July 26, 2021 BSE Ltd. Corporate Relationship Department ...

BROOKPROP MANAGEMENT SERVICES PRIVATE LIMITED (Formerly known as BPG India Private Limited) Registered Office and Correspondence Address: Unit 1, 4th Floor, Godrej BKC, Bandra Kurla Complex, Mumbai 400 051

T: +91 22 66000700 CIN: U74999MH2018FTC306865 E-mail: [email protected]; [email protected]

July 26, 2021 BSE Ltd. Corporate Relationship Department, 1st Floor, New Trading Ring, Rotunda Building, P J Towers, Dalal Street, Fort, Mumbai – 400 001 [email protected] SCRIP CODE: 543261 SCRIP ID: BIRET

National Stock Exchange of India Ltd. Exchange Plaza, 5th Floor, Plot no. C/1, G Block Bandra-Kurla Complex, Bandra(E), Mumbai-400051 [email protected] SYMBOL: BIRET

Subject: Submission of the 1st Annual Report of Brookfield India Real Estate

Trust (“Brookfield India REIT”) along with the Notice of 1st Annual Meeting of unitholders of Brookfield India REIT for the financial year ended March 31, 2021.

Dear Sir/Ma’am, Pursuant to Regulations 22 and 23 of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 read with applicable circulars, please find enclosed the annual report of Brookfield India Real Estate Trust (“Brookfield India REIT”) along with the notice of the first annual meeting of the unitholders of Brookfield India REIT for the financial year ended March 31, 2021, to be held on Wednesday, August 18, 2021 at 2:00 PM IST through video conferencing / other audio-visual means. The annual report and the notice of the Annual Meeting are also available on our website at https://www.brookfieldindiareit.in.

You are requested to take the above information on record. Thanking You. Yours Faithfully, For Brookprop Management Services Private Limited (as a manager of Brookfield India Real Estate Trust)

(Ruhi Goswami) Compliance Officer CC: Axis Trustee Services Limited Axis House, Bombay Dyeing Mills Compound Pandurang Budhkar Marg, Worli Mumbai 400 025, Maharashtra, India

mailto:[email protected]



https://www.brookfieldindiareit.in/

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Brookfield India Real Estate Trust

India Real Estate TrustIndia Real Estate Trust

ANNUAL REPORT 2020-21

Home tothe Economy

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14.0 M sfLEASABLE AREA

10.3 M sfCOMPLETED AREA

0.1 M sfUNDER CONSTRUCTION

3.7 M sfFUTURE DEVELOPMENT

POTENTIAL

87%COMMITTED OCCUPANCY

118TENANTS

OUR PORTFOLIO

Kensington, Powai, Mumbai

Candor TechSpace N1, Noida

Candor TechSpace G2, Gurugram

Candor TechSpace K1, Kolkata

32

40

36

44

Contents

01 INTRODUC TION TO THE THEME

02 WHO WE ARE 04 BrookfieldIndiaREITataglance

06 Chairman'sMessage

08 CEO'sMessage

10 OurStrengths

12 OurSponsor

14 OurStructure

16 IndustryOverview

24 OurPortfolio

28 OurTenants

30 SHOWC A SING OUR PROPERTIES32 Kensington,Powai,Mumbai

36 CandorTechSpaceG2,Gurugram

40 CandorTechSpaceN1,Noida

44 CandorTechSpaceK1,Kolkata

48 IdentifiedAssets

50 HOW WE PERFORMED52 OperationalandFinancialHighlights

54 COVID-19ResponseandBusinessContinuity

58 HOW WE CRE ATE VALUE60 OperatingContext

62 Strategy

63 InvestmentThesis

64 InvestorRelationsUpdate

66 HOW WE INTEGR ATE ESG70 Environment

76 Social

86 Governance

88 BoardofDirectors

90 LeadershipTeam

92 AWARDS AND ACCOL ADES

94 MANAGEMENT DISCUSSION AND ANALYSIS

116 S TATUTORY DISCLOSURE 116 CorporateGovernanceReport

137 StandaloneFinancialStatements

166 ConsolidatedFinancialStatements

213 SummaryofValuationReport

236 NoticeofmeetingofUnitholders

247 Disclaimer

249 Glossary

KEY HIGHLIGHTS

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Home to the Economy

CandorTechSpaceG2,Gurugram

India has emerged as an attractive destination for leading multinational corporates looking to leverage the young, highly-skilled and competitive talent pool. Today, India is not just a powerhouse economy, but also the ‘address’ for organizations choosing to set up their regional bases.

