India’s retail-focused Real Estate Investment Trusts (REITs) market is projected to become a ₹60,000–80,000 crore market by 2030, according to a report by ANAROCK. This would account for nearly 30–40% of India’s overall REIT market, which is expected to touch $25 billion ( ₹2 lakh crore) by the end of the decade.
Currently, India has five listed REITs, four of which are office-focused, while Nexus Select Trust is the only retail-centric one. “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 ₹60,000–80,000 crore market in the next five years assumes only partial listings of various institutional portfolios,” Anuj Kejriwal, CEO and MD, ANAROCK Retail, said.
ANAROCK noted that in mature markets, retail REITs account for around 15–25% of total REIT capitalisation, suggesting ample room for expansion in India.
Tier-II cities emerge as new hotspots
Beyond metros, the report said that institutional players are now venturing into tier-II cities such as Indore, Coimbatore, Surat, Bhubaneswar, and Chandigarh. Developers like Phoenix Mills, Prestige Estates, and Nexus Malls are expanding aggressively in these high-income, consumption-driven markets.
New projects averaging 1–1.2 million square feet are underway, with entertainment, F&B, and lifestyle retail now accounting for nearly half of the new mall spaces.
Top mall developers dominate India’s organised retail landscape
According to ANAROCK Research, a handful of major developers control a large share of India’s organised retail space.
Nexus Malls, backed by Blackstone, leads the pack with 19 malls spanning about 10 million sq ft across 14 cities, including Mumbai, Pune, and Bengaluru.
Phoenix Mills follows with 12 malls covering roughly 11 million sq ft in key markets such as Mumbai, Pune, Bengaluru, and Kolkata.
DLF, including its joint venture DCCDL, operates 8 malls totalling around 4 million sq ft, largely concentrated in the Delhi-NCR region.
K Raheja Corp manages 5 malls with approximately 3 million sq ft of leasable area in the Mumbai Metropolitan Region (MMR), while Pacific Group operates 9 malls of similar size across the Delhi-NCR region. Lakeshore, with five malls totalling nearly 3 million sq ft, also has a presence across the MMR and NCR.
Also Read: India’s REIT market set to cross $25 billion by 2030: CREDAI-Anarock report
Strong absorption trends signal healthy demand
According to ANAROCK’s RELEAP H1 2025 report, about 2.8 million sq ft of new mall space was deployed across the top seven cities in the first half of 2025, up 155% year-on-year. Net absorption reached 2 million square feet, a 31% annual increase, led primarily by the apparel and F&B segments, which together accounted for 55% of total leasing activity.
“These absorption trends reflect an evolution in Indian consumer preferences,” Kejriwal said. “High-value consumption categories are gaining traction, signalling a shift in tenant mix strategies for mall developers.”
Retail edges closer to centre stage
ANAROCK predicts that the top five mall owners will control 60% of organised stock over the next five years, with new retail REITs helping further institutionalise the market. Older malls are also expected to be redeveloped into mixed-use lifestyle districts.
“Retail is no longer an afterthought in Indian real estate portfolios,” Kejriwal said. “It’s moving to centre stage as a resilient, high-yield asset class ready for institutional scale and public markets.”