India’s Office REIT Operational Area Surges 74% YoY H1 2026: ASSOCHAM-Knight Frank Report

Mumbai: According to the latest ASSOCHAM-Knight Frank India report- Building Viksit Bharat- Real Estate as a Catalyst for Growth, the operational office REIT portfolio in India has expanded by 74% year-over-year (YoY) to 167 mn sq ft in H1 2026, from 95.8 mn sq ft in H1 2025. The sharp increase highlights the growing role of REITs and InvITs as vehicles to monetise, aggregate and recycle capital across real estate and infrastructure-linked assets.

The operational retail REIT portfolio stood at 11.0 mn sq ft, while the warehousing InvIT portfolio stood at 44.2 mn sq ft as of June 2026. Roads and fibre continue to dominate the broader InvIT asset base, while warehousing is emerging as an increasingly important component.

Office remains the dominant segment of India’s REIT market

The operational office REIT portfolio represents 16% of India’s 1.05 bn sq ft office stock and the under-construction portfolio is equivalent to a further 19% of the existing operational REIT stock, indicating continued expansion of institutional ownership. Institutionalisation, however, remains uneven across markets.

Bengaluru has the highest REIT penetration among the major office markets, with 67.6 mn sq ft of REIT-backed office stock accounting for 27% of the Bengaluru office inventory. Embassy Office Park remains the largest REIT platform in the city, while the addition of Bagmane’s portfolio has materially increased listed institutional ownership.

Hyderabad follows with 26.2 mn sq ft of REIT-backed stock, covering 20% of its office inventory, supported by Knowledge Realty Trust (KRT) and Mindspace. Mumbai has 24.6 mn sq ft of REIT stock, equivalent to 14% of its office inventory. NCR and Pune recorded a coverage of 11% each. While Chennai and Kolkata have 10% coverage each, Ahmedabad remains at 1%.