New Delhi, Feb. 25 -- For decades, the narrative of organised commerce in India was confined to the glass-and-steel corridors of a few major metropolitan cities, a trend that seems to be moving to new, emerging urban centres. Cities like Jaipur, Lucknow and Indore are no longer just points on a map for regional trade; they are transforming into high-growth consumption hubs that, in turn, are fundamentally reshaping the country's Real Estate Investment Trust (REIT) landscape.

Of the five listed REITs in the country, only Nexus Select Trust, backed by Blackstone, is retail-focused; the rest are office REITs such as Embassy, Mindspace, Brookfield, and DLF's DCCDL. In mature markets like the US, Singapore, and Australia, retail REITs make up...