Data Refresh & Coverage Cadence: Existing REIT and InvIT data is updated every 6 months in accordance with audited semi-annual disclosures. Insights for newly listed REITs or InvITs are added within 2 weeks of listing. Dividend yield is calculated as the dividend distributed in FY26 divided by the median unit price from April 2025 to March 2026 (newly listed trusts reflect dividend yield after completing 1 year of distributions).
Real Estate Investment Trusts (REITs)
6 Listed TrustsCommercial Grade-A Office Parks & Urban Consumption Retail Malls
| REIT Name | Category / Focus | NAV (/Unit) | GAV (₹ Cr) | Dividend Yield | LTV (%) | Action |
|---|---|---|---|---|---|---|
| Bagmane Prime Office REITBAGMANE | Prime Grade-A+ Bengaluru Tech Parks | ₹118.20 | ₹40,260 | - | 4.0% | Details |
| Knowledge Realty TrustKRT | Institutional Grade-A Knowledge Parks & Offices | ₹123.61 | ₹67,411 | - | 18.0% | Details |
| Embassy Office Parks REITEMBASSY | Commercial Grade-A Office Parks | ₹491.62 | ₹70,540 | 5.98% | 30.0% | Details |
| Mindspace Business Parks REITMINDSPACE | Commercial Grade-A Business Parks | ₹527.00 | ₹47,635 | 5.15% | 23.5% | Details |
| Brookfield India Real Estate TrustBIRET | Commercial Grade-A Campus Parks | ₹386.66 | ₹56,500 | 6.22% | 32.8% | Details |
| Nexus Select TrustNXST | Urban Consumption & Retail Malls | ₹164.00 | ₹30,600 | 5.80% | 14.2% | Details |
Infrastructure Investment Trusts (InvITs)
9 Listed TrustsNational Highways, Interstate Power Grids & Clean Energy Utilities
| InvIT Name | Category / Focus | NAV (/Unit) | GAV (₹ Cr) | Dividend Yield | LTV (%) | Action |
|---|---|---|---|---|---|---|
| Cube Highways TrustCUBEINVIT | National Highway Toll & Annuity Road Assets | ₹145.77 | ₹36,842 | 9.34% | 46.8% | Details |
| Capital Infra TrustCAPINVIT | National Highway HAM Annuity Corridors | ₹74.72 | ₹6,635 | 11.43% | 41.1% | Details |
| Indus Infra Trust (Bharat Highways InvIT)BHARATINV | National Highway HAM Annuity Road Assets | ₹116.81 | ₹9,448 | 10.83% | 43.5% | Details |
| Raajmarg Infra Investment TrustRAAJMARG | Sovereign National Highway TOT Road Concessions | ₹100.72 | ₹9,807 | - | 38.4% | Details |
| Citius TransNet Investment TrustCITIUSINV | Diversified Transport & Highway Concessions | ₹112.79 | ₹11,200 | - | 39.0% | Details |
| Anantam Highways TrustANANTAM | Hybrid Annuity Model (HAM) Highway Assets | ₹115.80 | ₹3,250 | - | 35.5% | Details |
| IRB InvIT FundIRBINVIT | Golden Quadrilateral & High-Density Toll Roads | ₹81.26 | ₹18,254 | 10.81% | 44.0% | Details |
| India Grid Trust (IndiGrid)INDIGRID | Power Transmission, Solar & BESS Utility Assets | ₹148.24 | ₹33,815 | 9.34% | 58.5% | Details |
| PowerGrid Infrastructure Investment Trust (PGInvIT)PGINVIT | Inter-State Power Transmission Assets | ₹90.79 | ₹9,450 | 12.80% | 5.8% | Details |
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SEBI Regulatory Framework for Indian REITs and InvITs
Under SEBI regulations, all Indian REITs & InvITs must distribute at least 90% of Net Distributable Cash Flows (NDCF) semi-annually (or quarterly) to unitholders as interest, dividends, or return of capital.
SEBI caps aggregate consolidated net debt at 49% of Gross Asset Value (GAV) (extendable to 70% with AAA rating and 6-quarter track record). Most Indian trusts operate conservatively at 5%–35% LTV.
At least 80% of asset value must be invested in operational, revenue-generating commercial real estate or infrastructure assets, capping under-construction risk to a maximum of 20%.
Frequently Asked Questions about Indian REITs & InvITs
SEBI regulatory guidelines, tax treatment, distribution structures, and trading mechanics.
What is the difference between REITs and InvITs in India?
Real Estate Investment Trusts (REITs) invest primarily in commercial, revenue-generating real estate properties such as Grade-A tech parks, city offices, and retail consumption malls. Infrastructure Investment Trusts (InvITs) invest in long-term critical infrastructure assets including national highway toll corridors, interstate power transmission lines, and renewable solar/wind generation assets.
How does the SEBI mandatory 90% NDCF distribution rule work?
Under SEBI (REIT and InvIT) Regulations, all Indian trusts must distribute at least 90% of their Net Distributable Cash Flows (NDCF) to unitholders at least semi-annually (or quarterly as practiced by leading trusts). This ensures consistent cash yield generation from operating assets.
How are REIT and InvIT distributions taxed for investors in India?
Distributions are typically divided into three streams: 1) Interest (taxed at the unitholder's marginal income tax slab), 2) Dividends (tax-exempt if the Special Purpose Vehicle has not opted for Section 115BAA concessional tax, otherwise taxed at slab rate), and 3) Return of Capital / Debt Repayment (tax-efficient and exempt from TDS, taxed under Section 56(2)(xii) only when cumulative ROC exceeds the acquisition cost).
What is the leverage and Loan-to-Value (LTV) limit for Indian trusts?
SEBI caps aggregate consolidated net debt at 49% of Gross Asset Value (GAV). This leverage cap can be extended up to 70% if the trust holds an 'AAA' credit rating and has maintained a continuous track record of at least 6 consecutive quarterly distributions.
How is the dividend yield calculated for Indian REITs and InvITs?
Dividend yield is calculated as the total dividend distributed in FY 2025-26 divided by the median unit price from April 2025 to March 2026. For newly listed trusts that do not yet have a full 1-year distribution history, the dividend yield is marked as '-' and will be computed once 1 year of continuous distributions is completed.
How can retail investors buy units of listed REITs and InvITs in India?
Units of all listed REITs and InvITs trade on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) just like regular equity shares with a lot size of 1 unit. Investors can buy them using any standard Demat and trading account.