ON REITS

Real estate in India is opaque. 

There is no genuine price discovery. 

Builders are, without exception, crooks. 

Politicians and underworld, that's a tautology,  are involved in every facet of Big Real Estate. 

There is large component of black money. 

It is basically a cesspool out there. 

Add to that the inherent inefficiencies of "layering". Corporate structures, moron managers ( we have all been managers, so we can personally attest to the moronity, and yes, they need to paid well) , a structure like REIT, maybe listing. All this adds several layers and it gives highly educated people like us a false sense of security. Very highly educated people are always suckers for pigs with lipsticks. 

Add to that the fact that large REIT models are exposed to macro variables. 

What all this ensures is that you will never make a larger than average profit. 

I am not against real estate. But specifically in the Indian context, I would rather invest directly. At least that way,  if I hit a jackpot the gains will accrue to me. 

The unscrupulous people running the REITS, the nature of the market and the layering, will ensure that any lottery or jackpot will never be passed on to you. 

In short, in India, if you want to invest in real estate, invest directly or not at all