In recent years, the real estate market in India has shown tremendous growth driven by factors such as infrastructure development, urbanization, and increasing disposable income. More and more retail investors are drawing towards the lucrative real estate sector. A notable shift in redefining this sector is the introduction of Small and Medium Real Estate Investment Trusts (SM REITs) with lower asset size of INR 50 crores which would unlock more avenues to monetise real estate assets. According to Mr. Pankaj Jain, Founder of EaseProp, “SM REITs is expanding retail investor participation with minimum requirement of 200 investors and helping low ticket size investors with investment amount as low as INR 10 lacs, to bet on high-value assets. He also adds that SEBI’s move to ensure enhanced investor protection will further boost investor confidence and promote accountability and transparency within the real estate sector.” His company, EaseProp in association with Global Realty Institute (GRI) as its knowledge partner, presents the latest knowledge report on SM REITs, offering invaluable insights into the real estate sector. The report outlines Global context of REITs and the regulatory framework for SM REITs in India. It also details out study on the investment outlook for investors in SM REITs in India to help them navigate this opportunity. There is an interesting section in the knowledge report that showcases the success stories of Indian REITs. The report delves deeper into the intricacies of REITs and analyses market trends and the impact of digital technologies in reshaping the real estate industry. Mr. Pankaj Jain says, “Our knowledge report is backed by extensive analysis to empower investors with actionable intelligence that can not only help them to make informed decisions but also to maximize their returns on investment.”

1. GRIGlobal
Realty
Institute
GRIGlobal
Realty
Institute
GRIGlobal
Realty
Institute
easeprop.com
Navigating Real Estate to the Next Level…
SM REITs:
Unlocking Monetisation of Real Estate Assets

2. GRIGlobal
Realty
Institute
GRIGlobal
Realty
Institute
GRIGlobal
Realty
Institute
NEXT
Big Opportunity in
Knocking Your Door
REAL ESTATE
Be a GAME CHANGER
Knowledge Partner
GRIGlobal
Realty
Institute
globalrealtyinstitute.com

3. GRIGlobal
Realty
Institute
GRIGlobal
Realty
Institute
GRIGlobal
Realty
Institute
India's real estate market is going to witness significant growth with the recent
amendments to the Small and Medium Real Estate Investment Trusts (SM REITs)
framework brought by The Securities and Exchange Board of India (SEBI), the
capital markets regulator. It has already sparked a lot of interest among the low
ticket size investors who are eager to explore new avenues for real estate
investment. This move is predicted to increase investment in India's property
market.
SEBI’s move to lower entry barriers and allow real estate investments with a low
asset size of 50 crores will lead to wider participation. It enables investments in a
wider range of real estate assets and boosts the real estate and related sectors in
India. Moreover, enhanced investor protection further makes SM REITs a promising
investment vehicle in India.
This knowledge report on SM REITs details out the Global context of REITs,
Regulatory framework for SM REITs in India, Investment Outlook and Opportunities
for investors in REITs. With the advent of innovative technologies like Artificial
intelligence, Internet of Things, Blockchain, Big Data, and Data Analytics, we are
seeing a transformative impact in REIT operations.
The report also outlines the characteristics and benefits of REIT-based real estate
investment backing it with an interesting section in the report on success stories of
Indian REITs.
I do hope the report provides some interesting insights to all those who are looking
closely at the key trends and future dynamics of SM REITs in India
Pankaj Jain
Founder
EaseProp and
Global Realty Institute
Preface
Preface
1

4. “The notification from the SEBI regarding the framework for SM REITs is
a significant milestone for India's real estate market,
promising increased liquidity and growth opportunities. SEBI's
decision to allow fractional ownership of rent-yielding real estate
assets through SM REITs, with a minimum investment of ₹10 lakh,
is praiseworthy. It democratizes real estate investment, making it
accessible to a broader spectrum of investors who were previously
deterred by high entry barriers. The formalization of fractional
ownership is crucial for fostering investor confidence, benefiting not
only commercial but also affordable housing segments.
Also, SM REITs can now raise funds for asset size of ₹50 crore by selling
units to at least 2 0 0 investors, instead of the previous limit in asset size
of ₹500 crore. This change could include many more small and medium
real estate assets that generate income within REITs. Therefore,
regulatory framework introduced by SEBI not only safeguards investor
interests but also ensures organized growth in the market. With strict
criteria for investment managers, asset size, and investor participation,
this framework instils confidence and trust in the market,
attracting both domestic and foreign investors.”
G Hari Babu
National President
NAREDCO
GRIGlobal
Realty
Institute
Pearls of Wisdom
2

5. GRIGlobal
Realty
Institute
GRIGlobal
Realty
Institute
GRIGlobal
Realty
Institute
"SEBI's new SM REIT regulations is a wise and
thoughtfully drafted framework from our regulators.
The framework now allows assets larger than Rs 50
crores in value to be listed as a REIT, while
simultaneously creating a permissive framework for
assets below 50 crores to be fractionally sold
under the traditional SPV based structures. This
shall allow continued innovation in this space and
help build scale. Alt DRX will actively work within the
frameworks laid out to bring a plethora of
Residential Fractional Real Estate and REIT offerings
to the market, allowing investors the flexibility to
invest in real estate 1square feet at a time."
Anand Narayanan
Founder - Alt DRX
(a Fractional Ownership Platform)
Pearls of Wisdom
GRIGlobal
Realty
Institute
Pearls of Wisdom
3

