bengaluru mumbai indian commercial real estate offers investment opportunity worth 43 54 billion across the top 8 cities including mumbai delhinational capital region bengaluru and pune through reiteligible ready stocks said a report by rics and cushman wakefield further it is estimated that approximately 315 million sq ft of office inventory is eligible for reit across the cities the reiteligible inventory includes existing nonstrata sold grade a inventory wherein bengaluru mumbai and delhincr cumulatively account for over 67 the report estimates that the value of reiteligible stock is seen to be the highest in bengaluru at 158 billion primarily due to the high volume of investible grade developments mumbai with 145 billion stands second due to higher capital values of commercial properties despite having roughly half of bengalurus reitable stock the estimated value of reit eligible stock in ncr is 1104 billion which is the third highest we have come out with the ipo guidelines for the issuance of units of invits on same lines we are working on the ipo guidelines for units of reits since there are no accounting standards for reits and invits we have set up subcommittees looking at the financials to be brought out with the offer documents as also the continuous disclosure to be made also set up a subcommittee for issuance of valuations who will come out with their report said ms barnali mukherjee chief general manager securities and exchange board of india sebi on the valuations side a separate chapter has been included in reit regulations where lots of rights and responsibilities have been given to the valuer who has to comply with international valuation standards sebi has already received 4 applications for infrastructure investment trusts invits where two applications have been processed and two are registered the capital market regulators has come out with amendments on reit regulations to bring more clarity and make it more acceptable but as of now it has not received any applications for reits whatever sebi could do has already been done in terms of removing key roadblocks such as capital gains tax and ddt and now we are looking forward to applications for reits so that the reit market can take off mukherjee said while delivering keynote address at rics real estate conference 2016 overall the commercial office space is witnessing high precommitment levels in the last couple of years companies in sectors such as itites pharmaceuticals healthcare sectors are signingup space for future takeup amidst limited quality grade a supply in select locations during the year 2015 precommitment levels across the top 8 cities were witnessed at 118 million sq ft a 9 increase over 2014 levels and a 71 increase from 2012 levels in q1 2016 alone 46 msf of precommitment were witnessed with bengaluru and hyderabad leading the way commercial real estate is expected to see continued demand fueled by positive business sentiment especially in itites and new age digital businesses based on major policy reforms undertaken