HDFC BSE REITS and Commercial Real Estate Index Fund Now Open for Ongoing Subscription

An open ended scheme replicating/tracking BSE REITS and Commercial Real Estate Index (TRI)

HDFC Mutual Fund (HDFC MF), one of India's leading mutual fund houses, today announced that it has re-opened the HDFC BSE REITS and Commercial Real Estate Index Fund (the “Scheme”) post its recent NFO. The fund is an innovative offering designed to provide investors with simple, convenient and diversified access to India’s growing commercial real estate ecosystem through a passive investment route.

The fund aims to track the BSE REITS and Commercial Real Estate Index, a first-of-its-kind benchmark that provides exposure to listed REITs alongside select commercial real estate companies with rental income–linked business models. The filing marks an important milestone in broadening the investment universe available to Indian investors and making institutional-quality commercial real estate exposure more accessible through the mutual fund structure.

The Scheme seeks to address a longstanding gap in investor portfolios by offering easy access to a unique asset class. REITs are globally recognized as a transparent and regulated way to participate in income-generating real estate assets, offering the potential for a combination of regular income and long-term capital appreciation. Now, investors can gain exposure to professionally managed commercial real estate assets with a relatively small investment through the mutual fund format. The product is expected to appeal to investors seeking an additional source of portfolio diversification, given the relatively distinct return drivers of commercial real estate compared to traditional asset classes.

Beyond investor benefits, REITs play a vital role in the broader economy by enabling efficient monetization of completed real estate assets, attracting long-term institutional capital and supporting the creation of high-quality commercial real estate assets that helps to contribute to India’s economic growth.

Commenting on the filing, Mr. Navneet Munot, Managing Director and Chief Executive Officer, HDFC Asset Management Company Limited, said: “The launch of the HDFC BSE REITS and Commercial Real Estate Index Fund represents another step in our commitment to democratizing access to innovative investment opportunities for Indian investors and fulfil our mission to be the wealth creator for every Indian. By providing this exposure via index fund format, we aim to offer investors an innovative and convenient way to participate in India’s long-term real estate growth opportunity. This latest offering demonstrates our commitment to delivering excellence in Index Solutions, leveraging our 20+ years of experience in passive strategies.”

Embassy REIT Raises ₹1,000 Crores in Landmark First Bank Financing at REIT Trust Level

Becomes the first Indian REIT to access funding from a scheduled commercial bank at the trust level under the RBI's new REIT lending framework

Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) ('Embassy REIT'), India's first listed REIT and the largest office REIT in Asia by area, today announced that it has raised ₹1,000 crores through the issuance of three-year floating-rate Non-Convertible Debentures ("NCDs"), fully subscribed by a leading European multinational bank.

The transaction marks the first financing by a scheduled commercial bank to an Indian REIT at the trust level, following the Reserve Bank of India's landmark framework announced in June 2026 permitting commercial banks to finance REITs. The NCDs have been priced at a spread of 150 basis points over the agreed three-month MIBOR OIS benchmark, translating into an initial coupon of 6.97%.

Amit Shetty, Chief Executive Officer of Embassy REIT, said,"This ₹1,000 crore fundraise is a significant milestone for Embassy REIT and for the evolution of India's REIT market. Continued regulatory support from SEBI and RBI has strengthened access to long-term funding for REITs. This new framework opens an important source of institutional capital that complements traditional capital market funding and further deepens the financing ecosystem. As India's first listed REIT, we are pleased to once again lead the way with the first bank financing at the trust level. This landmark transaction reflects the strength of our balance sheet, the quality of our portfolio, and reinforces Embassy REIT's position as the strongest credit in Indian real estate."

Transaction Highlights

• ₹1,000 crores raised through Embassy REIT Series XVIII NCDs
• Three-year tenor with an initial coupon rate of 6.97%
• Pricing at 150 basis points over the three-month MIBOR OIS benchmark
• Coupon to reset every three months in line with the movement in the benchmark
• Fully subscribed by a leading European multinational bank
• Marks the first financing by a scheduled commercial bank to an Indian REIT at the trust level following the RBI's new REIT lending framework
• NCDs rated "AAA/Stable" by CARE

About Embassy REIT

Embassy REIT is India's first publicly listed Real Estate Investment Trust and the largest office REIT in Asia, by area. Embassy REIT owns and operates a portfolio of over 52 million square feet of world-class office spaces across India's key gateway markets, including Bengaluru, Mumbai, Pune, the National Capital Region (NCR) and Chennai. The portfolio comprises 14 premium office ecosystems, including large, integrated office parks and city-centre office assets, and is home to 285 leading global and domestic corporations. In addition to office assets, the portfolio includes strategic amenities such as five operational business hotels, two hotels under development, and a 100 MW solar park that supplies renewable energy to tenants. Embassy REIT's industry-leading ESG programme has received multiple accolades from globally recognised institutions, including GRESB, USGBC LEED, the British Safety Council, among others. In 2023, Embassy REIT was included in the Dow Jones Sustainability Indices, becoming the first REIT in India to be recognised for its sustainability initiatives by a leading global benchmark. For more information, please visit www.embassyofficeparks.com.

