India's InvIT market to surge 3.5x to USD 258 billion by 2030: Knight Frank study
Infrastructure Investment Trusts
(InvITs) are set for an unprecedented growth phase, with their total assets under management (AUM) projected to rise 3.5 times from USD 73.3 billion in FY25 to nearly USD 258 billion by 2030, according to Knight Frank India's latest study.
The report highlights India's emergence as a global infrastructure investment hub, ranking fourth in Asia for combined Real Estate Investment Trust (REIT) and InvIT market capitalisation, at USD 33.2 billion as of July 2025.
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With five listed REITs and 17 InvITs, India has rapidly scaled since its market inception in 2014, backed by robust infrastructure spending and policy support.
InvITs Outpacing REITs in India
The total AUM of REITs and InvITs combined has more than doubled to USD 93.9 billion in FY25 from USD 42.1 billion in FY20. InvITs dominate with nearly 3.5x higher AUM than REITs, underscoring their importance in financing large-scale infrastructure projects.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said: 'India's InvIT platform is at the threshold of a transformative growth phase. From an AUM base of USD 73 billion today, we are set to scale to USD 250–265 billion by 2030. InvITs will not only bridge critical infrastructure financing gaps but also open new pathways for domestic and global capital to participate in India's growth story.'
Driving Forces Behind Growth
Infrastructure Push: Central government spending on core infrastructure rose 6.2x in a decade to USD 75 billion in FY25, with investments now accounting for 2% of GDP.
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Private Capital Participation: InvITs enable capital recycling by channeling institutional and retail funds into brownfield operational assets.
Policy Initiatives: The
National Monetisation Pipeline
(NMP) has mobilised INR 6 trillion till FY25, with NMP 2.0 targeting INR 10 trillion by 2030, creating fresh opportunities for InvIT-backed projects.
Untapped Sectoral Potential
The report identifies roads, renewable energy, telecom, logistics, and gas pipelines as high-potential segments. For example:
Only 21% of operating NHAI toll assets are under InvITs.
Solar InvITs currently manage just 2% of installed solar capacity, against a government target of 230 GW by 2030.
Telecom towers have reached one-third penetration, with room for significant expansion.
Emerging areas such as data centres, urban transport, water infrastructure, airports, and ports also offer strong opportunities for InvIT integration.
Strategic Priorities for the Next Phase
To unlock the next wave of growth, Knight Frank suggests:
Expanding retail investor participation through awareness campaigns and simplified access.
Broadening exposure for pension and insurance funds, currently limited to 3–5%.
Offering currency hedging tools to attract higher foreign capital inflows.
Diversifying InvITs into new infrastructure categories to deepen the investment base.
Rajeev Vijay, Executive Director – Government & Infrastructure Advisory, Knight Frank India, noted: 'The next chapter for India's InvIT market will be about depth and diversity. With policy stability, regulatory clarity, and risk management tools, India can position itself among the world's leading infrastructure investment destinations.'
Global Positioning
Globally, REITs and InvITs represent a USD 3 trillion market, led by the US, Germany, and Japan. India, though smaller in scale, is one of the fastest-growing markets, well-positioned to move into the top three in Asia within the next decade.
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