REIT and InvIT index: shallow falls, 6.6% yield

The number

The Nifty REITs & InvITs index closed at 1,390.64 on 9 October 2026. That is 3.70% above a year earlier and 12.66% a year above three years earlier. Its largest fall from a peak since April 2023, when our record starts, was 7.8%.

REITs and InvITs are trusts that own income-producing assets such as office buildings, roads or transmission lines and pay out most of their income as distributions. The index tracks their unit prices. All figures below are NSE's published closes to 9 October 2026, price returns only. Distributions are not in them.

Returns against other indices

The REIT index kept pace with the Midcap 150 over three years and beat the Nifty 50 by a wide margin. Over the last year it was the best of the equity-type indices in the table. The two debt indices are different instruments, so they are a reference point rather than a like-for-like comparison. The REIT figures also leave out the distributions the trusts pay, which is why the yield below matters.

Calendar years

Real estate developers (the Nifty Realty index) rose 34.4% in 2024 and fell in both years since. The REIT index, which owns finished, rented assets rather than land to develop, rose in all three years. The two indices share a sector label and little else.

The fall in context

The index peaked at 1,430.52 on 14 August 2026 and is 2.8% below that now. A drawdown of 7.8% over three and a half years is shallow, but it is a short sample and one that has not included a spike in interest rates of the 2022 kind. A unit price that is steady in calm conditions can still move when yields on government bonds do.

The yield, and why not to lean on one day's number

NSE publishes a dividend yield for the index. On 9 October 2026 it read 6.58%. Across the whole record the range is 4.21% to 8.69%, with a median of 7.15%.

The reading is noisy. It was 4.51% on 9 September and 6.58% a month later, while the price fell 1.85%. The likely cause is the timing of distributions entering and leaving the trailing window, though our data does not show it. The median is a better guide to the level than any one day.

There is also a variant, the Nifty REITs & InvITs 90:10 index, which started on 24 July 2026 and gave a yield of 5.89% on 9 October. Its record is too short to say more than that.

What this does and does not show

Three and a half years is a single stretch of the market. The index has no record through a sharp rise in rates, and its membership has presumably changed over time, so the history is of a changing group. The distributions that make up much of the case for owning a REIT are not in these price figures, and neither is the tax on them.

For the wider property picture, see Nifty Realty P/E, REITs and commercial real estate for small investors and rental yield: what a flat earns after costs and tax. Funds with property exposure can be filtered on the screener.