Comparing India's 5 REITs Side by Side (2026)
Four office REITs and one retail REIT, each with a different sponsor, geography, and risk profile. Here's how Embassy, Mindspace, Brookfield, Nexus Select Trust, and Knowledge Realty Trust actually stack up.
📊 Direct Answer
As of 2026, Embassy remains the largest and most liquid REIT with the longest track record; Nexus Select Trust has the highest occupancy (95-97%+) as India's only listed retail REIT; Brookfield offers strong institutional backing with a North India-weighted office portfolio; Mindspace has a diversified 200+ tenant base with heavy MNC exposure; and Knowledge Realty Trust is the newest and smallest by index weight. Industry-wide distribution yields have run roughly 6-7.5% per a CREDAI-Anarock report, though individual REIT yields vary by methodology and source.
In this guide:
Side-by-Side Comparison Table
| REIT | Listed | Sector | Occupancy | 1-Yr Total Return* | Sponsor |
|---|---|---|---|---|---|
| Embassy | 2019 | Office | ~91% | ~25.8% | Embassy Group |
| Brookfield | 2021 | Office | ~92% | ~15.4% | Brookfield AM |
| Nexus Select Trust | 2023 | Retail | ~95-97% | ~13.3% | Blackstone-backed |
| Knowledge Realty Trust | 2025 | Office | N/A | ~7.6% | Sattva/Blackstone |
| Mindspace | 2020 | Office | ~87%+ | ~7.2% | K Raheja Corp/Blackstone |
*One-year total return (price + distributions) as of late July 2026, per NSE Indices REIT/InvIT factsheet data. Figures are a snapshot and change continuously — verify current figures before making any decision.
Embassy Office Parks REIT
India's first listed REIT (March 2019) and still the largest by portfolio size — over 46 million sq ft of office space across Bengaluru, Mumbai, Pune, and NCR, with a tenant roster including Microsoft, IBM, and JP Morgan. Embassy also holds over 100 MW of solar power assets that partially power its parks, an unusual diversification for an Indian REIT. It carries the largest weight in the BSE REITs Index at roughly 32%, and led the group on one-year total return through July 2026.
Mindspace Business Parks REIT
Co-sponsored by K Raheja Corp and Blackstone, Mindspace owns over 32 million sq ft primarily across Hyderabad, Pune, Mumbai, and Chennai. Its standout feature is tenant diversification — over 200 tenants with more than 70% of revenue from MNCs, and no single tenant dominating the rent roll. Some analysts have flagged Mindspace as a preferred pick for growth-oriented mandates given its development pipeline, though its trailing one-year total return has lagged the group.
Brookfield India Real Estate Trust
Sponsored by Brookfield Asset Management — one of the world's largest alternative asset managers — and marketed as India's only fully institutionally-managed public commercial REIT. Its roughly 25 million sq ft portfolio is weighted toward North and East India (Gurugram, Noida, Mumbai's Powai, Kolkata, Pune), a geographic mix distinct from Embassy and Mindspace's South/West focus. Occupancy improved meaningfully through 2025, from around 82% toward roughly 92% committed occupancy by year-end.
Nexus Select Trust
India's only listed retail REIT, and structurally different from the other four — it owns 17 premium shopping malls rather than office parks. Nexus has consistently posted the highest occupancy of the group (95-97%+), with mall footfall reported above pre-COVID levels, reflecting India's retail consumption recovery. Because it's tied to consumer spending rather than corporate office leasing, Nexus offers genuine sector diversification within a REIT allocation rather than just another office bet.
Knowledge Realty Trust
The newest and smallest of the five by index weight (roughly 5% of the BSE REITs Index as of July 2026), Knowledge Realty Trust listed in 2025 as an office-focused REIT. With the shortest track record of the group, it has less historical occupancy and distribution data publicly compared and discussed than its four peers — worth monitoring as more quarters of data accumulate rather than judging on limited history alone.
A Note on Yield Figures
You'll see meaningfully different REIT yield figures depending on the source — some cite the 5-6% range, others 7-9%. This isn't necessarily contradictory; it usually reflects different methodologies (trailing distribution yield vs. forward-looking estimates, price-return-only vs. blended calculations) and different snapshot dates, since yield moves inversely with unit price. A joint CREDAI-Anarock industry report put the average across Indian REITs at 6-7.5%, which is a reasonable anchor — but always calculate the yield yourself from a REIT's current distribution and current unit price rather than relying on any single cited figure, including this one.
Which One Fits Which Goal
Want the longest track record and highest liquidity? Embassy is the largest and most established.
Want genuine sector diversification away from office space? Nexus Select Trust is the only retail option.
Want institutional-grade management and North India exposure? Brookfield offers a geographically distinct portfolio.
Want tenant diversification within office REITs? Mindspace's 200+ tenant, MNC-heavy base is built for that.
Many REIT investors don't pick just one — combining an office REIT with Nexus for retail exposure is a common way to diversify within the REIT category itself, similar in spirit to not putting all your equity allocation into a single mutual fund.
Check your core portfolio first
Before adding a REIT allocation, it's worth knowing how much your existing mutual funds already overlap with each other. OverlapIQ does this in 30 seconds — free, no signup.
Analyze My Portfolio →Frequently Asked Questions
Which REIT in India has the highest occupancy?
Nexus Select Trust, India's only listed retail REIT, has consistently reported the highest occupancy among the five listed REITs at 95-97%+, reflecting strong mall footfall. Among the office REITs, Embassy has generally maintained occupancy in the low-to-mid 90s, ahead of Mindspace (high 80s) and Brookfield, which improved from around 82% to roughly 92% committed occupancy through 2025.
Which REIT has given the best total returns?
As of late July 2026, Embassy Office Parks REIT led the group with roughly 25.8% one-year total return, followed by Brookfield India Real Estate Trust at around 15.4% and Nexus Select Trust at around 13.3%. Mindspace and Knowledge Realty Trust lagged over that specific window. Rankings shift over time and shouldn't be read as a permanent hierarchy.
Is Nexus Select Trust riskier than the office REITs?
It carries a different risk profile rather than a simply higher or lower one. As India's only listed retail REIT, Nexus is more exposed to consumer spending and footfall trends than office REITs, which depend more on corporate leasing and Global Capability Centre demand. Its high occupancy and strong footfall recovery have been a positive, but it lacks the sector diversification the office REITs have relative to each other.
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Disclaimer: This article is for educational purposes only and does not constitute investment advice or a recommendation of any specific REIT. Occupancy, yield, and return figures are compiled from third-party industry sources and reflect a point-in-time snapshot as of mid-to-late 2026 — these figures change continuously and should be independently verified before any investment decision. Past performance is not indicative of future results. REIT units are subject to market risks including the risk of loss of capital. Consult a SEBI-registered investment advisor before investing.