With digital transformations becoming a ‘must have’ strategy to adapt to the new normal, technology companies will look to expand at an accelerated pace requiring more conducive and scalable commercial space. This shift will further translate to increase in office absorption and create compelling opportunities across the commercial real estate market in India.

Brookfield India Real Estate Investment Trust's unmatched, campus-style amenitized assets are the address for many essential, prominent and innovative organizations. Our long-standing expertise in asset management, robust value proposition and strong fundamentals have allowed us to remain a partner of choice for many organizations and stakeholders. Our recent successful initial public offering is a testament to this.

As India’s only 100% institutionally managed real estate investment trust, we are bringing our credibility and capital to serve the real estate sector in India. We will continue our growth story by creating value for our tenants, unitholders, employees and partners as we embark on the journey to become a home to India’s booming economy.

2 3ANNUAL REPORT 2020-21 Brookfield India Real Estate Trust

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In this section04 BrookfieldIndiaREITataGlance

06 Chairman'sMessage

08 CEO'sMessage

10 OurStrengths

12 OurSponsor

14 OurStructure

16 IndustryOverview

24 OurPortfolio

28 OurTenants

WhoWe Are


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Transformative Spaces that Inspire Excellence

Brookfield India REIT is India's only 100% institutionally managed real estate investment trust. We are sponsored by an affiliate of Brookfield Asset Management Inc., one of the world’s largest alternative asset managers with a footprint spanning 30 countries, 1,50,000 operating employees and approximately $600 billion assets under management. We intend to own diverse and high-quality commercial estate assets in strategic market locations across India. We further plan to leverage the demand for commercial real estate, through ownership of integrated office campuses that offer world-class amenities and provide a growth-centric environment for multinational corporates and technology companies.

Units of Brookfield India REIT were listed on both NSE and BSE on February 16, 2021.

AT A GL ANCECONSOLIDATED PORTFOLIO HIGHLIGHTS

18%LTV

R114,808M TOTAL VALUE OF THE PORTFOLIO

4GATEWAY CITIES

R65 per sfIN-PLACE RENT PER MONTH

R317UNIT NAV

31%MARK TO MARKET

POTENTIAL

93% VALUE FROM

COMPLETED ASSETS

6.5WALE (YEARS)

CandorTechSpaceK1,Kolkata


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Dear Unitholders,During FY2021, we witnessed a period of unimaginable disruption brought about by the impact of the coronavirus pandemic. Our collective resilience as individuals as well as businesses has been put to test. I am grateful to have seen the level of commitment that our teams showcased to ensure business continuity for us and for our tenants and I am proud that our business and its performance has proven its mettle. We are confident about moving past this crisis with an optimistic outlook for the future.

Thepandemichasevidentlyacceleratedthepaceofdigitaltransformationataglobalstage,withtechnologyservices–thesectorthatourpropertieshouse,predominantly – beingattheforefront.Indiacontinuestobeatopdestinationformultinationalcorporationsinthissector,pushingthemtoexpandtheirworkforcewhilealsorecognizingtheadvantagesofgrowingtheirpresenceinthecountry.Backedbyourworld-classplacemakingcapabilities,thesocialinfrastructureweprovidetoourtenantsisunparalleledandhighlyvalued.

RE AFFIRMING THE FUTURE OF OFFICE Weviewthedependenceofremoteworkinginapandemic-strickenworldasashort-termnecessity,albeitanaberrationindemandforphysicalworkplaces.Ouropinionisbasedontherealitythatsuccessful

organizationsandtheirworkersregardin-personengagementasacriticalcomponentofaligningwithcorporatecultureandgoals.Remoteworkisthusasupplementandnotapermanentsubstitutetotheneedforhumaninteractionsindrivinginnovationandexcellence.Morethanbefore,successfulcompanieshaverealizedthevalueofandhavespokeninsupportof,howqualityworkspacesactasakeyingredientincreatingwinningteams.

