCs), technology firms, and BFSI players seeking cost-efficient, high-quality office spaces, has driven sustained leasing activity, particularly in established micro-markets like Nehru Nagar, which offer a strong mix of accessibility, social infrastructure, and Grade A office supply.
Rajesh Vaswani, Managing Director, Venus Group, said “We are excited to see institutional capital being brought into Ahmedabad through PropShare Celestia. This marks an important step in the maturation of the city’s commercial real estate market. We look forward to enabling larger institutional participation and facilitating more such scaled transactions in the future, as Ahmedabad continues to attract high-quality occupiers and investment interest.“
JLL acted as the transaction advisor. Karan Singh Sodi, Senior Managing Director – Mumbai MMR & Gujarat and Head – Alternatives India JLL said “Ahmedabad’s office market has witnessed consistent absorption driven by BFSI, technology, and consulting firms. With improving infrastructure and a deepening occupier base, the city is transitioning into a mature office market. Institutional participation through structures like SM REITs is a natural next step in this evolution.“
Ambit Private Limited was the Sole Lead Manager to the Issue and KFin Technologies Ltd was the Registrar to the Issue. Axis Trustee Services Limited was the Trustee for the Issue, and PropShare Investment Manager Private Limited is the Investment Manager for the Issue. Cyril Amarchand Mangaldas was the sole legal counsel to the Issue. The Units debuted for listing on BSE Limited (“BSE”) (the “Stock Exchange”) from today.
