In-hand of 5.7–5.9% is close to gross — if the tax is that friendly, why the warnings?

Because the small tax drag is not low rates — it is that so little of the cash counts as current income: interest is a small slice (withheld at 5%), dividends became exempt in 2026, and the roughly 40% that is debt repayment is untaxed at distribution while it erodes your cost base. In other words, of the 5.9% cash, about 3.3 points are income and the rest is principal returned early (with a gains-tax tail at exit). Budget cash flow on 5.9% if you like; book income at 3.3% — this site prints both numbers so the two ledgers never mix.

Which name has the cleanest split?

Nexus Select (retail): only 13% return of capital, the basket's highest income-only yield at about 5.1%, 13 consecutive quarters of paying out 100% of NDCF, and occupancy of 96.9%. Its costs sit elsewhere: a retail sector geared to the consumption cycle, and being a single name (single-sector concentration). Embassy is the other pole — a 5.99% headline with about 1.8% income: not a bad asset, but a distribution structure in which debt amortisation is 70% of the cheque, and it must be read through the split.

Can foreigners actually buy now?

The direction of travel is newly open: a June 2026 FEMA amendment (per compilations) lets individuals resident outside India buy listed securities, REIT units included, directly through an Indian broker and demat account, capped at under 10% per company and 24% in aggregate for such individuals. But this site's rule is that without the gazette text and an evidenced onboarding, it writes no further than 'per compilations, to be verified' — before that, the channels that certainly exist are NRI PIS accounts and institutional FPI registration, neither a handy path for a Singapore retail holder. Anyone preparing to act should first ask their broker for the written basis on which it onboards under the new rules — before remitting money, not after.

Opportunity rank #96 (cash-flow board) · India

India's listed office & retail REIT basket: about 5.9% equal-weight gross — but roughly 44% of the cash is return of capital, so read the split first

Our take: Do, with conditions

5.18–6.67% India listed office/retail REIT basket distribution yields and splits (filing basis) · Verified range · Data as of: 2026-11-06

Composite-board score: 5.6 · Where it is strong: Net cash flow, Evidence strength · methodology

Data updated: 2026-11-08

India has exactly four listed REITs (three office, one retail), and this site baskets them equal-weight (the last four quarters of distributions over 6 Nov 2026 prices, all NSE/BSE filing basis): Brookfield India at INR 21.40 = 6.67%, Embassy at INR 25.28 = 5.99%, Nexus Select at INR 9.46 = 5.95% and Mindspace at INR 25.81 = 5.18% — an equal-weight gross of about 5.9–6.0%. The institutional floor is real: SEBI mandates distribution of at least 90% of net distributable cash flow. But this entry's main line, as on this site's IndiGrid page, is: read the split first. The filings' own splits, printed side by side: Embassy's last four quarters are 69% SPV-debt repayment (return of capital) — in Q2 FY27 alone, INR 6.07 of its INR 7.07 distribution was debt repayment (86%), with interest of INR 0.14 and dividends of INR 0.86 — the basket's extreme case of 'the yield is mostly your own amortisation handed back'; Mindspace is 46% debt repayment and 54% dividend; Brookfield's recent quarters run 39–48% debt repayment; Nexus is the cleanest (13% debt repayment, 36% interest, 50% dividend). At basket level about 44% of the cash is return of capital — strip it out and the income-only yield is only about 3.3% (Embassy about 1.8%, Nexus about 5.1%). The tax tail of the capital return differs from Australia's: nothing is withheld at distribution, but once cumulative repayments exceed the unit's original issue price the excess is taxed as a 'specified sum', and the cost base erodes yearly meanwhile — yield converted into a 12.5% long-term gain at exit. Withholding by component: interest at 5% for non-residents (domestic law, below the 15% treaty cap); dividends exempt in the holder's hands and free of withholding since 1 April 2026 (the 2026 tax amendment act) — hence in-hand of about 5.7–5.9% in INR, with the small drag explained precisely by how little of the cash is currently-taxed income. Asset side: discounts to NAV of 7–19% and occupancy of 93–97%. Access carries an unverified flag: per secondary compilations, a FEMA amendment of 12 June 2026 opened direct purchase to individuals resident outside India via an Indian broker/demat account (under 10% per company, a 24% aggregate cap for such individuals) — this site did not verify the gazette text and found no evidenced Singapore-broker onboarding under the route; before it, a foreign individual had only institutional-grade channels such as FPI registration. The compliance file is the heaviest in the entire Top 100 (PAN, a tax-residency certificate and Form 10F/41; without a PAN, withholding jumps to at least 20%). Plus the INR warning: rupee depreciation against the SGD has historically eaten 2–3 points a year of exactly this kind of yield. Verdict: do, on conditions — the conditions being to read the split table, the compliance file and the access caveat exactly as printed.

