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Advanced Real Estate Structuring: REITs, InvITs, and Fractional Ownership Compared

The same office park can reach you as a listed REIT unit, an InvIT-style yield vehicle, an SM REIT scheme or a legacy fractional SPV share, and each wrapper hands you a different cash flow, tax bill, governance position and exit. This course takes the structures apart layer by layer: trust, HoldCo, SPV, sponsor and manager. Learn SEBI's asset, leverage and distribution rules for REITs and InvITs, how concession-based InvIT NAVs run down, how the 2024 SM REIT framework reset fractional ownership, and how each distribution component is taxed in a unitholder's hands. Finish by comparing yield, NAV discount, rate sensitivity and exit cost across structures, and building a real asset income sleeve for an HNI or family office portfolio. Built for HNIs and family offices, angel syndicate leads, and experienced traders adding real assets.

REITsInvITsSM REITsFractional OwnershipPass-Through TaxationReal Asset Portfolio Construction

MODULES

7

DURATION

4 Hours

TRACK

Alternative Investing

What You'll Master

Trace a rupee of rent or toll from the tenant or road user, through the SPV, HoldCo and trust, to your bank account

Apply SEBI's asset composition, leverage and sponsor rules to judge how safe a REIT or InvIT structure really is

Explain why a concession-based InvIT's NAV runs down and value it without being fooled by a high yield

Evaluate SM REIT schemes and legacy fractional holdings against main-board REITs

Map every distribution component (interest, dividend, rental, debt repayment) to its tax treatment for individuals, HUFs and companies

Compare REITs, InvITs, fractional ownership and direct property on yield, NAV discount, rate sensitivity and exit cost

Build and size a real asset income sleeve for a family office portfolio

Access Level

LEARNER

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Everything included

Full Text Playbooks

Actionable Exercises

Mobile Reading Mode

Lifetime Updates

Curriculum Breakdown

Chapter 1: Why the Wrapper Matters

4 Lessons

One Office Park, Four Investments: Why Structure Matters More Than the Building11 min read

The Trust Architecture Under SEBI's 2014 Regulations: REIT and InvIT Side by Side12 min read

HoldCo, SPV and Trust Layers: Tracing a Rupee of Rent From Tenant to Unitholder13 min read

The Regulatory Map: SEBI, RERA, FEMA and Where Fractional Platforms Sit11 min read

Chapter 2: REIT Structuring in Depth

5 Lessons

The 80 Percent Completed and Rent-Generating Test: REIT Asset Composition Rules12 min read

REIT Leverage Caps: Credit Ratings, Unitholder Approval and the 49 Percent Ceiling12 min read

Sponsor Economics: Lock-Ins, Minimum Holding and Related Party Acquisitions13 min read

REIT Manager Fees and Governance: Who the Manager Really Works For12 min read

Office vs Retail REIT Structuring: Embassy, Mindspace, Brookfield and Nexus Select14 min read

Chapter 3: InvIT Structuring in Depth

5 Lessons

Public, Privately Listed and Unlisted InvITs: Three Routes to the Same Asset12 min read

Toll Roads, Transmission Lines and Pipelines: How Asset Type Shapes InvIT Cash Flow Risk13 min read

Concession Life and the Terminal Value Problem: Why InvIT NAV Runs Down13 min read

InvIT Leverage up to 70 Percent: When AAA Ratings Unlock Higher Borrowing11 min read

Case Study: IndiGrid, PowerGrid InvIT and IRB InvIT Compared15 min read

Chapter 4: Fractional Ownership and SM REITs

4 Lessons

From Unregulated Platforms to SM REITs: The 2024 Regulatory Reset12 min read

Inside an SM REIT Scheme: The ₹50 Crore Floor, Scheme SPVs and the Investment Manager13 min read

Legacy Fractional Structures After 2024: Migration, Wind-Down and Investor Rights12 min read

SM REIT Units vs Main-Board REIT Units: Ticket Size, Listing and Liquidity11 min read

Chapter 5: Taxation Across Structures

5 Lessons

The Pass-Through Regime: Sections 10(23FC) and 10(23FD) and What Gets Taxed Where13 min read

Interest, Dividend, Rental and Debt Repayment: A Unitholder's Distribution Tax Map13 min read

The 2023 Change on Debt Repayment Distributions and What It Did to Post-Tax Yield12 min read

Capital Gains on Units vs Direct Property: Holding Periods, Rates and the Indexation Question13 min read

Holding Structures for HNIs and Family Offices: Individual, HUF, Company or Trust13 min read

Chapter 6: Comparing Structures on Return, Risk and Exit

5 Lessons

Distribution Yield vs Total Return: Building a Like-for-Like Comparison12 min read

NAV Discounts and Premiums Across REITs, InvITs and SM REITs12 min read

Rate Sensitivity: How REIT and InvIT Unit Prices React to the 10-Year G-Sec13 min read

Liquidity, Impact Cost and Exit: Measuring What It Costs to Get Out11 min read

Direct Commercial Property vs REIT vs InvIT vs Fractional: A Risk-Adjusted Scorecard14 min read

Chapter 7: Portfolio Construction and Case Studies

4 Lessons

Building a Real Asset Income Sleeve for a ₹5 Crore Family Office Portfolio14 min read

Governance Red Flags in Trust Structures: Sponsor Conflicts and Valuation Games12 min read

Case Study: Choosing Between an Office REIT, a Transmission InvIT and an SM REIT Scheme15 min read

Case Study: Swapping a Directly Owned Office Floor for Listed REIT Exposure14 min read