6. “The SM REIT's Regulations have given a positive
pathway for fractional ownership. These regulations
safeguard the interests of investors and service
providers alike. SEBI has introduced these
regulations to accommodate smaller asset worth
₹50 Cr to ₹500 Cr with a minimum investment
threshold of just Rs.10 Lakhs for investors. As a
holiday home fractional ownership platform, we at
ALYF are ecstatic by the inclusion of the residential
sector along with commercial in this regulation. This
allows us to ensure that investors get easy exits
and have complete transparency and trust in our
platform & services.
We aim to capitalize on these regulations and open
this new asset class of Holiday Homes to a wider
audience and change the way Indians own, enjoy
and earn from real estate investments.”
Saurabh Vohara
Founder & CEO – ALYF
(a Fractional Ownership Platform)
Pearls of Wisdom
GRIGlobal
Realty
Institute
4

7. “SEBI notification to the SM REITs regulations has come is just
less than 3.5 months since the initial approval given by the
regulator in setting up of SM REITs which clearly reflects SEBI’s
confidence on the potential of the fractional ownership model
in democratizing access of retail investors into real estate. It is a
watershed moment that will act as a catalyst in enhancing
market efficiency and increase awareness among potential
investors about the benefits of this investment avenue and
ensure widespread adoption. Being a pioneer of this fractional
ownership model, hBits is also keen to be the first one to list our
SM REITs thereby allowing our investors to make the most of this.
The fractional ownership ecosystem is gaining momentum over
the years, and more than INR 4 0 0 0 crores of A grade properties
have undergone the FOP route and sold to investors over the
last few years. The constant engagement between industry
stakeholders and the regulator has yielded in significant
results, with the notification giving the right impetus to make
fractional ownership the top choice of investors. Further, the
reduction in the minimum investment threshold to INR 10 lakhs
will attract a larger pool of retail investors. It will also bolster
their confidence and promote democratization in the ecosystem.”
Shiv Parekh
Founder & CEO - hBits
(a Fractional Ownership Platform)
Pearls of Wisdom
GRIGlobal
Realty
Institute
5

8. “In an era where technology is reshaping
industries, Real Estate Investment Trusts
(REITs) stand at the intersection of tradition
and innovation. With the profound impact
of technology on REITs, from data
analytics to blockchain and digital investor
platforms, the multifaceted way of
technology is redefining the landscape
of real estate investments.”
Yogesh Jain
CTO
Jain Ventures
“SM REITs will prove to be a game changer for Indian
Real Estate Sector as it open ups the offering of
REITs to different asset classes like Residential,
Warehousing, Data Centers etc. also it enables for
standalone projects to get listed”
Dr. Adv. Harshul Savla
Real Estate Developer
National Best Selling Author,
World Record Holder
Pearls of Wisdom
GRIGlobal
Realty
Institute
6

9. Contents
1. Global Context of REITs
2. Regulatory Framework for SM REITs in India
3. Investment Outlook for investors in SM REITs
4. Success Stories of Indian REITs
5. Transformative Role of Technology in REITs
8
18
32
38
47
Page no.
7

10. GRIGlobal
Realty
Institute
GRIGlobal
Realty
Institute
GRIGlobal
Realty
Institute
About EaseProp
We are team of diverse professionals having rich and strong
multi-dimensional experience of Real Estate Business while
working at Top Corporate Level positions with unique
competency of taking Deep Dive into complex matters having
multi-level cascading long term impacts on Real Estate
Business. We empower our clients to explore and embrace
new growth opportunities in their business. Our
comprehensive solutions help them to unlock their full
potential and revolutionizing the way they operate and
opening doors to the unprecedented possibilities.
We offer a wide range of real estate consulting services under
one roof. We specialize in various areas including RERA, IBC,
Funding, Collaboration, Realty Analytics, Strategic Advisory,
Resolution of Stuck Projects, Monetization of Real Estate and
much more…
Contact us to embark on a transformative journey towards
the SM REITs @ Pankaj Jain, Mobile: 9312213765
Regd. Office :
215, LUXMI CHAMBERS, C-159,
NARAINA, PHASE-1,
NEW DELHI-1100280
Mobile : +91 9650494948
Email : easeprop8@gmail.com
Corporate Office :
1007, 10TH FLOOR,
ITHUM TOWER B,
A-40,SECTOR 62,
NOIDA – 201309
Line: 0120-4345552
About GRI
Global Realty Institute (GRI) is a unique knowledge-based
platform to cater the need of creating capabilities of real
estate stake holders in ever changing landscape of real estate
globally. Through customized curated programs to suit the
specific needs, it enables Transformative Thoughts for
Thought Leadership in real estate to enable real estate stake
holders to remain updated and stay ahead.
GRI helps in identifying the best global real estate practices/
technologies and creating mechanism to adopt and adapt
such practices/ technologies in local conditions.
Legal Disclaimer: The information contained herein is of
a general nature and is not intended to address the
circumstances of any individual or entity. Although we
endeavor to provide accurate and timely information,
there can be no guarantee that such information is
accurate as of the date it is received or that it will continue
to be accurate in the future. No one should act on such
information without appropriate professional advice after
a thorough examination of the situation and we will not
be responsible in any circumstances, whatsoever. For
more details you may also refer to the sources of such
information as mentioned therein.
www.globalrealtyinstitute.com
www.easeprop.com
© 2024 Jain Ventures Consulting Pvt. Ltd.
** EaseProp and GRI are Initiatives of JAIN Ventures Consulting Pvt. Ltd. (www.Jainventures.in)
>>> Full Knowledge Report can be downloaded at easeprop.com/insights.php.