'Office space worth $35 billion eligible to be listed under REIT'

New Delhi: India currently has USD 35 billion worth of office spaces that are eligible to be listed under the Real Estate Investment Trust (REIT), according to property consultant JLL India.

REIT is an investment tool that owns and operates rent-yielding real estate assets.

It allows individual investors to make investment in this platform and earn income.

The successful listing of India's first REIT floated by Embassy Office Parks heralds the institutionalisation of real estate assets and indicates enhanced maturity and professionalism in the real estate market,

JLL India Chief Executive Officer and Country Head Ramesh Nair said.

"Growing knowledge of REITs will ensure acceptability and gradual increase of interest from retail investors.

We expect to see other asset classes like retail, warehousing and hospitality also offering REITable assets in the times to come," he said.

According to JLL's latest report titled India REITs - Heralding a new era in real estate investments released today, Indian commercial real estate market is estimated to provide 294 million sq ft of REITable space from the existing

office stock.

"These REITable assets would be valued at USD 35

billion".