Episode
Don't Touch Property Until You Watch This: REITs, Hidden Costs & 14% Returns | Paisa Vaisa | Anupam Gupta
- Published
- Mar 16, 2026
- Duration seconds
- 3273
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Summary
In this episode of Paisa Vaisa, host Anupam Gupta sits down with Preeti Chheda CFO of Mindspace Business Park, Executive Committee Member of the Indian REITS Association, and a finance professional with 25 years of experience for the most comprehensive conversation on Real Estate Investment Trusts (REITs) in India. Preeti brings an extraordinary academic and professional pedigree CA, CS, CFA, CPA and has spent the last 19 years with the K. Raheja Corp group heading finance for Mindspace, one of India's largest commercial real estate platforms. She is uniquely positioned to explain exactly how REITs work, why SEBI built one of the world's most robust regulatory frameworks around them, and why ₹2.5 lakh crore in assets are now held within REITs and InvITs combined all within just eight years of the first REIT launch in India. The episode begins with the formation of the Indian REITs Association (IRA), launched in September 2023 at SEBI's nudging, with three clear goals: creating product awareness, driving policy changes to grow the instrument, and improving governance standards. Preeti then explains the fundamental structure of REITs pooled investment vehicles, structured as trusts (mirroring Singapore's regulation), that hold bundles of commercial real estate assets and provide investors with a combination of recurring income (yield) and capital growth. She breaks down the three income streams unit holders receive: tax-free dividends, taxable interest, and return of capital (which reduces cost of acquisition and is taxed only on exit as capital gains). REITs are mandated to distribute at least 90% of their net distributable cash flows (NDCF), and every unit holder receives a Form 64B detailing their income breakdown. The performance discussion is eye-opening. Indicative…