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India is set to witness the emergence of two to three retail real estate investment trusts (REITs) over the next three to five years, as the retail REIT market is projected to reach Rs 60,000–80,000 crore by 2030, according to a report by Anarock.
This would represent about 30–40 per cent of India’s overall REIT market, which is expected to be valued at Rs 2 trillion by 2030.
As of mid-October 2025, the total REIT market capitalisation stands at approximately Rs 1.67 trillion, with retail REITs accounting for around 15 per cent of the market value.
Retail REITs to drive next phase of real estate growth
While India’s REIT ecosystem remains dominated by commercial office assets, Anarock said the next wave of growth would come from retail malls, shopping centres, and mixed-use developments.
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The shift will be supported by the consolidation of quality retail assets, steady consumer spending, and rising urban incomes.
Anuj Kejriwal, Chief Executive Officer and Managing Director of Anarock Retail, said: “Currently, out of the five listed REITs in India, four are office-focused and only one — Nexus Select Trust — is retail-centric. However, with grade A malls now maturing into stable, income-generating assets, 2–3 retail REITs are expected to launch over the next 3–5 years.”
“Our estimate of the Indian retail REITs’ potential to become a Rs 60,000–80,000 crore market in the next five years assumes only partial listings of various institutional portfolios,” Kejriwal added.
Major institutional players in India’s retail segment
Currently, major institutional players in India’s retail real estate include Blackstone-backed Nexus Malls, The Phoenix Mills, K Raheja Corp, DLF, Pacific, and Lakeshore, all of which have sizable mall portfolios.
By 2030, the top five mall owners are expected to control 60 per cent of the overall organised retail stock, with new retail REITs further institutionalising the market.
“Retail is no longer just an afterthought in Indian real estate portfolios. It is now edging closer to centre-stage, under the spotlight as a resilient, high-yield asset class that is finally ready for institutional scale and public markets,” Kejriwal said.
Tier-II cities emerge as new retail growth hubs
The report noted that tier-II cities such as Indore, Coimbatore, Surat, Bhubaneswar, and Chandigarh are witnessing the entry of institutional developers for the first time.
Developers including Phoenix Mills, Prestige Estates, and Nexus Malls are expanding aggressively in these high-income, consumption-driven clusters.
New mall projects averaging 1–1.2 million square feet (msf) are being planned, with entertainment, food and beverage (F&B), and lifestyle retail together accounting for nearly half of the new mall space.
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