The full SEBI REIT and SM REIT operations stack — NAV computation, unit-holder statements, §194LBA TDS, FEMA flags, quarterly SEBI disclosure templates. Built for Indian REIT managers and SM REIT sponsors who'd rather close a quarter in 90 minutes than 3 days.
What this page covers: SEBI-registered REITs and SM REITs (asset value ≥ ₹50 cr per the March 2024 amendment). For non-REIT portfolios in the 10–500 unit range, see Multi-Property Portfolio Management. For per-property P&L and Tally export, see Property Accounting.
EstateDeck has three different products for three different scales of property portfolio. Picking the wrong one wastes both compliance overhead and software cost. Here is the disambiguation.
One property, occupancy + aging analytics, the drill-down side. Property Analytics Dashboard →
Non-REIT portfolios across cities and asset types. Family offices, PM companies, multi-city landlords. Multi-Property Portfolio →
Asset value ≥ ₹50 cr SM REIT or ≥ ₹500 cr full REIT. SEBI-registered with quarterly NAV disclosure, unit-holder reporting, §194LBA TDS. You are here.
REIT software is a SEBI-compliant operations platform for Real Estate Investment Trust managers — the entity that handles NAV computation, unit-holder reporting, quarterly SEBI disclosures, §194LBA TDS deductions, and FEMA flags for non-resident unit-holders. Indian regulation has two scales: full REITs (asset value ≥ ₹500 cr) and SM REITs (Small & Medium REITs, asset value ≥ ₹50 cr, notified by SEBI in March 2024). EstateDeck REIT serves both tiers plus family-office portfolios that have crossed the SM REIT threshold and are evaluating conversion.
A real Tuesday morning at an SM REIT manager in BKC Mumbai, closing the quarter that ended 31 March 2026.
Every REIT manager loses the same week each quarter. The leak isn't your team — it's the four-spreadsheet handoff that quarter-close still depends on.
Indian REIT operations span SEBI NAV rules, Income Tax §194LBA TDS rates, FEMA NRI / FPI classification, and SEBI disclosure templates. Most managers run four to six spreadsheets and a senior staff member to keep them in sync. One typo across files and a unit-holder gets the wrong TDS deducted.
247 unit-holders × per-holder DPU × per-holder TDS × per-holder FEMA flag × per-holder cumulative DPU since allotment. Done by hand, this is six hours minimum. Done in parallel by the system, it's four minutes.
The SEBI quarterly disclosure asks for NAV, DPU, occupancy by asset class, WALT, top-10 tenant exposure, capex committed, related-party transactions. Each line on the form has to be retyped from the underlying spreadsheets — every quarter, the same retyping, the same risk of one number off.
If SEBI inspects the REIT, they want to see how a specific NAV was computed, by whom, with what fair-valuation inputs. Spreadsheet-history is not an audit trail. Without a §65B-admissible record of every computation step, the inspection turns into a forensic reconstruction.
SEBI REIT Regulations, Income Tax pass-through, FEMA non-resident rules — every quarter-close is built around what the regulator actually asks for.
Primary framework. Registration, sponsor unit minimum holding, lock-in, asset-class restrictions, quarterly NAV disclosure cadence, trustee-approval workflow, valuer appointment rules. Every workflow in EstateDeck REIT maps to a clause.
March 2024 amendment introduced SM REITs with ₹50 cr minimum asset value (vs ₹500 cr for full REITs). Simplified compliance, smaller sponsor obligations. The platform applies the right disclosure template, lock-in, and sponsor-unit rules per scheme tier.
Operational guidance on NAV computation cadence, disclosure formats, valuer rotation, related-party-transaction disclosure thresholds, and unit-holder communication standards. Disclosure templates auto-populate from the platform's transaction record.
REIT income pass-through provisions and unit-holder taxation. §115UA classifies the distribution into interest / rental / capital gains / dividend / other components — each carrying different tax treatment for the unit-holder. EstateDeck breaks every statement into the §115UA components.
Distribution TDS at 10% for residents, 5% + surcharge + cess for non-residents. Form 16A-equivalent + Form 64C generated per holder. Form 26Q TDS return populated for filing. Form 26AS reconciliation surfaced.
NRI distributions credit to NRO (non-repatriable) or NRE / FCNR (repatriable) per RBI circulars on REIT distributions. FPI participation under SEBI (FPI) Regulations with custodian-account flow. The right FEMA flag appears on every non-resident statement.
References: SEBI (Real Estate Investment Trusts) Regulations 2014 + Amendment Regulations 2024 (SM REITs) · SEBI Master Circular for REITs (current) · Income Tax Act 1961 §10(23FC), §10(23FCA), §115UA, §194LBA · Companies Act 2013 Schedule II (useful life of building 60 years) · Foreign Exchange Management Act 1999 · RBI A.P. (DIR Series) circulars on REIT distributions · SEBI (Foreign Portfolio Investors) Regulations 2019 · IT Act 2000 §3A (e-sign legal validity) · Indian Evidence Act §65B (and 2024 BSA equivalent).
