India’s REIT market to nearly double to ₹19.7 trillion by 2030, driven by office, retail, and warehousing: Report
India’s Real Estate Investment Trust (REIT) market is projected to grow from ₹10.4 trillion in 2025 to ₹19.7 trillion by 2030, according to a Knight Frank India report released in collaboration with the Confederation of Indian Industry (CII).
The surge will be fueled by high occupancy rates, investor-friendly tax policies, and expanding REIT participation across new asset classes, such as industrial parks, data centres, and hospitality, the report titled Commercial Real Estate: Potential is Built, Opportunity is Now said.
The CII conference that focused on India’s evolving real estate landscape said that CRE is entering a growth phase driven by office demand, retail expansion, warehousing formalisation, and rising institutional investment. Private equity inflows have surged from just $500 million in 2011 to multi-billion-dollar levels by 2019, deepening transparency and setting the stage for rapid REIT expansion, the report said.
“As India heads toward a $7 trillion economy, commercial real estate will play an essential role in powering productivity, attracting investment and building next-generation urban centres,” said Shishir Baijal, chairman and managing director, Knight Frank India.
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Office and retail REITs dominate
India’s office REITs currently account for 15.3% of total office stock across the top eight cities. The value of REIT-able office assets is projected to nearly double, from ₹8.2 trillion in 2025 to ₹16 trillion by 2030.
Office demand continues to be driven by Global Capability Centres (GCCs), technology firms, and domestic enterprises seeking sustainable, premium-grade workspaces. India’s office market has crossed the 1 billion sq. ft. mark in 2025, making it the fourth largest globally, valued at ₹16.4 trillion, the report said.
Meanwhile, retail REITs are emerging as the next big opportunity. Of the total 66 million sq. ft. of Grade A retail stock, only 7.3 million sq. ft. is currently under REIT structures. The report projects the value of REIT-able retail assets to grow from ₹1.5 trillion in 2025 to ₹2.4 trillion by 2030.
Organised retail consumption in India is estimated at ₹8.8 trillion for FY2025, led by shopping centres ( ₹4.9 trillion), high streets ( ₹3.8 trillion), and emerging formats like airport and transit retail. Apparel and food, and beverages continue to dominate, contributing over half of total sales in malls and high streets.
“Retail REITs are becoming an important vehicle for investors to tap into India’s consumption-driven growth,” said Viral Desai, senior executive director, Knight Frank India. “Experience-led retailing and sustainability-focused developments are defining the next phase of evolution.”
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Warehousing, industrial, and data centre REITs also on the rise
The report said that warehousing has emerged as one of India’s fastest-growing commercial real estate segments, supported by the boom in e-commerce and third-party logistics (3PL) operations. The top eight warehousing markets together hold 220.9 million sq. ft. of Grade A stock, offering substantial scope for institutionalisation. Leasing activity in the first half of 2025 alone reached 32.1 million sq. ft.
The total value of warehousing and industrial REIT/InvIT assets is expected to grow from ₹0.7 trillion in 2025 to ₹1.3 trillion by 2030. The sector is also witnessing the development of technology-enabled, green logistics parks designed to meet ESG standards and attract long-term capital.
Another high-potential segment is data centres, now recognised as India’s fastest-growing commercial real estate asset class. With total capacity crossing 10 GW (1.4 GW operational and 8.8 GW under development), the sector is set for exponential expansion, powered by AI, 5G, cloud adoption, and data localisation.
The Knight Frank–CII report said that while office and retail continue to attract institutional capital, the next phase of evolution will come from industrial REITs and data centre infrastructure.
“India’s CRE has moved from promise to performance,” said Desai. “With REITs scaling from ₹10.4 trillion to a projected ₹19.7 trillion by 2030, the focus must now shift to quality supply, sustainability, and global-standard asset management.”