Dhanraj Group ₹75 Crore MoU with The Wealth Company’s BVF Fund to Develop Mumbai 3.0 Corridor

Dhanraj Group signs a ₹75 Crore MoU with The Wealth Company’s BVF Series V Fund for strategic development across Mumbai 3.0

Partnership to develop nearly 31 acres of premium plotted communities across Karjat, Khalapur and Khopoli; Projects target gross development value of over ₹500 Crore

Dhanraj Group, a Navi Mumbai based real estate development company with a legacy spanning nearly four decades, has entered into an exclusive Memorandum of Understanding (MoU) with Bharat Value Fund Series V (Bharat Bhoomi Fund), managed by The Wealth Company Alternates Trust, part of the Pantomath Group, to jointly develop nearly 31 acres of premium plotted residential communities across three projects in Karjat, Khalapur and Khopoli.

Under the proposed partnership, the parties will be investing approximately ₹75 crore to support the development of the three projects. Collectively, the developments are expected to generate a Gross Development Value (GDV) exceeding ₹500 crore.

The partnership marks a significant step in Dhanraj Group’s expansion across the rapidly emerging Mumbai 3.0 growth corridor, as infrastructure development continues to reshape the residential landscape beyond traditional Mumbai and Navi Mumbai markets.

The three projects are strategically positioned to benefit from major infrastructure developments including the Navi Mumbai International Airport, Mumbai Pune Expressway Missing Link, JNPT Chowk Corridor and the Panvel Karjat suburban rail extension. These connectivity-led developments are expected to strengthen accessibility across the region and support the emergence of new residential and lifestyle destinations.

For Dhanraj Group, the partnership brings together its four-decade legacy and local development expertise with institutional capital and a structured investment platform. The Group has delivered more than 28 projects across residential, commercial and hospitality segments and has built its presence through an understanding of evolving consumer requirements, local markets and execution dynamics.

The collaboration will focus on developing premium plotted residential communities designed around the growing demand for second homes, integrated living and lifestyle-led residential destinations in infrastructure-connected peripheral markets.

Commenting on the partnership, Dhanraj Group, said, “Mumbai’s growth is entering a new phase, with infrastructure creating new residential and economic corridors beyond the traditional boundaries of the city. Karjat, Khalapur and Khopoli are emerging as important destinations within this transition, and we see significant potential in creating well-planned plotted communities that combine connectivity, lifestyle and long-term value.
Our partnership with Bharat Value Fund Series V brings together Dhanraj Group’s development experience and deep understanding of the region with institutional capital and a disciplined investment approach. This enables us to scale our presence in Mumbai 3.0 while maintaining the execution standards and customer-centric approach that have defined Dhanraj Group for nearly four decades. We look forward to creating landmark communities that are relevant to the next generation of homebuyers and investors.”

The partnership is also aligned with the broader evolution of plotted residential development in India, where demand is increasingly being supported by infrastructure expansion, improved connectivity, second-home demand and the emergence of integrated communities across peripheral urban corridors.

Bharat Value Fund Series V is a Category II Alternative Investment Fund with a target corpus of ₹1,000 crore and an additional green shoe option of ₹1,000 crore. The Fund focuses on equity investments in plotted residential developments across infrastructure-led corridors in Mumbai MMR, Pune, Bengaluru, Chennai and Hyderabad.

For Dhanraj Group, the partnership represents an opportunity to leverage its established development platform and local market expertise to participate in the next phase of Mumbai Metropolitan Region’s growth, while creating professionally planned residential destinations across some of the region’s emerging micro-markets.

How Bangalore’s Startup Ecosystem Is Driving Demand for Flexible Office Spaces

Welcome to India’s technology capital - Bangalore. Founders in the early stage often test ideas with rapidly scaling teams. Ambitious entrepreneurs tend to meet enthusiastic investors and global companies are already building future-proof teams that can get things done. However, one shift is noticeable amidst all of this: Rigid office leases don’t work anymore, smart founders are opting for the more flexible managed or coworking office spaces to maximize their potential for growth.

