Introduction
Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) are SEBI-regulated vehicles that allow investors to participate in income-generating real estate and infrastructure assets. REITs typically own and operate commercial real estate (e.g. office buildings, malls); InvITs hold infrastructure assets such as roads, power transmission, and telecom towers.
The Securities and Exchange Board of India (SEBI) publishes data on funds mobilised by REITs and InvITs—how much capital was raised and how many trusts raised it—by fiscal year and by mode (listed vs unlisted). This article uses official SEBI data (sourced via Dataful) to answer:
- How much have REITs and InvITs collectively mobilised each year?
- How do REITs compare with InvITs in amount raised and number of funds?
- What is the split between listed and unlisted fundraising?
- What are the main trends from 2019-20 to 2025-26?
Data scope: Fiscal years 2019-20 to 2025-26; amounts in ₹ crore; fund counts in absolute number. All figures below come from this dataset.
Methodology and Data Source
We use the public dataset "Year and Mode of Fund wise total number and amount of Funds raising by Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs)."
Key details
| Detail | Information |
|---|---|
| Organisation | Securities and Exchange Board of India (SEBI) |
| Source | SEBI – Funds raised REITs/InvITs |
| Granularity | Fiscal year, fund-raising mode (REIT/InvIT, listed/unlisted) |
| Time period | 2019-20 to 2025-26 |
| Units | Funds in absolute number; amount in ₹ crore |
| Citation | Securities and Exchange Board of India. Year and Mode of Fund wise total number and amount of Funds raising by Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) [Data set]. Dataful. https://dataful.in/datasets/20744 |
How we use it: Each row in the source is a fiscal year–mode combination with a fund count and amount (₹ crore). We aggregate by year and map modes to total (REITs + InvITs), REIT-only, InvIT-only, and listed vs unlisted for the tables and charts in this post.
Total Funds Mobilised Over Time
Total funds mobilised by REITs and InvITs combined have varied by year. 2020-21 saw the highest total in the series (₹52,416 crore), followed by 2023-24 (₹39,023.6 crore) and 2024-25 (₹31,442.43 crore). 2022-23 was the lowest (₹6,360 crore), with no REIT fundraising that year.
Total funds mobilised (REITs & InvITs) by fiscal year
| Fiscal year | Amount (₹ crore) | Number of funds |
|---|---|---|
| 2019-20 | 10,772 | 4 |
| 2020-21 | 52,416 | 6 |
| 2021-22 | 21,561.99 | 10 |
| 2022-23 | 6,360 | 7 |
| 2023-24 | 39,023.6 | 17 |
| 2024-25 | 31,442.43 | 13 |
| 2025-26 | 18,643 | 10 |
In 2019-20 the combined total was ₹10,772 crore from 4 trusts. In 2020-21 it jumped to ₹52,416 crore from 6 trusts—driven largely by large InvIT issuances. The drop in 2022-23 to ₹6,360 crore reflects zero REIT fundraising and a smaller InvIT pipeline; 2023-24 and 2024-25 show a strong rebound before a lower figure in 2025-26 (data as of December 2025).
Total funds mobilised (REITs & InvITs) by fiscal year
REITs vs InvITs: Amount and Number of Funds
InvITs have mobilised more capital than REITs in every year of the series. In several years (e.g. 2019-20, 2022-23) no REIT fundraising was reported; in others, REIT amounts are a fraction of InvIT amounts. The number of InvITs raising funds is also higher than the number of REITs in most years.
Amount mobilised (₹ crore) by REITs and InvITs
| Fiscal year | REITs (₹ crore) | InvITs (₹ crore) | Combined (₹ crore) |
|---|---|---|---|
| 2019-20 | 0 | 10,772 | 10,772 |
| 2020-21 | 11,985 | 40,431 | 52,416 |
| 2021-22 | 949.99 | 20,612 | 21,561.99 |
| 2022-23 | 0 | 6,360 | 6,360 |
| 2023-24 | 5,905 | 33,118.6 | 39,023.6 |
| 2024-25 | 4,727.9 | 26,714.53 | 31,442.43 |
| 2025-26 | 9,300 | 9,343 | 18,643 |
Number of funds raising (REITs vs InvITs)
| Fiscal year | REITs (number) | InvITs (number) | Combined |
|---|---|---|---|
| 2019-20 | 0 | 4 | 4 |
| 2020-21 | 3 | 3 | 6 |
| 2021-22 | 2 | 8 | 10 |
| 2022-23 | 0 | 7 | 7 |
| 2023-24 | 3 | 14 | 17 |
| 2024-25 | 2 | 11 | 13 |
| 2025-26 | 3 | 7 | 10 |
Takeaway: InvITs dominate both by amount and by number of trusts in the data. REIT activity is concentrated in 2020-21, 2021-22, 2023-24, 2024-25, and 2025-26; in 2019-20 and 2022-23 no REIT fundraising was reported.