In short: four lines first

What it costs to get in

Listed units at INR 159–498 each (the barrier is account opening, not capital)

Roughly what it earns

5.18–6.67%（India listed office/retail REIT basket distribution yields and splits (filing basis)）

How much work for you

Heavy burden (PAN, residency certificate and annual filings — the heaviest tax file in the Top 100)

The biggest catch

The numbers that matter

India listed office/retail REIT basket distribution yields and splits (filing basis)

5.18–6.67%

Verified range As of: 2026-11-06 Source: Mindspace REIT Q2 FY27 press release and investor presentation (Nov 2026): DPU of INR 6.67 with its interest/dividend/SPV-debt-repayment split, NAV of INR 565.10

Why we think it makes money

The splits' completeness is among this site's best: all four names' distribution breakdowns (interest/dividend/debt repayment) come from their own filings — India is one of the few markets that writes the yield's anatomy into statutory disclosure, and this site's split table is its native data.

Nexus and Embassy are two poles of one sector: 13% return of capital versus 69% — placed in one table, the phrase 'the Indian REIT yield' dissolves on its own, leaving per-name component accounting. That dissolution is this entry's reason to exist.

The asset side is genuinely fine (NAV discounts of 7–19%, occupancy of 93–97%, GCC-driven office demand); what is not fine is the small foreign holder's plumbing and the rupee — this entry prices the two separately.

How to actually get in

Listed route (with a verification flag): buy the four names (NSE: EMBASSY/MINDSPACE/BIRET/NXST) through an Indian broker and demat account; one unit costs INR 159–498, so the barrier is the account, not capital. The 12 Jun 2026 FEMA individual-access route follows the official gazette on verification (see the unverified list); the GIFT City depository-receipt framework (SEBI circulars, Nov 2026) has no issuer yet and is not a current route.

What it costs, what it earns

Entry amount: Listed units at INR 159–498 each (the barrier is account opening, not capital)
How much work for you: Heavy burden (PAN, residency certificate and annual filings — the heaviest tax file in the Top 100)

Costs & taxes, item by item:

INR exposure: every reading is in rupees — a Singapore-based holder's actual in-hand return passes through the exchange rate first (a historical drag in the order of 2–3 points a year; this site offers no hedge-cost figure).
The compliance file's yearly cost: PAN/residency-certificate/Form 41 processing and a possible Indian tax return — this entry's real 'management fee', recurring annually.

Basis: this site uses full-cost net returns only — income minus vacancy, management, maintenance, taxes and insurance, then financing interest, with entry costs in the denominator. See the methodology。

Identity & tax

Status (residency / citizenship)

无（印度无购房/投资居留通道与本条目相关）

This asset does not count toward the channel No status channel

Threshold: —

买印度上市 REIT 单位不产生任何居留或身份价值；印度的投资类签证与地产单位持有无关。本条目纯按现金流与合规负担评估。

Source: SEBI REIT 框架

Tax (investor level)

预扣按分派成分分别适用：利息对非居民 5%（国内法，低于印新条约 15% 上限）；股息自 2026-04-01 起在单位持有人端免税（《2026 年税务与其他法律（修正）法案》）且免预扣；SPV 债务偿还（资本返还）分派时不预扣。

资本返还的后账：Finance Act 2023 起其为「特定金额」——累计偿还超过该单位原始发行价的部分课税（新税法 s.92(2)(k) 口径），在此之前不税但逐年削减取得成本，等于把收益率换成退出时更大的资本利得（上市单位长期利得税 12.5%）；二级市场买家的适用以发行价而非买入价为准，此点未有定论。
合规是全 Top 100 最重的一档：享受 5%/免税待遇须 PAN + 新加坡税收居民证明 + Form 10F/41 申报；无 PAN 预扣跳至 ≥20%；印度报税表可能仍须提交以结清特定金额/利得头寸。

Double-tax treaties: 利息以国内 5% 为操作口径（低于条约上限）；股息免税为印度国内法（2026 年修正案）。

Source: 印度所得税法（含 2025 年新税法条文）；Legal500 印度税务汇编

This section is general information only — not immigration or tax advice. Program rules change frequently; before acting, rely on the official texts and a licensed adviser.

