Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Where it fits
Owns and leases Grade A office parks on 5-15 year leases with ~15% rent increases every three years, and passes at least 90% of distributable cash to unitholders when held in a REIT.
Why it matters
Offices are the most institutional part of Indian real estate and the base of the REIT market. GCCs - offshore hubs of global companies - now take about 40% of leasing, giving landlords long leases from strong tenants.
Where the value pool sits
NOI margins of roughly 75-85% and long leases make this an annuity-like profit pool. Growth comes from filling vacant space, marking expiring rents to market (re-leasing spreads), building on spare land and buying completed assets from sponsors.
Key drivers
GCC expansion (~42% of 9M 2026 leasing, CBRE)
Flight to quality from older buildings
REIT equity classification (Jan 2026) and index eligibility (Jul 2026)
Rent mark-to-market on expiring leases
Potential bottlenecks
New supply in some sub-markets (parts of Hyderabad, Noida, SEZ parks) keeps vacancy high
SEZ rules made older SEZ parks harder to lease to non-export tenants
Large new parks take 3-4 years to build and lease up