India’s real estate sector is witnessing a major shift, with a growing focus on structured and transparent investments like Real Estate Investment Trusts (REITs). At the forefront of this evolution is Knowledge Realty Trust (KRT REIT), which is set to launch its IPO, offering investors a unique opportunity to own a piece of India’s premium commercial office spaces. The IPO, backed by global investment giant Blackstone and the established Sattva Group, positions KRT as India’s largest office REIT and a key player in the country’s economic growth story.
This article provides a detailed look into the Knowledge Realty Trust REIT IPO, highlighting key details for potential investors.
About Knowledge Realty Trust
Knowledge Realty Trust is India’s largest office Real Estate Investment Trust (REIT) by Gross Asset Value (GAV), valued at Rs 619,989 million as of March 31, 2025. It is also the second-largest office REIT in the world based on leasable area.
The Trust owns 30 high-quality office buildings across India, totalling 46.3 million square feet (msf). This includes 37.1 msf of completed space, 1.2 msf under construction, and 8.0 msf planned for future development. The properties are located in six major cities—Hyderabad, Mumbai, Bengaluru, Chennai, Gurugram, and GIFT City in Ahmedabad—and consist of both city-center offices and business parks. These buildings are equipped with excellent facilities, including food courts, private clubs, sports amenities, medical clinics, daycare services, and more.
As of March 31, 2025, the Trust has a committed occupancy rate of 91.4%. Its tenants include multinational companies, Fortune 500 firms, Global Capability Centres (GCCs), and leading Indian businesses.
Knowledge Realty Trust REIT IPO Details
The Knowledge Realty Trust REIT IPO is a book-building issue of ₹4,800 crores, consisting entirely of a fresh issue of units. The price band is set at ₹95 to ₹100 per unit, with a face value of not provided per unit. The shares will be listed on both the BSE and NSE.
Important IPO Timeline:
| Event | Date |
| IPO Open Date | Tue, Aug 5, 2025 |
| IPO Close Date | Thu, Aug 7, 2025 |
| Tentative Allotment | Tue, Aug 12, 2025 |
| Initiation of Refunds | Wed, Aug 13, 2025 |
| Credit of Shares to Demat | Wed, Aug 13, 2025 |
| Tentative Listing Date | Mon, Aug 18, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Aug 7, 2025 |
Key IPO Details:
| Particulars | Details |
| IPO Date | August 5, 2025 to August 7, 2025 |
| Listing Date | – |
| Face Value | – |
| Issue Price Band | ₹95 to ₹100 per share |
| Lot Size | 150 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 48,00,00,000 shares (aggregating up to ₹4,800.00 Cr) |
| Issue Type | Bookbuilding REIT |
| Listing At | BSE, NSE |
Lot Size of Knowledge Realty Trust Ltd. IPO
| Application | Lots | Shares | Amount |
| All Investors | 1 | 150 | ₹15,000 |
Knowledge Realty Trust Financial Performance
Knowledge Realty Trust’s total income has shown robust growth, increasing by 16% to ₹4,146.86 crore in the financial year ending March 31, 2025, from ₹3,588.48 crore in the previous fiscal year. While the company’s profit after tax (PAT) saw a 34% drop to ₹222.52 crore during the same period, this can be attributed to certain non-operational factors. The underlying strength of the business is demonstrated by a significant 19% rise in its Net Operating Income (NOI) to ₹3,432.26 crore in FY25, highlighting its ability to generate strong cash flows from its core real estate portfolio.
Financial Snapshot (₹ in crores)
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets (₹ Crore) | 24,768.08 | 24,903 | 24,544.42 |
| Total Income (₹ Crore) | 4,146.86 | 3,588 | 3,115.97 |
| Profit After Tax (₹ Crore) | 222.52 | 340 | 219.24 |
| EBITDA (₹ Crore) | 3,293.03 | 2,830 | 2,494.02 |
| Total Borrowing (₹ Crore) | 19,792.17 | 19,758 | 20,226.66 |
Industry Outlook
The Indian commercial real estate sector is thriving, fueled by the country’s growing economy, a strong startup ecosystem, and a surge in demand from multinational corporations for high-quality office spaces.
- Robust Demand: India remains a preferred destination for global companies to establish their Global Capability Centres (GCCs), which drives sustained demand for premium office properties.
- Favourable Demographics: The country’s young, skilled workforce and competitive cost advantage make it an attractive market for both domestic and international businesses.
- REITs as a Game-Changer: The SEBI-regulated REIT framework is bringing transparency and institutional-grade real estate investments to a broader investor base, paving the way for significant capital inflows into the sector.
Use of IPO Proceeds
The net proceeds from the IPO will be primarily used for:
| S.No. | Objects of the Issue | Expected Amount
(₹ in crores) |
| 1 | Partial or full repayment or prepayment of certain financial indebtedness of the Asset SPVs and Investment Entities | 4,640 |
| 2 | General purposes | Not Provided |
Conclusion
The Knowledge Realty Trust REIT IPO presents a compelling opportunity to invest in a market-leading commercial real estate platform. With a robust portfolio of Grade A assets, strong financial backing from global and local sponsors, and a clear path for future growth, the REIT is well-positioned to capitalise on India’s booming office sector. The IPO offers a chance to earn a stable, dividend-based income while benefiting from the potential for long-term capital appreciation in a sector that is a cornerstone of India’s economic story. As with any investment, potential investors should conduct thorough due diligence and consult with a financial advisor before making a decision.
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