India, Sept. 21 -- justify;">India's listed REIT market has been built predominantly around offices. Data centres are now starting to find a place in that portfolio mix, bringing with them a very different set of economics.

A data centre may still be a leased building, but its value depends on much more than the address and the amount of floor space available. Power supply, fibre connectivity, cooling systems and computing density all influence what the facility can support and how efficiently it can operate. The surge in cloud computing and, more recently, AI workloads has made those requirements considerably more important.

India's installed data-centre capacity has increased from about 375 MW in 2020 to around 1,575 MW in 2026, accor...