SEBI ka Game Changer Rule
Sabse pehle toh SEBI ne ek bohot bada step liya hai. January 2026 se REITs ko 'equity-related instruments' maan liya gaya hai, pehle ye hybrid categories mein aate the. Isse ye log equity indices mein easily include ho sakte hain, jo pehle allowed nahi tha ya restrictions thi.
Isi wajah se NSE ne 'Nifty REITs & Realty Index' launch kiya hai, jisme 15 stocks hain. Isme listed REITs ka weight lagbhag 64% hai, aur baaki mein DLF aur Phoenix Mills jaise bade real estate players hain. Is index ne February 2026 tak 12.4% ka annual return bhi dikhaya hai, aur dividend yield 3.3% ke aas-paas hai.
Naye Funds Aayenge, Par Paisa Kahaan?
Experts ko lagta hai ki is regulatory change ke baad late 2026 tak REITs pe focus karne wale passive mutual funds aa sakte hain. Lekin asal point yeh hai ki India mein abhi zyada REITs listed nahi hain aur unki trading volume bhi equity market ke compare mein kam hai. Isse direct passive funds launch karna thoda risky ho gaya hai.
Active Managers ke Liye Mauka?
Jahaan passive funds ko dikkat ho sakti hai, wahi active fund managers ke liye yeh ek achha mauka hai. Woh apni thematic ya dividend yield strategies mein REITs ko selectively add kar sakte hain. Real estate sector overall strong dikh raha hai; property prices 6-7% annually badhne ki ummeed hai aur office leasing bhi badhiya rehne wali hai. DLF aur Phoenix Mills jaise stocks ka P/E ratio bhi kaafi high hai, 30-47x aur 49-51x ke beech, jo future growth expectations dikhata hai. Embassy Office Parks REIT jaise REITs ka P/E ratio 25.1x se 100x tak vary kar raha hai, aur Mindspace Business Parks REIT 31.57x se 64.3x mein trade ho raha hai.