We have 247 unit-holders, six commercial properties, and a quarterly SEBI deadline that does not move. Before EstateDeck, my CFO and I would clear three days from our calendar every quarter just for the NAV close. Last quarter we did it in 88 minutes — including the SEBI filing — and went back to running the business. The §65B audit trail is what won my trustee over; the time saved is what won my CFO over.
Three buyer profiles. All Indian, all operating at or above the SM REIT minimum asset value of ₹50 crore.
If your portfolio is below ₹50 cr or you have no intention of registering as an SM REIT, this is not the right product — use Multi-Property Portfolio Management instead, which handles non-REIT portfolios across cities and asset types without the SEBI disclosure overhead.
Five operations make a REIT quarter close. EstateDeck owns all five end-to-end.
NAV computation follows the SEBI Master Circular for REITs. For each property, the closing-quarter fair valuation is pulled from the appointed valuer. DCF (discounted cash flow) is the primary method, with a cap-rate cross-check and a comparable-transaction floor. Per-property NAV equals the fair valuation less any property-level liabilities. Portfolio NAV equals sum of per-property NAVs plus cash and receivables less REIT-level liabilities. NAV per unit equals portfolio NAV divided by units outstanding.
Every input — the valuer's DCF model, the cap-rate benchmark, the depreciation schedule, the cash balance reconciliation — is preserved in an Indian Evidence Act §65B-admissible audit trail. When a SEBI inspection asks how this NAV was arrived at, the answer is one click away.
Every quarter, every unit-holder receives a statement on the white-labelled unit-holder portal and via email. The statement carries:
Distribution TDS is the operational pain point most spreadsheet-based REIT operations get wrong. §194LBA prescribes 10% TDS for resident unit-holders and 5% plus applicable surcharge and cess for non-resident unit-holders. EstateDeck classifies every holder at onboarding into one of five categories — resident individual, NRI, FPI, body corporate, sponsor unit — and applies the right TDS rate automatically.
FEMA classification runs alongside. NRI distributions credit to either an NRO account (non-repatriable basis) or an NRE / FCNR account (repatriable) depending on the unit-holder's election at onboarding and the RBI A.P. (DIR Series) framework on REIT distributions. FPI distributions flow through the registered custodian account. Every non-resident statement carries the explicit FEMA repatriation flag.
The SEBI quarterly disclosure for REITs requires a specific set of disclosures: NAV per unit, DPU declared, occupancy by asset class, WALT (weighted-average lease maturity), top-10 tenant exposure, capex committed during the quarter, related-party transactions, and material developments. EstateDeck auto-populates the template from the underlying property and unit-holder data — the compliance officer reviews, the trustee approves with a Class 3 DSC under IT Act 2000 §3A, and the filing submits to the SEBI REIT portal in XBRL format. Late-filing alerts fire as the SEBI deadline approaches.
This page is the Tier 3 / SEBI-regulated portfolio layer. Three sibling pages handle adjacent layers:
→ Multi-Property Portfolio Management — Tier 2. Non-REIT portfolios in the 10–500 unit range across cities and asset types. No SEBI overhead. If your portfolio is below ₹50 cr or you've chosen not to register, this is where you go.
→ Property Accounting & Finance — the per-property P&L layer that feeds into REIT NAV. Tally XML export, §24 House Property treatment, GST 18% on commercial rent, §194-I TDS reconciliation. Owns the property-level transaction record.
→ Commercial Property Management — the commercial ops layer that feeds into the property fair valuation. CAM reconciliation, fit-out approvals, escalation engine, lock-in penalty calculator. The Saraswati REIT's six commercial properties are operated through this module.
→ Property Analytics Dashboard — Tier 1, single-property drill-down. Where the REIT's individual asset performance is examined.
| Quarter-close task | Spreadsheets + manual | EstateDeck REIT |
|---|---|---|
| NAV computation time | ~3 working days | ~90 minutes end-to-end |
| Per-holder statements | 6+ hrs manual generation | 247 in parallel, < 10 min |
| §194LBA TDS rates per holder | Lookup table, error-prone | Auto by holder category |
| FEMA flags on NRI / FPI | Manual per statement | Auto per holder record |
| SEBI disclosure template | Retyped every quarter | Auto-populated |
| §115UA income classification | Same line on every stmt | Component breakdown |
| Trustee approval workflow | Print, courier, scan | §3A DSC, in-platform |
| Distribution payout | Bank file by hand | NEFT/RTGS bulk auto-built |
| SEBI inspection trail | Reconstruct from emails | §65B-admissible per NAV |
| SM REIT scheme support | Same template as full REIT | Tier-specific compliance |
Ten direct answers. Each maps 1:1 to the FAQPage schema for AI search.
See a real Indian SM REIT quarter close end-to-end — NAV, statements, TDS, FEMA, SEBI filing — in a 20-minute walkthrough on your data. No slide deck, no commitment.
EstateDeck by Databus · Chennai · Built for SEBI-registered REIT managers and SM REIT sponsors in India
