Knowledge Realty Trust has published its half-year valuation report ending September 30, 2026, pegging the total market value of its portfolio at INR 688,631 million. The portfolio covers 29 commercial office developments and four solar plants across six key Indian cities. The valuation, conducted by iVAS Partners, incorporates operational, under-construction, and future development assets, providing investors with an updated assessment of the REIT's underlying real estate and renewable energy holdings.
Knowledge Realty Trust Portfolio Valuation Report: H1 FY27
Total Market Value: INR 688,631 million
Portfolio Scope: 29 office developments and 4 solar plants
Reader Takeaway: Improved visibility into asset quality across key cities, though valuation remains subject to market-linked discounting volatility.
What just happened
Knowledge Realty Trust has officially released its half-year valuation report for the period ending September 30, 2026. The independent valuation, conducted by iVAS Partners, estimates the total market value of the REIT’s holdings at INR 688,631 million. The portfolio is geographically diversified across six major urban centers: Hyderabad, Mumbai, Bengaluru, Chennai, Gurugram, and Ahmedabad.
Breakdown of Portfolio Value
The valuation captures the multi-tier nature of the trust's assets:
- Operational Assets: Valued at INR 665,678 million, covering 37.3 msf of leasable area and 38.8 MW of solar capacity.
- Under-Construction Assets: Valued at INR 13,306 million, encompassing 1.2 msf and 24.2 MW of solar capacity.
- Future Development Assets: Valued at INR 9,647 million, with an 8.0 msf leasable area potential.
Methodology and Assumptions
The report adheres to International Valuation Standards (effective January 2025) and SEBI (REIT) Regulations, 2014. The valuers utilized a Discounted Cash Flow (DCF) model to derive these figures. For office assets, the model incorporates Rental Reversion trends, while solar plants were valued based on energy generation projections and existing Power Purchase Agreements (PPA).
Key cost of equity assumptions were set at 14.50% for operational assets, 16.00% for under-construction projects, and 18.50% for future development land banks. Capitalization rates for operational office assets were held within the 7.50% to 8.50% range.
Risks to watch
Investors should be aware that these figures are estimates. The valuation assumes that assets and business operations—including Common Area Maintenance (CAM) services—are sold as a single combined transaction. Like all real estate investments, the reported value remains sensitive to fluctuations in market interest rates and commercial lease demand.
What to track next
Watch for the next quarterly operational update to see if leasing activity aligns with the valuation assumptions regarding rental reversions and occupancy levels at the operational properties.