Choosing an office space is way past being just about having enough desks, chairs and a business address. You now have the option to consider your business agility, scalability, hiring process, team culture, revenue flow and a lot more while shortlisting your next office space, made possible through coworking and managed office spaces.

That explains the rising demand for flexible office spaces in Bangalore. Managed office spaces, coworking office spaces, leadership cabins and the freedom to customise your office space, all under one roof.

Why Bangalore’s Startup Ecosystem Needs Flexible Office Spaces

Bangalore’s startup ecosystem is built on speed. A startup in the modern era can start with a team as small as 5 members, grow to 30 after the first funding, expand to 100 members in a few years and might have to restructure their team again based on market highs and lows. Traditional offices are not built with this intention.

If we were to list out the problems in choosing a conventional office space, here are a few:

• Long, un-alterable lease terms
• Hefty deposit sums
• Interior Design and Setup
• Purchasing office furniture
• Continuous end–to–end operational supervision

Any startup will struggle to focus their attention on product development, sales, hiring and customer acquisition when they spend most of their time in operational activities rather than outsource it to a workspace provider.

In a city like Bangalore, this matters more than ever because the city’s startup ecosystem is tightly tied to technology. Businesses with unpredictable cycles like SaaS, fintech, artificial intelligence, digital services, consulting, etc., need client-ready meeting rooms, cabins or pods for their team members, and a good central location for easy commute as well. When it comes to hybrid teams, they might prefer flexible seating rather than fixed capacity seating.

This is exactly where coworking and managed office spaces become valuable.

Bangalore Is Leading India’s Office Space Demand

The rise in flexible office demand is not happening in isolation. Bangalore continues to remain one of India’s strongest office markets.
In Q1 2026, Bengaluru led India’s office leasing market with 5.3 million sq. ft. of office space leased and a 24.8% share of national leasing activity. The city also recorded strong demand from Global Capability Centres (GCC’s), technology firms, and enterprise occupiers.

On a national level, India’s Grade A office leasing in the top seven cities touched 18.3 million sq. ft. in just the first quarter of 2026. This means a 15% annual growth with just Bengaluru and Hyderabad accounting for almost half of the total leasing activity.
For startups, this opens up a path for reconsiderations. They need the advantages of a professional office without the burden of traditional real estate complexity.

Startup Funding Is Creating New Workspace Demand

Strong, reputed investors have had their eyes on the Bangalore startup ecosystem for a while now. In the first financial quarter of 2026, Bengaluru was leading India’s startup funding race with over $823 million raised with the help of 89 deals, way ahead of Mumbai, Delhi and other metropolitan cities.

Funding directly influences workspace demand. When startups raise capital, they often expand teams, hire leadership, build sales functions, and create stronger internal systems. This is when many founders begin looking for more structured office environments.

But funded startups are also careful about the runway. They do not want to lock large amounts of capital into deposits, interiors, and office setup. They need workspaces that make them look professional to their clientele, take care of daily operational activities and allow them to scale without hindrance.

Flexible office spaces in Bangalore are slowly becoming the new natural choice for startup founders.

Why Startups Prefer Flexible Office Spaces Over Traditional Offices

1. Lower Upfront Cost

Traditional office setup can demand heavy capital even before the team starts working. Deposits, furniture, interiors, electricity, internet, housekeeping, security, repairs, and compliance can quickly become a financial burden.

Flexible office spaces reduce this upfront pressure. Startups can access fully equipped workspaces with meeting rooms, internet, maintenance, reception support, and common amenities included.

For early-stage founders, this helps protect the runway and keeps capital focused on growth.

2. Faster Move-In Time

In a competitive startup market, speed matters. A company that needs three months to set up an office loses valuable time. Flexible office spaces allow teams to move in faster and start working almost immediately.

This is especially useful for startups that have just raised funding, onboarded a new project team, or signed an enterprise client and need a stable workspace quickly.

3. Easier Team Scaling

A startup’s team size can change quickly. Hiring may happen in phases. Some teams may work hybrid. Some departments may need separate spaces. Traditional leases do not easily support this.

Flexible office spaces allow companies to start with a smaller setup and expand when needed. This makes them ideal for startups moving from 10 to 30 members, 30 to 100 members, or even larger teams that require managed office space.
For growing teams, a scalable managed office can offer the right balance between flexibility and control. You can also read Beginest’s detailed guide on choosing a workspace for a 30–500 member startup team.

