Markets
Nifty REITs & InvITs
Nifty REITs & InvITs is an NSE theme index of 15 stocks. Since 2019 it has compounded 12.3% a year with dividends reinvested; over the past year it rose 9.1%. Its deepest fall was 28%, from Mar 2020 to Mar 2020, and it took 8 months from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty REITs & InvITs. Data to 14 Oct 2026.
- Trend
- Uptrend since Apr 2026
- Momentum
- 16th of 133 markets, by rank
- Below its high
- 2.7% total return
- P/E
- 57.7 67th percentile
- 1 year
- +9.1% total return
- 5 years
- 12.0% a year
- 10 years
- – a year
- Since 2019
- 12.3% a year
- Volatility
- 7.6% past year; usual 9%
NSE launched Nifty REITs & InvITs in Apr 2023. Figures before that use NSE's back-calculated history: today's rules applied to the past, chosen with that past in view. Charts mark the launch.
Returns
Total return counts dividends reinvested; price return does not. Since 2019, dividends added about 7.7 percentage points a year. Returns over more than a year are a year, compounded.
Nifty REITs & InvITs: growth of 100
Weekly, from Jul 2019, log scale: equal slopes are equal rates of growth. Drag the range below the chart to start anywhere; both lines restart at 100.
How to read it. The gap between the two lines is what dividends were worth. It widens slowly and never closes.
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To 14 Oct 2026. Before any fund cost or tax.
| Period | Total return | Price return | Dividends added | More |
|---|---|---|---|---|
| 1 month | −1.3% | −1.3% | 0.0 pts | |
| 3 months | +0.6% | −0.5% | +1.1 pts | |
| 6 months | +4.3% | +2.1% | +2.2 pts | |
| This year | +7.2% | +3.8% | +3.4 pts | |
| 1 year | +9.1% | +4.6% | +4.5 pts | |
| 3 years, a year | +17.5% | +12.6% | +4.9 pts | |
| 5 years, a year | +12.0% | +6.1% | +5.8 pts | |
| Since Jul 2019, a year | +12.3% | +4.6% | +7.7 pts |
Year by year
6 of the 6 full calendar years since 2020 ended higher. 1 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty REITs & InvITs: each calendar year
The worst fall is the largest drop from a peak within the year, with the previous year-end as the first peak (the convention of J.P. Morgan's Guide to the Markets). Total return, %.
| Year | Total return | Price return | Dividends | Worst fall in the year | More |
|---|---|---|---|---|---|
| 2026 so far | +7.2% | +3.8% | +3.4 pts | −7.8% | |
| 2025 | +25.5% | +20.1% | +5.4 pts | −3.6% | |
| 2024 | +15.7% | +10.8% | +4.9 pts | −5.0% | |
| 2023 | +0.8% | −4.2% | +5.0 pts | −8.3% | |
| 2022 | +9.1% | +1.2% | +7.9 pts | −6.3% | |
| 2021 | +17.7% | +8.2% | +9.5 pts | −8.1% | |
| 2020 | +5.9% | −6.6% | +12.5 pts | −28.4% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 28%, took 19 days to reach bottom and 8 months more to climb back. Today it is 2.7% below its high.
Nifty REITs & InvITs: how far below its previous high
Weekly, the week's lowest close against the highest close before it, total return, %.
How to read it. Zero is a new high. The depth of each dip is what a holder sat through; its width is how long getting back took.
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Total return, closing prices. A fall ends when the index closes at or above the high it fell from. Calendar time.
| Fall | From the high of | To the low of | Falling for | Recovering for | Back at the high | High to high |
|---|---|---|---|---|---|---|
| −28.4% | 5 Mar 2020 | 24 Mar 2020 | 19 days | 8 months | 13 Nov 2020 | 8 months |
| −11.9% | 12 Aug 2022 | 15 Mar 2023 | 7 months | 11 months | 1 Feb 2024 | 18 months |
What holding it was like
From every day in its history, what holding Nifty REITs & InvITs for a fixed span would have returned a year. Over five years the middle outcome was 12.8% a year; the worst 9.1% and the best 16.4%; no five-year span lost money.
