Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Thematic (Sector/Industry)

<ul>
<li>Record H1 CY2026 leasing of 45.5 msf, with GCC (43%) and flex (24%) demand rising as third-party IT services contracts to 13%</li>
<li>Regulatory re-rating underway: SEBI's equity reclassification opens the INR 65 trn mutual fund base, a sixth REIT has listed, and the BSE has launched a REIT benchmark. </li>
<li>Knowledge Realty offers the most growth headroom (18% LTV, largest GAV at INR674bn); Embassy leads on scale (52.5 msf) but has highest leverage; Mindspace and Brookfield remain acquisition led.</li>
</ul>


Record H1 CY2026 leasing of 45.5 msf, with GCC (43%) and flex (24%) demand rising as third-party IT services contracts to 13%
Regulatory re-rating underway: SEBI's equity reclassification opens the INR 65 trn mutual fund base, a sixth REIT has listed, and the BSE has launched a REIT benchmark. 
Knowledge Realty offers the most growth headroom (18% LTV, largest GAV at INR674bn); Embassy leads on scale (52.5 msf) but has highest leverage; Mindspace and Brookfield remain acquisition led.


India Office REITs: Structural Demand Meets a Regulatory Re-Rating - August 2026

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Budget 2026 grants foreign cloud companies a tax holiday until 2047, while four Indian conglomerates are on track to control 35-40% of national data center capacity by 2030.</li>
<li>The partnership model between global hyperscalers and Indian operators, structurally unlike the USA/Europe build-own approach, concentrates economic value domestically and compresses timelines.</li>
<li>AI demand is so capital-magnetic that the sector will grow regardless, but a chronic grid delivery gap raises the probability of the 10 GW target slipping to 2032.</li>
</ul>


Budget 2026 grants foreign cloud companies a tax holiday until 2047, while four Indian conglomerates are on track to control 35-40% of national data center capacity by 2030.
The partnership model between global hyperscalers and Indian operators, structurally unlike the USA/Europe build-own approach, concentrates economic value domestically and compresses timelines.
AI demand is so capital-magnetic that the sector will grow regardless, but a chronic grid delivery gap raises the probability of the 10 GW target slipping to 2032.


Thematic Report: India's Data Center Oligopoly!

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Indian REITs returned ~29.7% in CY2025, outperforming the Nifty 50 TRI (11.4%) amid broad equity turbulence driven by FII exodus, tariff shocks, and rupee depreciation.</li>
<li>With beta of just 0.25 and correlation below 25% to equities, REITs and InvITs offer rare predictable income in world where geopolitics, trade wars are repricing risk across asset class.</li>
<li>The sector's AUM is poised to triple by 2030, rate tailwinds persist, and cumulatively over Rs.26,500 crore has been distributed since 2019.</li>
</ul>


Indian REITs returned ~29.7% in CY2025, outperforming the Nifty 50 TRI (11.4%) amid broad equity turbulence driven by FII exodus, tariff shocks, and rupee depreciation.
With beta of just 0.25 and correlation below 25% to equities, REITs and InvITs offer rare predictable income in world where geopolitics, trade wars are repricing risk across asset class.
The sector's AUM is poised to triple by 2030, rate tailwinds persist, and cumulatively over Rs.26,500 crore has been distributed since 2019.


Anchors in the Storm: How Indian REITs and InvITs Can Stabilize Your Portfolio?

<ul>
<li>
<strong>Structural demand tailwinds persist</strong>: Record leasing, GCC-led absorption, and preference for Grade-A assets support high occupancies, long WALEs, and predictable cash flows across India’s Office REIT universe.</li>
<li>
<strong>Sector offers scalable, income-led growth: </strong>~133 msf REIT-owned stock, ~371 msf REITable pipeline, and supportive funding conditions provide visibility for steady distributions and medium-term NAV expansion </li>
<li>REITs with longer lease tenures, diversified tenants, and conservative leverage such as Embassy and Knowledge Realty offer superior risk-adjusted outcomes versus acquisition-heavy peers.</li>
</ul>



Structural demand tailwinds persist: Record leasing, GCC-led absorption, and preference for Grade-A assets support high occupancies, long WALEs, and predictable cash flows across India’s Office REIT universe.

Sector offers scalable, income-led growth: ~133 msf REIT-owned stock, ~371 msf REITable pipeline, and supportive funding conditions provide visibility for steady distributions and medium-term NAV expansion 
REITs with longer lease tenures, diversified tenants, and conservative leverage such as Embassy and Knowledge Realty offer superior risk-adjusted outcomes versus acquisition-heavy peers.