Globally,officeshavealreadystartedrecordingincreaseinattendances,aslargepartsofthepopulationhavebeenvaccinatedandasafeenvironmenthasbeenestablished.Fromapost-pandemicstandpoint,theofficedensificationtrendofthepastyearscouldseeareversal,withmorespaciousofficelayoutsbecominganecessitytoimplementsocialdistancingandcatertosocialdistancingguidelines

andhealthrequirements.Institutionalrealestateownerslikeuswillstandtobenefitfromtheattentiontothequalityofspacesandfocusonservicesandsafetythatwehavealwaysprovidedbutisnowattentivelyrecognizedbyourtenants.

DERIVING BENEFITS OF INS TITUTIONAL ALIGNMENT BeingIndia’sonlyinstitutionallymanagedREIT,weareleveragingBrookfield’sproventrackrecordinmanagingsuchvehiclesgloballythrougheconomiccyclesoverthepastseveraldecades.Ourstrategyofhaving93%ofourvalueinoperatingpropertieswithlimitedleasingriskisplayingoutwell,whileourlowleverageadequatelypositionsustoexecuteourorganicandinorganicgrowthplans.ThesuccessfullistinginFebruary2021alsoreflectinvestors’confidenceinourbusinessmodelandgrowthprospectsasobservedinthehighdemandthattheIPOreceived.Ouron-campusdevelopmentprojectsremainlargelyontrackandourrobustpipelineof15millionsquarefeetcouldpotentiallydoubleourleasablearea,inlinewithourstrategyofowninghigh-qualityrealestateinIndia’sleadinggatewaycities.

LOOKING AHE ADBrookfieldIndiaREITiscommittedtoprovidingassistanceduringtheseturbulenttimestoouremployees,tenantsandthelargercommunitiesin

whichweoperate.Wehavesuccessfullyengagedwithlocaladministrationandgovernmentbodiestosupportongoingreliefandvaccinationefforts.Wehavefurtherextendedfundingsupporttostrengthenthehealthcareinfrastructureanddeploycriticalmedicalhelpacrossthecountry.

Webelievethatthegovernment'sthrustonvaccinationwillequipustoovercomethepandemicsoonandputIndiabackonanacceleratedtrajectory,withthetechnologysectorcontinuingtopowerthenextlegofthegrowthstory.Wearewellpositionedtoproviderenownedspacestohouseournation’seconomicgrowthengineswithourinstitutionalqualitypropertiesandmanagement.

Itakethisopportunitytothankallourstakeholdersfortheircontinuedsupport,aswegearupforapost-pandemicrecovery.Iexpressmygratitudetoourpeopleaswellaspartnersfortheirdedicationandcommitmenttowardsensuringourbusinesscontinuityandthatofourtenants.Irequestyoutogothroughourfirstannualreportpostlistingindetailtohaveamorecomprehensiveviewaboutourperformanceandpotential.

Sincerely,

Ankur GuptaChairman,BoardofDirectorsManagerofBrookfieldIndiaREIT

Housing India’s Service Economy

CHAIRMAN'S MESSAGE



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Dear Unitholders,It gives me immense pleasure to share with you our first annual report , which highlights the resilience of our business in the face of unprecedented challenges. Our strong relationship with our tenants and the value proposition of our properties enabled us to keep our Portfolio stable and strong through these challenging times.

Wekeptourproperties100%operationalduringthelockdownandalsobecamethefirstofficeportfolioinIndiatoreceivetheBureauVeritassafeguardcertification,whichisatestamenttoourcommitmenttothehealthandwell-beingofouremployees,tenantsandthelargerecosysteminwhichweoperate.Wehavepartneredwithleadinghealthcareserviceprovidersandlocalgovernmentauthorities,toinitiatevaccinationcampstoenablesaferreturntoworkplace.

DELIVERING ALL-ROUND PERFORMANCE AMID OPER ATIONAL CHALLENGES Despiteapandemic-inducedchallengingoperatingenvironment,weexitedFY2021witha91%SameStoreCommittedOccupancywith93%ofourvalueincompletedassets.Ourrentalcollectionscameinabove99%includinga9%escalationon3.7millionsquarefeetofleasedarea.Wealsoretained1.7millionsquarefeetofarea,takingouroveralltenantretentionratetoalmost80%.Operatingleaserentalsgrewto`6.1billion,whileNOIremained

flatat`6.5billion,despitelowerCAMmarginsduetolimitedactivityatourcampuses.Meanwhile,despitelaborshortages,wemanagedtodeliver4.8lakhofnewareainCandorTechSpaceN1andutilizedthedowntimetodoassetupgradesacrosscampuses.Ourbalancesheetremainsstrongwithlowleverage,whichprovidessufficientheadroomtoraisecapitalforgrowthifrequired.

