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Unveiling the Indian REIT narrative-qualitative insights into retail investors’ perspectives

G.R. Swathi (Department of Commerce, Christ (Deemed to be University), Bengaluru, India)
V.R. Uma (Department of Commerce, Christ (Deemed to be University), Bengaluru, India)

Journal of Property Investment & Finance

ISSN: 1463-578X

Article publication date: 14 May 2024




The present study delves into the causes of relatively lower retail participation in the Indian REIT market. Specifically, it investigates investors' attitudes and perceptions towards REITs as a unique asset class. This paper provides a comprehensive understanding of the perception and factors influencing Indian retail investors' reluctance to participate in the REIT market.


Qualitative research was conducted through semi-structured interviews to gather insights from non-investors in REITs. The data were transcribed and analyzed using content analysis techniques. Finally, coding techniques were used to identify broad study themes.


According to the study results, many retail investors are unfamiliar with REITs. Even among those knowledgeable about REITs and with a favorable view, it is not commonly seen as a feasible investment option due to its early stage, unattractive returns and limited number of REITs.

Practical implications

Developed countries have established REIT markets, while it is still in its infancy in developing countries such as India. Financial advisors, fund houses and the media should focus on educating investors to increase awareness.


The study is the first qualitative investigation into the perception of retail investors to understand the reasons for lower retail engagement in the Indian REIT market.



Swathi, G.R. and Uma, V.R. (2024), "Unveiling the Indian REIT narrative-qualitative insights into retail investors’ perspectives", Journal of Property Investment & Finance, Vol. ahead-of-print No. ahead-of-print.



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