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India’s real estate investment trusts are increasing expansion through acquisitions and new office development as demand for high-quality commercial space remains firm. The country now has six REITs, comprising five office-focused and one retail-focused trust, together managing more than 214 million sq ft of assets. As of June, their combined gross assets under management exceeded INR 3.17 lakh crore. Embassy Office Parks REIT is pursuing sponsor and third-party acquisitions, with a potential 12–13 million sq ft pipeline, while its development pipeline stands at 6.2 million sq ft. Other REITs, including Knowledge Realty Trust, Brookfield India Real Estate Trust, Mindspace Business Parks REIT and Bagmane Prime Office REIT, are also pursuing expansion.
India’s real estate investment trusts (REITs) are expanding their portfolios through acquisitions and greenfield development as demand for high-quality office space remains strong. The trend was evident in the June quarter, when REITs reported higher revenue, net income, distributions and leasing activity, with office demand continuing despite geopolitical uncertainty and questions surrounding the impact of artificial intelligence on occupier requirements.
India currently has six REITs, including five focused on office assets and one focused on retail. Backed by global asset managers such as Blackstone and Brookfield, as well as major office developers, the six trusts together manage more than 214 million sq ft of office and retail assets. Their combined gross assets under management exceeded INR 3.17 lakh crore at the end of June, while their combined market capitalisation stood at more than INR 2.17 lakh crore as of 11 August, according to the Indian REITs Association.
Knowledge Realty Trust (KRT), backed by Sattva Group and Blackstone, is pursuing both acquisitions and development. It has 1.4 million sq ft under construction at Global City office park in Bengaluru, with another 1.2 million sq ft expected to become operational. The trust also has four right-of-first-offer assets totalling 6 million sq ft across Bengaluru, Chennai and Pune. Its 1.6 million sq ft Image Tower in Hyderabad is scheduled for completion next year and could subsequently be offered to the REIT by its sponsor.
Embassy Office Parks REIT is also targeting acquisitions from both its sponsor and third parties. The REIT has identified a potential acquisition pipeline of about 12.6 million sq ft, while its total development pipeline stood at 6.2 million sq ft as of the end of FY2026. Around 60% of the development pipeline was pre-leased for deliveries planned over the following 24 months.
Embassy REIT leased 6.4 million sq ft across 86 deals during FY2026, including 4 million sq ft of new leasing, 1.5 million sq ft of renewals and 0.9 million sq ft of pre-leases. Its leasing spreads were 17% higher, while global capability centres accounted for about 60% of annual leasing activity. The REIT also delivered a record 3.3 million sq ft of new office space in Bengaluru and Chennai during the year.
Brookfield India Real Estate Trust (BIRET) is similarly pursuing sponsor and third-party acquisitions. In August, BIRET and Prime Offices Fund signed binding agreements to acquire office space in Mumbai’s Bandra-Kurla Complex for an enterprise value of INR 1,700 crore. The REIT had also agreed in November 2025 to acquire a 100% interest in Ecoworld, a 7.7 million sq ft Grade A office campus in Bengaluru, for INR 13,125 crore.
Mindspace Business Parks REIT has a 10.2 million sq ft development pipeline within its portfolio. Combined with vacant-area leasing, contractual escalations and mark-to-market rental growth, this pipeline is expected by the REIT to add about INR 1,700–1,800 crore to net operating income over the next three years. Bagmane Prime Office REIT, meanwhile, has a 47 million sq ft pipeline of projects that it can potentially acquire from its sponsors.
Source- Embassy REIT
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