Markets
Nifty REITs & Realty
Nifty REITs & Realty is an NSE sector index of 15 stocks. Since 2021 it has compounded 16.7% a year with dividends reinvested; over the past year it rose 1.6%. Its deepest fall was 19%, from Sept 2022 to Mar 2023, and it took 12 months from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty REITs & Realty. Data to 14 Oct 2026.
- Trend
- Downtrend since Oct 2026
- Momentum
- 28th of 133 markets, by rank
- Below its high
- 5.8% total return
- P/E
- 52.5 67th percentile
- 1 year
- +1.6% total return
- 5 years
- 12.1% a year
- 10 years
- – a year
- Since 2021
- 16.7% a year
- Volatility
- 14.0% past year; usual 13%
NSE launched Nifty REITs & Realty in Mar 2026. 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 2021, dividends added about 4.4 percentage points a year. Returns over more than a year are a year, compounded.
Nifty REITs & Realty: growth of 100
Weekly, from Jul 2021, 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 | −2.1% | −2.1% | 0.0 pts | |
| 3 months | −4.5% | −5.5% | +1.0 pts | |
| 6 months | +5.9% | +3.9% | +2.0 pts | |
| This year | +1.2% | −1.6% | +2.8 pts | |
| 1 year | +1.6% | −2.0% | +3.6 pts | |
| 3 years, a year | +16.6% | +12.3% | +4.3 pts | |
| 5 years, a year | +12.1% | +7.9% | +4.2 pts | |
| Since Jul 2021, a year | +16.7% | +12.3% | +4.4 pts |
Year by year
4 of the 4 full calendar years since 2022 ended higher. 3 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 & Realty: 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 | +1.2% | −1.6% | +2.8 pts | −15.3% | |
| 2025 | +9.1% | +5.0% | +4.1 pts | −11.1% | |
| 2024 | +25.5% | +20.8% | +4.7 pts | −6.0% | |
| 2023 | +28.9% | +24.1% | +4.8 pts | −11.1% | |
| 2022 | +1.0% | −2.7% | +3.6 pts | −11.8% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 19%, took 6 months to reach bottom and 6 months more to climb back. Today it is 5.8% below its high.
Nifty REITs & Realty: 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 |
|---|---|---|---|---|---|---|
| −19.1% | 12 Sept 2022 | 15 Mar 2023 | 6 months | 6 months | 8 Sept 2023 | 12 months |
| −16.0% | 3 Nov 2025 | 30 Mar 2026 | 5 months | 3 months | 6 Jul 2026 | 8 months |
| −13.4% | 26 Sept 2024 | 7 Apr 2025 | 6 months | 59 days | 5 Jun 2025 | 8 months |
What holding it was like
From every day in its history, what holding Nifty REITs & Realty for a fixed span would have returned a year. Over five years the middle outcome was 17.0% a year; the worst 12.1% and the best 18.4%; 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 | −11.7% | −0.6% | +9.6% | +47.0% | +57.0% | 11% | 5.3 |
| 3 years | +11.2% | +14.6% | +19.1% | +22.5% | +25.9% | 0% | 1.8 |
| 5 years | +12.1% | +13.1% | +17.0% | +18.0% | +18.4% | 0% | 1.1 |
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.
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,32,687 | 1.06× | +6.3% | |
| 2024 | 34 | ₹3,40,000 | ₹3,74,576 | 1.10× | +7.0% | |
| 2023 | 46 | ₹4,60,000 | ₹5,80,270 | 1.26× | +12.4% | |
| 2022 | 58 | ₹5,80,000 | ₹7,88,025 | 1.36× | +12.9% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 14.0%, against a usual 13.4% for this index. 58% of months ended higher, and 8 days moved 3% or more either way.
