India’s Real Estate Investment Trust (REIT) market has expanded sharply, with its market value rising 62% from the end of 2024 to $17.7 billion by March 2026, according to Cushman & Wakefield’s Asia REIT Market Insight 2025–2026 report.
The growth has moved India into fourth place among Asia’s REIT markets by market value, surpassing Hong Kong for the first time, as new listings, larger portfolios and increased institutional participation deepen the market.
The report said Asia had 289 active REIT products with a combined market value of $279.4 billion as of March 31, 2026, representing an 18% increase from the end of 2024. The Chinese mainland and India emerged as the principal growth markets during the period.
In India, the listing of Knowledge Realty Trust and Bagmane Prime Office REIT added a combined 53.7 million sq ft to the market and accounted for around three-quarters of the new space added across six Indian REITs between June 2025 and June 2026.
As of June 2026, the six listed Indian REITs collectively held approximately 178 million sq ft, with another 36.7 million sq ft under construction or planned. Office REIT occupancy remained high amid tightening Grade A vacancy, while demand from multinational companies and Global Capability Centres (GCCs) continued to support the segment.
Somy Thomas, Executive Managing Director, Capital Markets, India, Cushman & Wakefield, said, “India’s REIT market has reached an important inflection point, with larger listed portfolios, strong occupancies and a healthy development pipeline reinforcing its institutional depth. Demand from multinational companies and GCCs continues to favour high-quality, professionally managed office assets, while recent regulatory measures are widening the investor base and improving access to financing. Together, these developments create a stronger foundation for continuous REIT portfolio growth and market liquidity.”
Across Asia, the total REIT market value increased 18% between the end of 2024 and March 2026. Japan, Singapore and Hong Kong recorded market value growth of 12%, 14% and 8%, respectively.
The report said data centre and hospitality REITs are expected to remain significant growth areas, supported by demand for digital infrastructure and the recovery in tourism. M&A and asset acquisitions are also expected to remain active as REIT managers pursue scale, diversification and portfolio quality.
Catherine Chen, Research Director, Asia Pacific, Cushman & Wakefield, said, “Looking ahead, we expect the Chinese mainland and India REIT markets to remain the region’s key growth engines, while established markets focus on operating efficiency, capital structure and selective portfolio expansion. The opportunity set is becoming broader, while investors will be increasingly discerning about income resilience, operational efficiency, ESG performance and the ability of managers to create value through active asset management.”