S TRONG POS T-PANDEMIC RECOVERY IN SIGHT Asvaccinationsrollout,weexpecttenantstoreturntotheofficeastheyhaveinotherpartsoftheworld.Althoughacertainpercentageoftheworkforcemayworkfromhomeonamorepermanentbasis,wedonotseethehybridmodelhavinganysignificantimpactonourbusiness.Withthetechnologyservicesindustryreportingincreasedrevenuesandheadcount,weareconfidentaboutbeingadirectbeneficiaryofthepost-pandemicrecovery,giventhepredominantpresenceoftechnologycompaniesinourtenantbase.

Infact,demandforhigh-qualityofficespaceislikelytoincrease,withlimitedsupplyvisibility.Ourcampuseshavethebest-in-classhealthandsafetystandardsinplace,whichalongwithourplacemakingcapabilitiesandincampusexperiencesarelikelytoattractexistingandprospectivetenants.Withfuturedevelopmentpotential,ourcampusesarealsowellplacedtohousethegrowthofourtenants,liketheyhavedoneoverthepastmanyyears.

HE ALTH, SAFET Y AND SUS TAINABILIT Y GAIN CENTER S TAGE AtBrookfieldIndiaREIT,sustainabilityisembeddedinouroperatingmodel.Westrivetomitigatetheimpactofouroperationsontheenvironment,ensurethewellbeingandsafetyofemployeesandtenants,demonstratethehigheststandardsinethicalbusinessconductandmakeameaningfuldifferencetothelivesofcommunitieswetouch.Wearealsodeployingnextgenerationtechnologiessuchasartificialintelligencetomakeourcampusessafer,includingcontactlessaccesstopremisesandelevators,whileensuringseamlesscommunicationwithourstakeholdersandimprovingoperationalefficiency.Wehavealsosetannualtargetsforreducingenergyandwaterconsumption.

AsamemberofValuable500,wehavepledgedtoensureinclusivity.Wehaveundertakenseveralinitiativesincludinginfrastructureupgradessuchasramps,tactileflooring,staircases,amongothers,tomakeourcampusesuniversallyaccessible.Wealsohosted‘IndiaInc–The

Valuable500’incollaborationwithCII-IndiaBusinessDisabilityNetwork(IBDN)andEnableIndiatocreateawarenessaboutmakingspeciallyabledinclusionaboardroomagenda.

LOOKING AHE ADDuringthefirstquarterof2021,tenantsgraduallystartedreturningtoofficeanddiscussionsonnewspacetake-upgatheredmomentum,whichalsoprovidedusinsightsintoourtenants’industryoutlookandofficeleasingtrendsforFY2022.However,thesecondwaveofCOVID-19pushedbacktherecoveryinofficedemandbyatleastfourtosixmonths.WhilethiscouldpartiallyimpactourrenewalsandincreaseleaseexpiriesinFY2022,thisislikelytobeashort-termmanageableimpactanddoesnotaffectourlong-termfundamentals.

Iconcludebyexpressingmysincerestgratitudetoallourstakeholdersfortheirunwaveringsupportinourexcitinggrowthjourney.WelookforwardtosettingnewbenchmarksinIndia’sREITspace,inalignmentwiththenation’sacceleratedrecoverygoingforward.

Sincerely,

Alok AggarwalCEOManagerofBrookfieldIndiaRealEstateTrust

CEO ’S MESSAGE

Direct Beneficiary of Post-pandemic Recovery

COVID-19PreventiveMeasures


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What Sets Us Apart

OUR STRENGTHS

KE Y GATEWAY CITIES WITH HIGH BARRIER S TO ENTRY OurofficeparksareamongthehighestqualityofficeparksinIndia,distinguishedbytheirsizeandscale.TheyarelocatedinthekeygatewaymarketsofMumbai,Gurugram,NoidaandKolkatawitheasyaccesstomasstransportation,highbarriersofentryfornewsupply,limitedvacancyandrobusthistoricalrentalgrowthrates.

