The current year is poised to be a transformative period for India's REiTs, driven by structural regulatory reforms and increasing market maturity. Following a robust performance in 2025, REITs are transitioning from a yield- continued maturation within the nascent SM REIT segment over the next three to four years. The outlook for REIs in 2026 remains strong, underpinned by critical policy interventions aimed at enhancing capital efficiency. The sector stands to benefit from the RBl's proposal to permit commercial banks to lend directly to REITs. This harmonisation with the existing InvIT framework is expected to rationalise borrowing effective January1,2026,acts asa catalyst for liquidity. This regulatory change enables broader participation Consequently, the sector is likely to witness sustained passive inflows as REITs become eligible for wider equity index inclusion. Furthermore, the Union Budget has articulated a strategic intent to monetise Central Public from state-owned commercial real estate, offering institutional investors access to high-quality, sovereign-backed The SM REIT segment is also expected to witness broader adoption. Key upcoming milestones include the anticipated listing of a commercial property in Ahmedabad in 2026 and the registration of multiple new schemes. estimates that India's SM REIT market could exceed USD 75 billion, supported by over 500 million sq. ft. of