Real Estate में निवेश के लिए “Crores” ज़रूरी नहीं! REITs, InvITs, Fractional: छोटे अमाउंट से कैसे शुरुआत करें?
बहुतों को लगता है कि property में निवेश = करोड़ों का budget, stamp duty, registry, EMI और maintenance. Reality: अब real estate exposure ₹1,000–₹10,000 से भी possible है — thanks to REITs, FoFs/ETFs और नई structures (SM REITs/regulated fractional).
💡 Myth-buster: क्यों Crores की ज़रूरत नहीं
- Listed REITs/InvITs को आप stocks की तरह 1–2 units से ख़रीद सकते हैं
- Mutual fund route (FoFs) से SIP में भी exposure मिल जाता है
- Fractional/SM REITs बड़े टिकट पर pooled ownership देते हैं (min ticket ऊँचा हो सकता है, पर crores नहीं)
🧭 Real Estate exposure के मुख्य रास्ते
- REITs (Real Estate Investment Trusts) – Listed
- Commercial offices/retail assets से किराया-आधारित cashflows
- Pros: low ticket, liquidity (stock exchange), diversification
- Cons: interest-rate sensitivity, occupancy/lease risk
- REIT FoFs/ETFs
- Mutual fund के जरिए REITs/InvITs की basket
- Pros: SIP/low effort, auto-diversification
- Cons: Fund TER + tracking error
- SM REITs/Regulated Fractional (SEBI framework)
- Institutional-grade realty में हिस्सेदारी
- Pros: asset-level visibility, rental yield focus
- Cons: min ticket आमतौर पर ऊँचा (लाखों), liquidity lower vs listed REITs
- InvITs (Infrastructure Trusts)
- Roads, power transmission, renewables जैसी infra assets से cashflows
- Pros: predictable payouts, inflation-linked escalations (contracts-based)
- Cons: traffic/yield/regulatory risks; realty से अलग risk-profile
- Developer Stocks (DLF, Godrej Properties आदि)
- Pros: equity-style upside, high liquidity
- Cons: cyclicality, project/regulatory risk; यह pure realty exposure नहीं, developer business exposure है
- Direct Property (Residential/Commercial)
- Pros: control, leverage via home loan, potential appreciation
- Cons: 5–12% transaction costs (stamp duty/registration/brokerage), low rental yields (residential ~2–3%), liquidity low, maintenance/tenant risk
📊 Side-by-side तुलना (indicative)
| Route | Min Ticket | Liquidity | Income Yield (indicative) | Key Costs | किसके लिए |
|---|---|---|---|---|---|
| Listed REIT | ₹1k–₹10k+ (1–2 units) | High (exchange) | ~6–8% pre-tax distribution + appreciation potential | Brokerage, STT/charges | Beginners to income-seekers |
| REIT/InvIT FoF | SIP ₹500–₹1k | MF liquidity (T+2) | Basket-driven | TER (fund expense) | SIP-friendly, hands-off |
| SM REIT / Fractional | ₹5–25 लाख+ (platform-wise) | Low–Medium | Asset-specific (lease terms) | Platform/management fees | Higher ticket, rental-focus |
| InvIT | ₹1k–₹10k+ | High | ~7–10% (asset/seasonality) | Brokerage, charges | Yield-seekers (infra) |
| Developer Stocks | ₹1k+ | High | No fixed income | Brokerage | Growth/aggressive |
| Direct Property | ₹20–50 लाख+ (city-wise) | Low | Resi ~2–3%, Comm higher | Stamp, GST (under-construction), maintenance | Use + long-hold investors |
🧮 ₹10,000–₹5,00,000 तक कैसे Allocate करें? (Illustrative, advice नहीं)
- ₹10k–₹50k: 1–2 Listed REIT units + REIT/InvIT FoF में छोटी SIP
- ₹50k–₹2L: 2 REITs में split (office + retail mix), साथ में 1 InvIT add करें
- ₹2L–₹5L: Core REIT/InvIT basket + selective developer stock; अगर rental-focus चाहिए तो SM REIT (ticket फिट हो तो) evaluate करें
🧾 Tax Corner (high-level)
- REIT/InvIT Distributions:
- Interest/Other components: आमतौर पर slab-rate taxable (TDS संभव)
- Dividend: SPV के tax regime पर निर्भर; अक्सर slab-rate taxable
- REIT/InvIT Units Sale (listed):
- STCG (≤ 12 months, STT paid): 15%
- LTCG (> 12 months, STT paid): 10% (₹1L annual exemption applicable)
- Direct Property:
- Resi under-construction पर GST (आमतौर पर 1%/5% slabs), ready-to-move पर GST नहीं
- Capital gains: ≥24/36 months rules property-type के हिसाब से; indexation benefit on LTCG
⚠️ Risk & Reality Check
- Interest-rate upcycle में REIT valuations compress हो सकती हैं
- Occupancy, rentals, lease renewals = core drivers
- InvITs में traffic/yield assumptions critical
- Fractional/SM REITs: liquidity lower, fees ध्यान से पढ़ें
- Direct property: vacancy/repair/association dues को model करें