4. Better Locations Without Full Leasing Risk

Bangalore’s startup teams often want to be close to talent, clients, investors, metro connectivity, restaurants, and business hubs. Locations like Indiranagar, MG Road, JP Nagar, Koramangala, and Central Bangalore are attractive because they support both work and accessibility.
But taking a traditional office in a prime location can be expensive and complicated.

Flexible office spaces help startups access premium business locations without committing to a full long-term lease.

Beginest Workspaces offers coworking and managed office spaces in Bangalore across key business-friendly locations for teams that need accessibility, flexibility, and professional infrastructure.

5. Less Operational Distraction for Founders

Founders should be spending time on customers, product, hiring, and growth. But in traditional offices, they often get pulled into operational issues: internet problems, furniture changes, maintenance delays, pantry issues, vendor coordination, and office repairs.
Managed office spaces reduce this distraction. The workspace partner handles day-to-day office operations while the team focuses on work.

For startups, this is not just convenience. It directly improves productivity.

How Coworking Spaces Support Early-Stage Startups

Coworking spaces are especially useful for early-stage startups, freelancers, consultants, remote teams, and small businesses. They provide a professional setup without the cost of a private office.

A coworking space gives founders access to desks, meeting rooms, internet, community areas, and business infrastructure. It also creates opportunities to meet other entrepreneurs, service providers, potential partners, and future team members. 

In Bangalore, where networking is a major part of startup growth, coworking spaces can support both productivity and community.
Beginest has already explored this in its blog on why coworking spaces in Bangalore are growing fast, especially for entrepreneurs, remote teams, and startups looking for flexible workspace options.

Why Managed Office Spaces Are Becoming the Next Step for Growing Startups

As startups grow, their workspace needs become more defined. A small coworking setup may work for the first few months, but a 30-member, 100-member, or 300-member team needs more structure.

This is where managed office spaces become important.

A managed office gives startups a private, branded, fully managed workspace without the headache of building and running the office themselves. The company gets the privacy and control of a traditional office while still enjoying the flexibility and operational support of a workspace partner.

Managed offices are useful when startups need:

• Dedicated private work areas
• Custom seating layouts
• Meeting and boardrooms
• Branding opportunities
• Access control
• Scalable team capacity
  

‘Next Frontier Is Digital Ownership’: Ashish Shelar Backs Tokenisation to Make Real Estate More Accessible to Young Indians

(Left to Right) - Manish Kumar, ⁠Vishal Kalantri, Pramod Borate, Ashish Shelar, Somesh Batra, Neera Inamdar

• Maharashtra IT Minister says responsible tokenisation can lower entry barriers, improve transparency and widen participation in real-world assets

The next big shift in India’s digital economy could move beyond payments and into digital ownership, with blockchain-based tokenisation potentially making traditionally inaccessible assets such as real estate more participative and transparent, said Shri Ashish Shelar, Minister of Information Technology, Government of Maharashtra, at the launch of The Box by RealX and MST Blockchain, in partnership with Liminal Custody, in Mumbai.

Speaking at the event, Shelar said India had already demonstrated the power of digital public infrastructure through UPI and that the country’s next opportunity was to build trusted infrastructure around ownership and productive assets.

“The next frontier is digital ownership,” Shelar said, pointing to the high entry costs, complex documentation, opaque processes and limited liquidity that have historically made participation in real estate difficult for large sections of Indians, particularly younger citizens.

He said responsible tokenisation could help address these barriers by representing clearly defined rights in real-world assets through secure digital units, while creating verifiable records and widening participation.

“Responsible tokenization can help address these barriers. It can represent clearly defined rights in real world assets through secure digital units, create verifiable records, widen participation, and connect capital with productive opportunities,” he said.

The Minister, however, emphasised that technology by itself cannot create trust. For tokenisation to become mainstream, he said, it would need to be supported by legal enforceability, transparent disclosure, cybersecurity, reliable custody, sound governance and strong investor protection.

“A token must not become a shortcut around the law. It must help make rights clearer, transactions more transparent, and accountability stronger,” Shelar said.

His remarks come at a time when Maharashtra is stepping up its focus on blockchain-based asset tokenisation. The state government has proposed the Maharashtra Digitisation and Exchange of Land Token Asset (DELTA) framework to create a legal architecture for tokenising land and other immovable assets.

Against this backdrop, Shelar said initiatives such as The Box could contribute to building the infrastructure needed to translate the potential of tokenisation into real-world applications.

