PropShare Investment Manager has filed the DRHP for PropShare Celestia, marking the third scheme under the Property Share Investment Trust (PSREIT) — India’s first registered Small and Medium Real Estate Investment Trust (SM REIT). Propshare Celestia sized around INR 244.65 crore, underscores the continued institutionalization of India’s emerging fractional real estate investment market.
Propshare Celestia REIT
PropShare Celestia, established on 12 December 2025, follows the success of PropShare Platina and PropShare Titania, previously listed on the BSE in December 2024 and August 2025, respectively.
The Axis Trustee Services acts as the Trustee, while Ambit is the Lead Manager for the proposed IPO, and KFin Technologies serves as the Registrar of the issue.
Propshare Celestia REIT IPO: Structure and Allocation
The issue will be made through a Book Building Process under & 75% of the Net Issue will be available for Institutional Investors, and a minimum of 25% for Non-Institutional Investors. Investors can make bids for atleast one unit and thereafter, the units are proposed to be listed on BSE.
Use of Proceeds: Acquisition of Project Celestia
The proceeds from the issue are earmarked for the acquisition of Project Celestia — a 2,07,838 sq. ft. Grade A+ mixed-use commercial property forming part of Stratum @ Venus Grounds in Nehru Nagar, Ahmedabad. The acquisition will be undertaken through six Special Purpose Vehicles (SPVs):
- Cendrix Realty
- Crestmont Realty
- Dhrivya Estates
- Magnivio
- Samvrid Realty
- Stathos
Currently, the asset is owned by Venus Infrastructure and Developers, and the Celestia SPVs have been recently incorporated with no prior operating track record.
The Net Proceeds (post investment manager’s contribution of 5%) will be used to fund this acquisition and for general corporate purposes.
Project Celestia: A Prime Grade A+ Asset in Ahmedabad
Project Celestia comprises seven floors of Stratum @ Venus Grounds, an IGBC Platinum-certified mixed-use building featuring a distinctive atrium, sustainability-driven design (including 130 kW solar panels and EV charging), and modern amenities. The project enjoys 100% occupancy with four major tenants — Smartworks Coworking Spaces, EFC, Paragraph Khajanchi Business Centre, and a Swedish-listed telecommunications multinational.
The asset commands average rentals of INR 76.44/sf/month, slightly above the market average of INR 74/sf, reflecting its premium positioning. It has a Weighted Average Lease Expiry (WALE) of 6.72 years, ensuring predictable cash flows, with no major lease expiries before FY2031.
Key metrics as of 31 December 2025:
| Parameter | Value |
|---|---|
| Super Built-Up Area | 2,07,838 sq. ft |
| Occupancy | 100% |
| No. of Tenants | 4 |
| Market Value | INR 250.35 crore |
| Monthly Rental Income | INR 1.59 crore |
| WALE | 6.72 years |
Financial Projections and Returns
PropShare Celestia projects a distribution yield of 8.1% in FY2026, rising progressively to 8.9% by FY2029. The NOI margin remains at 100%, while the Total Expense Ratio is expected to remain below 0.7%, indicating efficient fund management.
| Metric | FY2026 | FY2027 | FY2028 | FY2029 |
|---|---|---|---|---|
| Yield (%) | 8.1 | 8.4 | 8.7 | 8.9 |
| NOI Margin (%) | 100 | 100 | 100 | 100 |
| EBITDA Margin (%) | -88.5 | 95.5 | 94.9 | 94.5 |
| Expense Ratio (%) | 0.04 | 0.65 | 0.67 | 0.69 |
PropShare Investment Manager: Background and Performance
PropShare Investment Manager, a subsidiary of AltInvest Online Platform, manages the SM REIT. Founded by Kunal Moktan (ex-Blackstone) and Hashim Khan, the firm has built a strong reputation in alternative real estate investments.
For FY2025, the Investment Manager reported a total income of INR 5.34 crore and a net loss of INR 20.53 crore, reflecting early-stage investment build-out. However, its parent AltInvest platform has demonstrated scale and performance:
- INR 678.1 crore distributed via rent and exits
- 2.06 million sq. ft acquired across India and the UK
- INR 390.8 crore realized through successful exits
The firm’s institutional backers include Westbridge Capital, Lightspeed India, BEENEXT, and Pravega Ventures.
Market Context: Ahmedabad’s SBD Boom
The Nehru Nagar submarket, strategically located between Ahmedabad’s CBD and SBD, has evolved into one of India’s fastest-growing Grade A+ office corridors. With vacancy rates dropping below 2% and no new comparable supply till 2028, the region’s rent CAGR has exceeded 7.5% from CY2022–CY2025.
Strong infrastructure (metro, BRTS, ring roads, and the upcoming bullet train corridor), proximity to GIFT City, and the planned 2030 Commonwealth Games infrastructure push are expected to further enhance capital appreciation prospects.
Competitive Strengths
- Grade A+ sustainability-certified asset with an iconic design and modern amenities.
- Diversified tenant mix, including 3 Fortune Global 500 and 1 Fortune 500 company.
- Long WALE (6.7 years) ensuring rental stability.
- Prime location with low vacancy and no comparable upcoming supply.
- Experienced management team with a proven listing and distribution record.
Conclusion
PropShare Celestia REIT IPO filing reflects the maturation of India’s fractional real estate and REIT scenerio, with institutional-quality assets now accessible to a broader investor base. If successfully listed, Celestia will become India’s third publicly traded SM REIT, reinforcing PropShare’s leadership in the segment and extending its pan-India institutional investment footprint from Bangalore and Mumbai to Ahmedabad.
For more details related to IPO GMP, SEBI IPO Approval, REIT, InvIT and Live Subscription stay tuned to IPO Central.