In the primary markets, Mindspace Business Parks REIT, India’s second REIT issue of $600 million was oversubscribed by 13 times in August 2020. The strong response to this REIT indicates a preference for cash flow opportunities in private and public markets, it said. “We’re expecting a broad based ‘V-shape’ recovery in the Indian real estate market, but depending on the economic recovery and pandemic response, our estimates have substantial scope for upward revision,” said Ramesh Nair, CEO and Country Head (India), JLL.

“We have already witnessed very positive signs of recovery in the office segment in Q3 with gross leasing at 13.8 million square feet. The REITs market has done exceedingly well with the combined market cap of the India REITs at $6 billion accounting for 33 per cent of the market cap of listed real estate companies,” he said.