India’s REIT market has reached a value of US$17.7 billion, rising 62% from the end of 2024 and moving ahead of Hong Kong for the first time, according to Cushman & Wakefield.
India has emerged as Asia’s fourth-largest Real Estate Investment Trust (REIT) market by market value, marking another milestone in the growth and institutionalisation of the country’s commercial real estate sector.
According to Cushman & Wakefield’s Asia REIT Market Insight 2025–2026, the value of India’s REIT market increased from approximately US$11 billion at the end of 2024 to US$17.7 billion as of March 31, 2026, representing growth of around 62%. This placed India marginally ahead of Hong Kong, whose REIT market was valued at US$17.4 billion.
India now ranks behind Japan, Singapore and the Chinese mainland among Asia’s largest REIT markets. Japan remains the region’s largest at US$101.4 billion, followed by Singapore at US$76.7 billion and the Chinese mainland at US$32.1 billion.
New Listings Expand India’s REIT Market
The sharp increase in India’s REIT market value has been supported by new listings, larger portfolios and growing participation from institutional investors.
Cushman & Wakefield highlighted Knowledge Realty Trust and Bagmane Prime Office REIT among the new listings contributing to this expansion. Together, the two added approximately 53.7 million sq ft of space, accounting for around three-fourths of the total new space added to six Indian REIT portfolios between June 2025 and June 2026.
As of March 2026, Cushman & Wakefield counted seven REIT products in the Indian market, including two small and medium REITs. India accounted for approximately 6% of the total value of Asia’s REIT market.
Office Demand Remains a Major Growth Driver
India’s office sector continues to provide a strong foundation for the REIT ecosystem.
High occupancy levels across office REIT portfolios, tightening availability of Grade A office space in key markets and sustained demand from multinational occupiers have supported portfolio performance.
The expansion of Global Capability Centres (GCCs) in India has also emerged as an important demand driver for professionally managed, high-quality commercial office assets.
As of June 2026, six listed Indian REITs collectively held approximately 178 million sq ft of portfolio space, with a further 36.7 million sq ft under construction or planned, indicating the potential for continued expansion of REIT-owned assets.
India Gains Ground in Asia’s Expanding REIT Market
India’s rise comes as the wider Asian REIT market continues to expand.
Across Asia, 289 active REIT products had a combined market value of US$279.4 billion as of March 31, 2026, compared with US$235.8 billion at the end of 2024, an increase of approximately 18%.
While established REIT markets including Japan, Singapore and Hong Kong recorded more moderate growth, India and the Chinese mainland were among the major contributors to the region’s expansion through new listings, increasing portfolio scale and deeper institutional participation.
Cushman & Wakefield said India’s REIT market is moving from an emerging investment platform towards greater institutional scale, supported by larger portfolios, strong occupancies, regulatory developments and improving access to financing.
A Maturing Real Estate Investment Market
The move ahead of Hong Kong reflects the growing depth of India’s listed real estate investment market.
REITs allow investors to participate in portfolios of income-generating real estate through listed securities, while providing property owners and developers with another avenue to unlock capital from completed assets.
As India continues to add institutional-grade commercial real estate across office, retail and other asset categories, the REIT structure could play an increasingly important role in connecting large-scale real estate assets with domestic and international capital.
The milestone also comes at a time when India’s wider real estate market is attracting greater institutional interest, supported by demand for high-quality office space, infrastructure development and the continued expansion of multinational companies and GCCs.
With a market value of US$17.7 billion, India’s move into fourth position places it firmly among Asia’s major REIT markets and signals the increasing scale of the country’s institutional real estate sector.
Source: Cushman & Wakefield, Asia REIT Market Insight 2025–2026