India Office REITs - Evaluating the Sector as an Investment Opportunity

<ul>
<li>Global Capability Centres account for ~30–40% of office leasing, with cumulative demand projected at ~180 msf over 2025–2030, supporting long-term office absorption.</li>
<li>Listed Office REITs operate with &gt;90% portfolio occupancy and long WALE profiles (6–8 years), supporting predictable cash flows and sustainable distributions.</li>
<li>~46% of India’s Grade A office stock remains REITable, providing a substantial pipeline for future asset monetisation, NAV growth, and sector deepening.</li>
</ul>


Global Capability Centres account for ~30–40% of office leasing, with cumulative demand projected at ~180 msf over 2025–2030, supporting long-term office absorption.
Listed Office REITs operate with &gt;90% portfolio occupancy and long WALE profiles (6–8 years), supporting predictable cash flows and sustainable distributions.
~46% of India’s Grade A office stock remains REITable, providing a substantial pipeline for future asset monetisation, NAV growth, and sector deepening.


India Office REITs - Emerging as a Core Income Asset Class

India

Brookfield India Real Estate Trust is India's first and only 100% institutionally managed office Real Estate Investment Trust (REIT). It owns and operates a portfolio of high-quality, Grade-A commercial assets, primarily campus-style office parks, across major Indian technology hubs like Mumbai, Gurugram, Noida, and Kolkata. The trust generates revenue primarily through lease rentals from multinational and domestic corporations, focusing on stable income and long-term capital appreciation for unitholders. Headquartered in Mumbai, India, the trust was settled on July 17, 2020.

Brookfield India Real Estate Trust (BIRET IN)

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Brookfield India Real Estate Trust (BIRET IN)

India Office REITs: Structural Demand Meets a Regulatory Re-Rating - August 2026

India's listed office REITs enter H2 CY2026 with macro and fundamentals aligned. H1 leasing hit a record 45.5 msf, led by GCCs (43%) and flex...

GSBR Research

Thematic Report: India's Data Center Oligopoly!

Budget 2026 grants tax holiday to foreign cloud companies, Indian conglomerates set to control data center capacity, AI sector growth inevitable...

Sudarshan Bhandari

Anchors in the Storm: How Indian REITs and InvITs Can Stabilize Your Portfolio?

Indian REITs outperformed Nifty 50 in 2025 amid market turbulence, offering predictable income and poised for growth with AUM set to triple by 2030.

Nimish Maheshwari

India Office REITs - Evaluating the Sector as an Investment Opportunity

India's Office REIT sector benefits from strong demand, high occupancies, and predictable cash flows, offering steady distributions for investors....

GSBR Research

India Office REITs - Emerging as a Core Income Asset Class

India’s Office REIT market offers stable income and growth visibility, supported by GCC-led leasing demand, high occupancies, long lease tenures,...

GSBR Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India Office REITs: Structural Demand Meets a Regulatory Re-Rating - August 2026

India's listed office REITs enter H2 CY2026 with macro and fundamentals aligned. H1 leasing hit a record 45.5 msf, led by GCCs (43%) and flex...

GSBR Research

Thematic Report: India's Data Center Oligopoly!

​Budget 2026 grants tax holiday to foreign cloud companies, Indian conglomerates set to control data center capacity, AI sector growth inevitable...

Sudarshan Bhandari

Anchors in the Storm: How Indian REITs and InvITs Can Stabilize Your Portfolio?

​Indian REITs outperformed Nifty 50 in 2025 amid market turbulence, offering predictable income and poised for growth with AUM set to triple by 2030.

Nimish Maheshwari

India Office REITs - Evaluating the Sector as an Investment Opportunity

​India's Office REIT sector benefits from strong demand, high occupancies, and predictable cash flows, offering steady distributions for investors....

GSBR Research

India Office REITs - Emerging as a Core Income Asset Class

India’s Office REIT market offers stable income and growth visibility, supported by GCC-led leasing demand, high occupancies, long lease tenures,...

GSBR Research

Budget 2026 grants tax holiday to foreign cloud companies, Indian conglomerates set to control data center capacity, AI sector growth inevitable...

Indian REITs outperformed Nifty 50 in 2025 amid market turbulence, offering predictable income and poised for growth with AUM set to triple by 2030.

India's Office REIT sector benefits from strong demand, high occupancies, and predictable cash flows, offering steady distributions for investors....