Total return a year, %, over every span of that length starting on any session. Spans overlap, so 'separate spans' is how many non-overlapping ones the history holds: the longer the span, the fewer truly independent readings behind each figure.
| Held for | Worst | 1 in 10 worse than | Middle | 1 in 10 better than | Best | Spans that lost | Separate spans |
|---|---|---|---|---|---|---|---|
| 1 year | −8.4% | −3.4% | +16.2% | +25.8% | +49.7% | 17% | 7.3 |
| 3 years | +5.1% | +7.5% | +11.2% | +16.7% | +21.5% | 0% | 2.4 |
| 5 years | +9.1% | +10.2% | +12.8% | +14.9% | +16.4% | 0% | 1.5 |
| 7 years | +11.6% | +11.8% | +12.4% | +12.6% | +12.8% | 0% | 1.0 |
Rolling returns, a year
Weekly: the return a year over the 3 and 5 years to each date, total return, %.
How to read it. Each point is what someone who bought 3 or 5 years earlier had earned a year by then. The lows mark the worst times to have bought.
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₹10,000 on the first session of every month into the index itself, from January of each year to 14 Oct 2026. Before any fund cost or tax; an index fund would have returned a little less. Of SIPs that ran five years or more, the weakest started in 2021 (+13.0% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,49,847 | 1.14× | +14.7% | |
| 2024 | 34 | ₹3,40,000 | ₹4,18,272 | 1.23× | +15.3% | |
| 2023 | 46 | ₹4,60,000 | ₹6,10,623 | 1.33× | +15.3% | |
| 2022 | 58 | ₹5,80,000 | ₹7,97,632 | 1.38× | +13.4% | |
| 2021 | 70 | ₹7,00,000 | ₹10,20,389 | 1.46× | +13.0% | |
| 2020 | 82 | ₹8,20,000 | ₹12,95,238 | 1.58× | +13.3% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 7.6%, against a usual 9.1% for this index. 64% of months ended higher, and 10 days moved 3% or more either way.
Nifty REITs & InvITs: volatility over the past year
Weekly: standard deviation of daily total returns over the past 252 sessions, annualised, %.
How to read it. Spikes come with sell-offs; calm stretches come with rising markets. High readings rarely last.
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| Worst days | Return |
|---|---|
| 23 Mar 2020 | −10.0% |
| 12 Mar 2020 | −4.8% |
| 19 Mar 2020 | −3.9% |
| 13 Mar 2020 | −3.5% |
| 22 Feb 2021 | −3.0% |
| Best days | Return |
|---|---|
| 26 Mar 2020 | +7.6% |
| 15 Apr 2020 | +4.4% |
| 20 Apr 2020 | +4.2% |
| 24 Mar 2023 | +3.8% |
| 7 Dec 2023 | +3.0% |
| Worst months | Return |
|---|---|
| Mar 2020 | −24.2% |
| Feb 2023 | −5.2% |
| Feb 2021 | −4.9% |
| Mar 2026 | −4.3% |
| Apr 2021 | −3.6% |
| Best months | Return |
|---|---|
| Apr 2020 | +12.8% |
| Nov 2020 | +8.9% |
| Jan 2021 | +8.3% |
| Jun 2020 | +7.9% |
| Sept 2025 | +6.9% |
Valuation
NSE's own price-to-earnings, price-to-book and dividend yield, at each month-end since Aug 2026. Today's P/E of 57.7 is in the middle of its range since NSE moved to consolidated earnings in March 2021. Price to book, 2.33, is in the middle of its range over the full history.
Price to earnings
Month-ends, as NSE publishes them.
How to read it. Higher is dearer. Before March 2021 NSE used standalone earnings, so readings on either side of the line are not strictly comparable.
Price to earnings. Line chart, Aug 2026 to Oct 2026. Price to earnings: latest 57.7×, range 51.2× to 58.4×.
Price to book
Month-ends, as NSE publishes them.
How to read it. Higher is dearer. Book value has no accounting break, so the whole history compares.
Price to book. Line chart, Aug 2026 to Oct 2026. Price to book: latest 2.33×, range 2.17× to 2.35×.
Today is 14 Oct 2026; the history is month-ends. A percentile is the share of month-ends at or below today's reading: 90 means dearer than nine months in ten (for dividend yield, the reverse).
| Today | Percentile, full history | Last 10 years | Since March 2021 | Median | Low | High | |
|---|---|---|---|---|---|---|---|
| Price to earnings | 57.73 | 67 | – | – | 57.73 | 51.19 | 58.39 |
| Price to book | 2.33 | 67 | – | – | 2.33 | 2.17 | 2.35 |
| Dividend yield, % | 6.58 | 100 | – | – | 4.52 | 4.38 | 6.58 |
What it holds
15 stocks as NSE lists them today. The ten largest make up 91.1% of the index. It is weighted by free float market capitalization and rebalanced quarterly.
