Property Share has filed for PropShare Lumina, its fourth small and medium real estate investment trust, aiming to raise up to ₹484.68 crore through a fully leased Grade A+ office asset in Noida, signalling continued expansion in niche property investment segments.
Property Share Investment Trust has filed papers for PropShare Lumina, its fourth small and medium real estate investment trust scheme, aiming to raise up to ₹484.68 crore from a fully leased office asset in Noida, according to Business Standard. The asset spans two towers at OESPL Business Centre, a Grade A+ sustainable property with 437,025 square feet of super built-up area and a tenant roster of 19 occupiers.
The filing comes as the company continues to expand in a niche segment that sits between traditional real estate and listed property funds. Small and medium REITs, regulated by the Securities and Exchange Board of India, are designed for assets valued between ₹50 crore and ₹500 crore. They must be listed, cannot buy land or projects still under construction and are required to distribute 95% of earnings to unitholders.
Property Share said PropShare Lumina is expected to generate projected distribution yields of 8.20% in FY27, 8.40% in FY28, 9% in FY29 and 9.30% in FY30. Co-founder Kunal Moktan said the scheme reflects the kind of institutional-quality commercial property the trust wants to offer, while co-founder Hashim Khan said SM REITs are broadening access to assets that were once largely reserved for large investors.
The new filing follows a series of earlier offerings by the trust. Business Standard reported that Property Share filed the offer document for PropShare Celestia in March, after launching PropShare Titania in July 2025 and PropShare Platina in November 2024. Separately, coverage of those earlier issues showed the structure’s minimum investment threshold of ₹10 lakh and highlighted how the model has been pitched as a way to make income-generating commercial property more accessible to a wider pool of investors.
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