At ₹10.35 lakh, PropShare Platina REIT overtakes Elcid Investments as the most expensive stock.

Stocks compete fiercely for the superlative position of being worth the most. Each company sets the pricing and market value limit, and investors monitor which stock will take its position at the top. With Elcid Investments breaking MRF’s long-standing record of holding the most valuable stock on Dalal Street, the crown has now been overtaken by PropShare Platina REIT.

PropShare Platina REIT launched on 10 December at a massive ₹10.5 lakh per unit and settled at ₹10.45 lakh per unit. In the previous trading session, it had closed at ₹10.35 lakh per unit. It is the first REIT which obtained the SM REIT licence from SEBI since the latter launched the regulations of SM REIT in March 2024.

In the case of the first scheme called PropShare Platina, ₹10 lakh was the minimum subscription amount. SM REITs can raise from ₹50 crore to ₹500 crore and will be invested into the real estate of either or residential type.

These REITs are smaller compared to traditional REITs that must be valued above ₹500 crore. Also, SM REITs mostly have an individual property focus instead of having a diversified portfolio like a normal REIT.

PropShare Platina’s ₹353 cr issue, open for subscription from December 2-4, garnered robust interest from investors and was oversubscribed 1.19 times. The REIT allows investors to invest in six floors of the prime-grade office building, Prestige Tech Platina, on Bengaluru’s Outer Ring Road, considered one of the prime office markets.

The property covers an area of 246,935 square feet and will be fully leased to a US-based tech firm for nine years. The scheme offers an attractive projected distribution yield of 9 per cent.

Real Estate Investment Trusts, or REITs for short, is an extraordinary investment vehicle in real estate, providing exposure to India’s property market capitalization. This allows individuals who invest in REITs to gain a share in high-income real estate projects, including commercial properties. REITs provide them with the ability to collect regular returns in the form of passive income.