Sector weights
NSE's factsheet, 30 Sept 2026. % of the index.
How to read it. Sectors as NSE classifies them. A sector index of one industry has no split to show.
Sector weights. Bar chart of 4 items. Weight, %: highest Realty at 68.4%, lowest Construction at 2.3%.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | EMBASSY OFFICE PARKS REIT | 21.51% |
| 2 | Knowledge Realty Trust | 13.24% |
| 3 | Brookfield India Real Estate Trust | 12.74% |
| 4 | Nexus Select Trust | 11.16% |
| 5 | IndiGrid Infrastructure Trust | 9.12% |
| 6 | MINDSPACE BUSINESS PARKS REIT | 6.14% |
| 7 | Cube Highways Trust | 5.31% |
| 8 | POWERGRID Infrastructure Investment Trust | 4.49% |
| 9 | IRB INVIT FUND | 3.83% |
| 10 | Bagmane Prime Office REIT | 3.59% |
NSE's constituent list for Nifty REITs & InvITs, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| Anantam Highways Trust | Construction | ANANTAM | |
| Bagmane Prime Office REIT | Realty | BAGMANE | |
| Brookfield India Real Estate Trust | Realty | BIRET | |
| Capital Infra Trust | Construction | CAPINVIT | |
| Citius TransNet Investment Trust | Services | CITIUSINVT | |
| Cube Highways Trust | Services | CUBEINVIT | |
| EMBASSY OFFICE PARKS REIT | Realty | EMBASSY | |
| IRB INVIT FUND | Services | IRBINVIT | |
| IndiGrid Infrastructure Trust | Power | INDIGRID | |
| Indus Infra Trust | Services | INDUSINVIT | |
| Knowledge Realty Trust | Realty | KRT | |
| MINDSPACE BUSINESS PARKS REIT | Realty | MINDSPACE | |
| Nexus Select Trust | Realty | NXST | |
| POWERGRID Infrastructure Investment Trust | Power | PGINVIT | |
| Raajmarg Infra Investment Trust | Services | RIIT |
Against the Nifty 500
How Nifty REITs & InvITs has done against the broad market it is part of. Over 7 years it trailed the Nifty 500 by 2.1 percentage points a year, and was ahead in 2 of 6 calendar years.
Relative strength
Weekly: Nifty REITs & InvITs's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty REITs & InvITs is outrunning the Nifty 500. Falling: it is lagging. The level means nothing; the direction is the reading.
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Three-year lead or lag
Weekly: Nifty REITs & InvITs's return a year over the past three years minus the Nifty 500's, percentage points.
How to read it. Above zero, someone who bought three years earlier was ahead of the broad index; below, behind.
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Monthly total returns. Up capture: how much of the Nifty 500's gain in its rising months this index caught (100 is all of it); down capture: the same for falling months. Beta above 1 means bigger swings than the Nifty 500.
| Ahead by, a year | Up capture | Down capture | Beta | Correlation | Tracking error | |
|---|---|---|---|---|---|---|
| Full history, from Aug 2019 | −2.1 pts | 44 | 12 | 0.45 | 0.59 | 15.2% |
| Last 5 years, from Oct 2021 | +3.7 pts | 43 | −9 | 0.15 | 0.28 | 14.7% |
Models and ETFs
No Tipsheet model uses Nifty REITs & InvITs. No ETF listed on NSE tracks it. Its trend and momentum have a page of their own.
Data and sources
Nifty REITs & InvITs is computed and published by NSE Indices. History here starts 1 Jul 2019; NSE launched the index on 11 Apr 2023, from a base date of July 01, 2019. All returns are on NSE's total-return index unless marked as price return.
Historical index data. NSE publishes daily index values, total-return values and P/E, P/B and dividend yield for every index on niftyindices.com: historical data. Pick Nifty REITs & InvITs there to download its full series.
- Nifty REITs & InvITs on niftyindices.com: description and methodology
- NSE's monthly factsheet (PDF)
- Current constituents (CSV)
- The weekly series on this page (JSON): growth of 100, drawdown, volatility and rolling returns
Index values themselves are NSE's and are not republished here; the charts show growth of 100 and other figures computed from them.
The workings
The question
Data
Every chart has a table view, a CSV download and a link to its published JSON. Bundles are listed in data status.