Risks: what could go wrong

The return-of-capital main line: about 44% of basket cash is SPV-debt amortisation — it erodes the cost base and converts income into exit gains; anyone budgeting on the headline yield overstates income and understates exit tax at once. If these happen, our take changes: Checked quarterly against the four names' distribution splits (the split table is this page's maintenance protocol).

The access regime's age: the individual direct route (per compilations) is months old and this site has not verified the gazette text — blocked onboarding or contested eligibility would have no precedent to cite; walk a small amount through the full process before sizing. If these happen, our take changes: Once the RBI/SEBI official text or a Singapore broker's actual onboarding under the route is evidenced, this page's access section is finalised.

Office-cycle concentration: the three office REITs' demand engine is Bengaluru/Hyderabad GCC leasing, with Embassy's single-market weight the largest; DPU growth is partly acquisition- and issuance-funded (Mindspace's Chennai buys, Brookfield's large acquisition) — growth quality is read deal by deal. If these happen, our take changes: Checked quarterly against the four names' occupancy and same-store rent prints.

What we have not verified yet

The following key figures have not yet been verified; the reason is noted for each item.

The 12 Jun 2026 FEMA (Non-Debt Instruments) Third Amendment's opening of direct access to individuals resident outside India rests on a secondary guide summarising the amendment — this site did not verify the official gazette/RBI circular text, and the access section is cited with that nature, not as settled law.
The office three's SEZ/non-SEZ rent shares have no filing-grade disclosure (the denotification reform direction is confirmed): this page prints occupancy only, no SEZ percentage. Brookfield's split is printed from its two most recent disclosed quarters; no full-year split is stitched together.

FAQ

In-hand of 5.7–5.9% is close to gross — if the tax is that friendly, why the warnings?: Because the small tax drag is not low rates — it is that so little of the cash counts as current income: interest is a small slice (withheld at 5%), dividends became exempt in 2026, and the roughly 40% that is debt repayment is untaxed at distribution while it erodes your cost base. In other words, of the 5.9% cash, about 3.3 points are income and the rest is principal returned early (with a gains-tax tail at exit). Budget cash flow on 5.9% if you like; book income at 3.3% — this site prints both numbers so the two ledgers never mix.
Which name has the cleanest split?: Nexus Select (retail): only 13% return of capital, the basket's highest income-only yield at about 5.1%, 13 consecutive quarters of paying out 100% of NDCF, and occupancy of 96.9%. Its costs sit elsewhere: a retail sector geared to the consumption cycle, and being a single name (single-sector concentration). Embassy is the other pole — a 5.99% headline with about 1.8% income: not a bad asset, but a distribution structure in which debt amortisation is 70% of the cheque, and it must be read through the split.
Can foreigners actually buy now?: The direction of travel is newly open: a June 2026 FEMA amendment (per compilations) lets individuals resident outside India buy listed securities, REIT units included, directly through an Indian broker and demat account, capped at under 10% per company and 24% in aggregate for such individuals. But this site's rule is that without the gazette text and an evidenced onboarding, it writes no further than 'per compilations, to be verified' — before that, the channels that certainly exist are NRI PIS accounts and institutional FPI registration, neither a handy path for a Singapore retail holder. Anyone preparing to act should first ask their broker for the written basis on which it onboards under the new rules — before remitting money, not after.

Related opportunities

Get the free one-page brief

Get the one-page brief / subscribe for updates

Leave a contact and this page will immediately show a time-limited download link for the brief (valid 24 hours). This site only sends information — it will never pitch you a specific project or pass your contact to any project party.

Data dates are marked per metric; page updated 2026-11-08. This site publishes information and is not investment advice; the corrections channel is in the Disclaimer。