He highlighted the respective roles of the three companies behind the initiative, noting that RealX’s framework seeks to connect blockchain-based digital units with legally enforceable rights in real-world assets, MST Blockchain contributes blockchain infrastructure, while Liminal Custody provides the security and custody layer.

The launch brings together two platforms, REDbox and WHITEbox, designed to address different parts of the real-world asset tokenisation ecosystem. REDbox enables real estate developers to introduce tokenised property offerings under their own brands and platforms.

Shelar also linked the evolution of such infrastructure to India’s larger development ambitions, stressing that technological advancement would need to be accompanied by greater citizen participation and trust.

“India must not simply adopt emerging technology. India must build secure, trusted and responsible systems around it,” he said.

He added that scalable and credible technology platforms could play an important role in enabling wider participation in the real estate ecosystem and supporting India’s broader development objectives.

The remarks at The Box come as tokenisation moves from being largely a technology conversation to a broader discussion around ownership, liquidity, access and infrastructure, with policymakers, financial institutions and technology companies increasingly exploring its potential applications.

Development Bank of Japan Makes First India Real Estate Bet with HDFC Capital’s $500M H‑DREAM Fund

Development Bank of Japan Inc. (DBJ) has made its first real estate investment in India, committing capital to HDFC Capital Development of Real Estate Affordable and Mid-Income Fund (H-DREAM Fund), managed by HDFC Capital Advisors Limited, the real estate private equity arm of the HDFC Group.

HDFC Capital is one of India’s largest real estate private equity funds, with a focus on affordable and mid-income residential real estate. Its funds combine to create a platform in excess of US$4.5 billion. The H-DREAM Fund has a target fund corpus of US$500 million with a greenshoe of US$500 million, with current investor commitments in excess of US$350 million.

The investment by DBJ in H-DREAM Fund marks a significant milestone in DBJ’s international investment strategy. H-DREAM Fund is among the first real estate funds globally to champion the development of green, affordable and mid-income housing.

H-DREAM Fund finances projects that prioritise affordable and mid-income housing, while implementing the Excellence in Design for Greater Efficiencies (EDGE) green building framework, in line with global sustainability standards.

Deepak Parekh, Non-Executive Chairman, HDFC Capital, said, “The India–Japan relationship is a trusted partnership based on strong institutional cooperation. India has seen increased participation by Japanese investors in its financial and real estate sectors. As a government-owned institution, DBJ’s first investment in real estate in India is significant for us and reinforces long-term investor confidence in the country.”

DBJ’s view: Through this investment, DBJ will support the sustainable development of the Indian real estate market, which is facing a housing shortage, while securing investment opportunities in India’s high growth market and further enhancing the geographic diversification of the Bank’s overseas real estate portfolio.

“We are delighted to partner with DBJ in its first real estate investment in India. HDFC Capital’s focus on early-stage financing for quality affordable and mid-income housing positions it well to deepen engagement with investors committed to diversification and sustainable development,” said Vipul Roongta, CEO, HDFC Capital.

DBJ’s investment in H-DREAM Fund is made through HDFC Capital’s offshore feeder fund structure, established under the International Financial Services Centres Authority (IFSCA) framework at Gujarat International Finance Tec-City (GIFT City), India’s international financial hub.

H-DREAM Fund’s adoption of IFC’s E&S Performance Standards and EDGE Green Building Framework ensures sustainability gets embedded in every project.

About DBJ

Development Bank of Japan Inc. (DBJ) is a Japanese financial institution that provides integrated investment and loan services to companies and projects. DBJ traces its origins to Japan Development Bank and Hokkaido-Tohoku Development Finance Public Corporation, established in 1951 and 1956, respectively, and was reorganized as Development Bank of Japan Inc. in 2008.

Headquartered in Tokyo, DBJ supports sustainable development in Japan and around the world through a broad range of financial solutions, including long-term loans, mezzanine financing and equity investments.

DBJ is wholly owned by the Japanese government and maintains overseas subsidiaries in Singapore, London, Beijing and New York.

Visit https://www.dbj.jp/en/ for more information.

About HDFC Capital

HDFC Capital, a subsidiary of HDFC Bank Limited, is the real estate private equity arm of the HDFC Group. HDFC Capital is focused on financing the development of affordable and mid-income homes in a sustainable manner. HDFC Capital also seeks to promote innovation and the adoption of new technologies within the real estate sector by investing in and partnering with technology companies. HDFC Capital is the investment manager to multiple SEBI-registered and IFSCA-registered Category II Alternative Investment Funds. These funds combine to create a platform of over US$4.5 billion.

Visit www.hdfccapital.com for more information.