Indian REITs hit as IT firms cut spend on real estate

Indian REITs hit as IT firms cut spend on real estate

Powai, Mumbai, Maharashtra, India. Photo: Aniket Bhattacharya

A staggering 37,072 crore worth of annual rent from office leases are at risk over the next 12 months as technology and financial services tenants consider a permanent shift to remote work amid the coronavirus pandemic.