FY25 Closing Trade Audit: Budget 2025 Capital Gains, REITs & The FY26 Allocation Map
A year-end audit of every trade the wealth-corridor made through FY24-25 — Budget 2025 reshaping LTCG, REIT pass-through, plotted vs apartment, and the allocation map for FY26.
Key findings
- Plotted SPR/Sohna delivered 18-27% IRR through FY25
- Budget 2025 retained 12.5% LTCG and clarified REIT pass-through
- Grade-A leased commercial outperformed under-construction apartments by 11 pp
- REIT post-tax yield compressed to 6.2-6.8% as inventory expanded
- Single-developer concentration above 35% added 220 bps of unrewarded risk
Comprehensive year-end audit and FY26 allocation map for HNI and NRI portfolios.
EstateVeda Verdict
FY25 belonged to the disciplined. Close the year with a written trade audit, re-balance toward ≤40% under-construction exposure, and let plotted + Grade-A leased anchor the FY26 book.