REITs: an Indian real estate euphoria

Abstract

It was the afternoon of 20th July 2020. As the world was fighting COVID-19 pandemic, Pranay Jaipuria was sitting in his home office in a small town of Yavatmal in central India. He was evaluating his next move as an investor. When it comes to the equity market, the Jaipuria family was already an established player. His father Mr Pradeep Jaipuria had been a seasoned broker registered with the BSE for more than two decades. Coming from a small town, Pranay always desired to own real estate in urban India, while staying connected to his roots by living and working in Yavatmal. Naturally, the news of the proposed IPO of Mindspace REITs (Real Estate Investment Trust) that was scheduled for 27th July intrigued him. India already had one REITs launched by the Embassy group in March 2019. However, back then, Pranay was merely a student, learning the basics of economics and finance at IIM Udaipur. However, this time, he was determined to evaluate the future of REITs in the Indian market and make an informed decision about investing in REITs.