REIT vs InvIT funds mobilised (₹ crore) by year
Number of REIT and InvIT funds by year
Listed vs Unlisted
Funds can be listed (traded on stock exchanges) or unlisted. In this dataset, all REIT fundraising is from listed REITs. InvITs include both listed and unlisted trusts; in some years unlisted InvITs contributed a significant share of the amount raised.
Listed vs unlisted amount (₹ crore) by fiscal year
| Fiscal year | Listed (₹ crore) | Unlisted (₹ crore) | Total (₹ crore) |
|---|---|---|---|
| 2019-20 | 7,019.46 | 3,752.54 | 10,772 |
| 2020-21 | 37,200 | 15,216 | 52,416 |
| 2021-22 | 16,391.69 | 5,170.3 | 21,561.99 |
| 2022-23 | 2,595.8 | 3,764.2 | 6,360 |
| 2023-24 | 39,023.6 | 0 | 39,023.6 |
| 2024-25 | 31,442.43 | 0 | 31,442.43 |
| 2025-26 | 18,643 | 0 | 18,643 |
In 2019-20, 2020-21, 2021-22, and 2022-23, unlisted InvITs contributed a substantial portion of the total (e.g. ₹15,216 crore in 2020-21). From 2023-24 onward, the reported amounts are entirely from listed trusts (unlisted count is 0 or data not reported), so the listed/unlisted split in the chart shows unlisted as zero for those years.
Listed vs unlisted funds mobilised (₹ crore) by year
Key Trends and Takeaways
- InvITs dominate: In every fiscal year, InvITs mobilised more capital than REITs, and in most years a larger number of InvITs raised funds. The infrastructure segment has seen greater adoption and deal flow.
- Peak year 2020-21: Total funds mobilised reached ₹52,416 crore, the highest in the series, with large listed and unlisted InvIT issuances and ₹11,985 crore from REITs.
- Volatility by year: 2022-23 dropped to ₹6,360 crore (no REIT fundraising); 2023-24 and 2024-25 rebounded strongly. 2025-26 (data as of December 2025) is lower than the previous two years.
- Listed dominance in recent years: From 2023-24 onward, all reported fundraising is from listed trusts; unlisted InvIT fundraising was significant in earlier years.
- REIT activity is episodic: REIT fundraising occurs in selected years (2020-21, 2021-22, 2023-24, 2024-25, 2025-26) and is absent in 2019-20 and 2022-23, reflecting a smaller and more concentrated market.
Frequently Asked Questions
What are REITs and InvITs?
REITs (Real Estate Investment Trusts) and InvITs (Infrastructure Investment Trusts) are SEBI-regulated trust structures that own income-generating real estate or infrastructure assets. They allow investors to gain exposure to such assets and receive distributions. REITs typically hold commercial real estate; InvITs hold infrastructure such as roads, power transmission, and telecom assets.
What is the source of this data?
The data is published by the Securities and Exchange Board of India (SEBI) and is available from SEBI’s REITs/InvITs statistics page. The dataset used in this article is sourced via Dataful.
Which year had the highest funds raised?
2020-21 had the highest total funds mobilised in the series: ₹52,416 crore from REITs and InvITs combined.
Why have InvITs raised more than REITs?
InvITs have been used more widely for infrastructure assets (roads, power, telecom, etc.) and have seen more listings and follow-on issuances. The REIT market in India is smaller and has fewer listed entities, so aggregate REIT fundraising is lower.
What does “listed” vs “unlisted” mean?
Listed REITs/InvITs are listed on stock exchanges and are tradable. Unlisted trusts are not listed; they raise funds through private placements or other channels. In this dataset, all REIT fundraising is from listed REITs; InvITs include both listed and unlisted, with unlisted contributing significantly in some earlier years.
What are the units of the data?
Amounts are in ₹ crore (one crore = 10 million). Fund counts are in absolute number of trusts that raised funds in that fiscal year.
Is the 2025-26 data final?
The data for 2025-26 is as of December 2025. The fiscal year runs until March 2026, so figures may be updated in later releases.
Can I use this data for research or reporting?
Yes. The data is in the public domain. When using it, cite SEBI as the original source and Dataful as the dataset provider, as in the Methodology section above.