Nifty REITs & Realty: 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 |
|---|---|
| 4 Jun 2024 | −4.9% |
| 7 Apr 2025 | −3.2% |
| 23 Mar 2026 | −3.1% |
| 13 Jan 2025 | −3.1% |
| 14 Feb 2022 | −2.8% |
| Best days | Return |
|---|---|
| 22 Sept 2021 | +4.2% |
| 8 Apr 2026 | +3.9% |
| 23 Sept 2021 | +3.9% |
| 29 Mar 2023 | +3.4% |
| 3 Jun 2024 | +2.9% |
| Worst months | Return |
|---|---|
| Mar 2026 | −10.3% |
| Feb 2023 | −6.3% |
| Feb 2025 | −5.9% |
| Sept 2022 | −5.4% |
| Jun 2022 | −2.9% |
| Best months | Return |
|---|---|
| Sept 2021 | +15.1% |
| Apr 2026 | +10.1% |
| Nov 2023 | +9.9% |
| Jul 2022 | +6.5% |
| Apr 2023 | +6.2% |
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 52.5 is in the middle of its range since NSE moved to consolidated earnings in March 2021. Price to book, 2.75, 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 52.5×, range 52.0× to 53.6×.
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 2.75×, range 2.61× to 2.81×.
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 | 52.49 | 67 | – | – | 52.49 | 51.96 | 53.60 |
| Price to book | 2.75 | 67 | – | – | 2.75 | 2.61 | 2.81 |
| Dividend yield, % | 3.56 | 100 | – | – | 3.51 | 3.49 | 3.56 |
What it holds
15 stocks as NSE lists them today. The ten largest make up 87.6% of the index. It is weighted by periodic capped free-float and rebalanced quarterly.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | EMBASSY OFFICE PARKS REIT | 15.09% |
| 2 | Knowledge Realty Trust | 12.83% |
| 3 | Brookfield India Real Estate Trust | 12.34% |
| 4 | Nexus Select Trust | 10.81% |
| 5 | DLF Ltd. | 8.26% |
| 6 | Phoenix Mills Ltd. | 6.91% |
| 7 | Lodha Developers Ltd. | 6.44% |
| 8 | MINDSPACE BUSINESS PARKS REIT | 5.95% |
| 9 | Prestige Estates Projects Ltd. | 4.78% |
| 10 | Godrej Properties Ltd. | 4.21% |
NSE's constituent list for Nifty REITs & Realty, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| Aditya Birla Real Estate Ltd. | Realty | ABREL | |
| Anant Raj Ltd. | Realty | ANANTRAJ | |
| Bagmane Prime Office REIT | Realty | BAGMANE | |
| Brigade Enterprises Ltd. | Realty | BRIGADE | |
| Brookfield India Real Estate Trust | Realty | BIRET | |
| DLF Ltd. | Realty | DLF | |
| EMBASSY OFFICE PARKS REIT | Realty | EMBASSY | |
| Godrej Properties Ltd. | Realty | GODREJPROP | |
| Knowledge Realty Trust | Realty | KRT | |
| Lodha Developers Ltd. | Realty | LODHA | |
| MINDSPACE BUSINESS PARKS REIT | Realty | MINDSPACE | |
| Nexus Select Trust | Realty | NXST | |
| Oberoi Realty Ltd. | Realty | OBEROIRLTY | |
| Phoenix Mills Ltd. | Realty | PHOENIXLTD | |
| Prestige Estates Projects Ltd. | Realty | PRESTIGE |
Against the Nifty 500
How Nifty REITs & Realty has done against the broad market it is part of. Over 5 years it beat the Nifty 500 by 5.2 percentage points a year, and was ahead in 3 of 4 calendar years.
Relative strength
Weekly: Nifty REITs & Realty's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty REITs & Realty 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 & Realty'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 2021 | +5.2 pts | 96 | 64 | 0.75 | 0.77 | 9.9% |
| Last 5 years, from Oct 2021 | +4.4 pts | 93 | 64 | 0.75 | 0.84 | 8.1% |
Models and ETFs
No Tipsheet model uses Nifty REITs & Realty. No ETF listed on NSE tracks it. Its trend and momentum have a page of their own.
Data and sources
Nifty REITs & Realty is computed and published by NSE Indices. History here starts 1 Jul 2021; NSE launched the index on 2 Mar 2026, from a base date of July 01, 2021. 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 & Realty there to download its full series.
- Nifty REITs & Realty 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.