Industry veteran to lead India's REIT ecosystem as the sector enters a new phase of growth driven by institutional investments, regulatory support and rising investor participation.

The Indian REITs Association (IRA) has announced the appointment of Shirish Godbole, Chief Executive Officer of Knowledge Realty Trust (KRT), as its new Chairperson, effective immediately. Godbole succeeds Alok Aggarwal, former Managing Director and CEO of Brookfield India Real Estate Trust, who stepped down following his retirement.

The leadership transition comes at a significant time for India's Real Estate Investment Trust (REIT) industry, which has emerged as one of the country's fastest-growing investment segments. With increasing participation from domestic and global investors, expanding commercial real estate portfolios and a supportive regulatory framework, the sector is poised for its next phase of evolution.

Market experts believe Godbole's extensive experience in global real estate investment and capital markets will help accelerate the industry's growth while strengthening governance, transparency and investor confidence.

Indian REITs Association: Strengthening India's Listed REIT Market

The Indian REITs Association was established in 2023 under the guidance of the Securities and Exchange Board of India (SEBI) and the Ministry of Finance to serve as the representative body for India's listed REIT industry.

As a non-profit industry association, IRA works towards:

• Promoting sustainable growth of the REIT sector.

• Enhancing investor awareness.

• Encouraging best governance practices.

• Supporting regulatory dialogue.

• Facilitating industry collaboration.

• Improving transparency and market standards.

The association plays a key role in representing the interests of listed REITs while promoting the development of India's commercial real estate investment market.

Leadership Transition Comes at a Crucial Stage

Shirish Godbole takes over the chairmanship from Alok Aggarwal, who played an instrumental role during the formative years of India's listed REIT ecosystem.

Under Aggarwal's leadership, the association focused on:

• Expanding investor education.

• Building awareness about REITs.

• Encouraging institutional participation.

• Working closely with regulators.

• Promoting transparency across the industry.

The association acknowledged his contribution in laying a strong foundation for the growth of India's listed REIT market.

Shirish Godbole Brings Extensive Global Experience

Godbole is widely regarded as an experienced real estate investment professional with more than two decades of leadership across global financial institutions.

Before joining Knowledge Realty Trust, he held senior positions at:

• AEW Capital Management, Boston.

• Morgan Stanley, New York.

• Morgan Stanley India Financial Services.

• Goldman Sachs (India) Securities.

During his tenure at Goldman Sachs India, he served as Managing Director in the Merchant Banking division, advising on large corporate transactions and capital market activities.

His broad international experience is expected to strengthen the Indian REIT industry's engagement with global investors.

Vision for India's REIT Industry

Following his appointment, Godbole highlighted the tremendous growth potential of India's listed REIT market.

According to him, REITs have rapidly established themselves as:

• Transparent investment vehicles.

• Professionally managed income-generating assets.

• Attractive alternatives to direct real estate ownership.

• Reliable wealth creation instruments.

He emphasized that India's expanding commercial real estate sector provides significant opportunities for REITs to become a mainstream investment product for both retail and institutional investors.

Strategic Priorities Under the New Leadership

As Chairperson, Godbole intends to work closely with industry stakeholders to strengthen the overall REIT ecosystem.

Key priorities include:

• Enhancing investor awareness.

• Strengthening governance standards.

• Increasing transparency.

• Supporting regulatory reforms.

• Encouraging innovation.

• Expanding institutional participation.

• Building global investor confidence.

These initiatives are expected to support the next phase of India's commercial real estate investment market.

Knowledge Realty Trust: India's Largest Listed REIT

Knowledge Realty Trust has emerged as one of India's most prominent commercial real estate investment platforms.

The REIT is backed by:

• Sattva Group, one of India's leading real estate developers.

• Global investment firm Blackstone.

With a diversified portfolio of premium office assets across major business hubs, Knowledge Realty Trust has become the country's largest listed REIT by market capitalization.

Its strong asset quality and institutional backing have made it one of the key players in India's commercial property market.

India's REIT Market Continues to Mature

Since the launch of the country's first listed REIT, India's market has expanded significantly.

Today, listed REITs collectively own millions of square feet of Grade-A commercial real estate across leading metropolitan cities.

The sector includes:

• Office Parks.

• Commercial Business Parks.

• Premium Corporate Campuses.

• Retail Shopping Centres.

• Mixed-use Developments.

The growing acceptance of REITs has broadened investment opportunities for retail as well as institutional investors.

Current Members of the Indian REITs Association

The association currently represents India's leading listed REITs, including:

• Brookfield India Real Estate Trust.

• Embassy Office Parks REIT.

• Mindspace Business Parks REIT.

• Nexus Select Trust.

• Knowledge Realty Trust.

• Bagmane Prime Office REIT.

Collectively, these trusts manage some of India's most valuable commercial real estate assets.

Why Investors Are Increasingly Choosing REITs

REITs have gained popularity because they offer investors exposure to commercial real estate without requiring direct property ownership.

Major advantages include:

• Regular income through rental distributions.

• Portfolio diversification.

• Professional asset management.

• Liquidity via stock exchanges.

• Lower entry barriers.

• Regulated investment framework.

• Potential long-term capital appreciation.

These features make REITs particularly attractive for income-oriented investors.

Growth Drivers Supporting the Sector

Several structural trends continue to support India's REIT industry.

These include:

Expansion of Grade-A Office Space

Demand for premium commercial offices continues to grow in major cities.

Global Capability Centres (GCCs)

Multinational companies continue expanding their Indian operations, increasing office demand.

Institutional Capital

Global investors remain interested in India's commercial real estate market.

Regulatory Support

SEBI's evolving regulatory framework has strengthened investor confidence.

Urbanisation

Rapid urban development continues driving demand for high-quality commercial assets.

Challenges Ahead

Despite the positive outlook, the REIT sector continues to face certain risks.

These include:

• Interest rate fluctuations.

• Global economic uncertainty.

• Office occupancy trends.

• Hybrid work models.

• Commercial property valuations.

• Economic slowdown.

However, strong leasing activity and India's expanding corporate sector continue to support long-term demand.

Outlook

The appointment of Shirish Godbole marks a significant leadership transition for the Indian REITs Association at a time when India's listed real estate investment market is entering a new growth phase. Backed by extensive global experience and leadership at India's largest listed REIT, Godbole is expected to strengthen collaboration between regulators, investors and industry participants while promoting higher governance standards and broader market participation. As India's commercial real estate market continues to expand, REITs are likely to play an increasingly important role in attracting long-term domestic and international capital.