SIGNIFIC ANT IDENTIFIED INTERNAL AND E X TERNAL GROW TH OPPORTUNITIES Thevalueofourrealestateassetswillhavetwosourcesofgrowth.Thefirstisexpectedthroughopportunitiestoincreasenetoperatingincomefromourportfolioandthesecondthroughtheacquisitionofadditionalproperties.Asaresultofcontractualescalationprovisionsinalmostallourleases,marktomarketofin-placerentsaslong-termleasesexpire,lease-upofrecentlycompletedconstructionandnear-termdevelopment,wehaveastrongfoundationfororganiccashflowgrowth.Ourconservativeandprudentcapitalstructurewillenableustodriveadditionalgrowththroughvalue-accretiveacquisitions.

Our campus-style office parks offer world-class amenities at competitive rental rates. These properties are situated in dynamic micro markets in major cities and enjoy robust connectivity through roads, metros and highways. As part of our integral growth strategy, we aim to upgrade our existing properties through sustainable investment, thereby enhancing the experience and value of our assets.

PL ACEMAKING C APABILITIES Placemakingisingrainedinourdesign,developmentandoperatingphilosophy,enablingustoprovideourtenantswithaunique‘service-basedexperience’.Thesizeandscaleofourfullyintegratedofficeparksallowustodeliveranall-encompassingworkspaceecosystemtoourtenantswithmoderninfrastructureandamenities,includingday-carefacilities,premiumF&Boutlets,convenienceshoppingkiosks,shuttleservices,multi-cuisinefoodcourtsandsportsandfitnessfacilities.

DIVER SIFIED BLUE CHIP TENANT ROS TER AND C A SH FLOW S TABILIT Y Ourofficeparksare‘business-critical’toourtenantsandtheiremployees.Inadditiontoadiversifiedbaseofmarqueetenants,ourPortfoliohasastable,long-termtenancyprofilewithstaggeredexpirationsandaweightedaverageleaseexpiryof6.5years,providingsignificantcashflowstabilitytoourbusiness.

E XPERIENCED SENIOR MANAGEMENT TE AM TheManager’steamhasdeepdomainknowledgeandexperienceinmanagingpropertiesandhasdemonstratedarobusttrackrecordindeliveringvalue.

CandorTechSpaceN1,Noida


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The sponsor of Brookfield India REIT is BSREP India Office Holdings V Pte. Ltd which is an affiliate of Brookfield Asset Management Inc., the flagship entity of the Brookfield Group with a 120-year legacy in managing a broad portfolio of assets across real estate, infrastructure, renewable power, private equity and credit strategies. It has a rich history of investing in premium quality assets that provide long-term value.

Benefiting from Global Sponsorship

OUR SPONSOR

$20BASSETS UNDER MANAGEMENT

$6.8BREAL ESTATE

$10.6BINFRASTRUCTURE

$0.6BRENEWABLE POWER

$2.1BPRIVATE EQUITY

Our Sponsor's India FootprintAdecade-longpresenceinthecountryhasprovidedBrookfieldwithassetexpertise,comprehensivedomesticexperienceandtheabilitytoidentifypotentialgrowthopportunitiesintheIndianmarket.

$600BASSETS UNDER MANAGEMENT

$70BMARKET CAPITALIZATION

30 COUNTRIES

150,000+ EMPLOYEES

$210BREAL ESTATE ASSETS UNDER

MANAGEMENT GLOBALLY

500 M sfAREA ACROSS MULTIPLE REAL

ESTATE ASSET CLASSES

KE Y HIGHLIGHTS OF THE SPONSOR GROUP

BrookfieldPlace,200LibertyStreet,NewYork

BROOKFIELD ASSET MANAGEMENT INC. IS LISTED ON

The New York Stock ExchangeAND

Toronto Stock Exchange


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OUR STRUC TURE

Designed to Support Value-accretive Growth


BROOKFIELD INDIA REIT STRUC TURE

TRUS TEEAxisTrusteeServices

Limited

TRUS TBrookfieldIndiaReal

EstateTrust

MANAGERBrookpropManagementServicesPrivateLimited

Regulat ion 18(5)Regulat ion18(4)

Asset nameCandor

TechSpaceN1,Noida

Asset nameCandor

TechSpaceK1,Kolkata

Asset nameCandor

TechSpaceG2,Gurugram

Asset nameKensington,

Powai,Mumbai

A SSET SPVFestusProperties PrivateLimited

OPER ATIONAL SERVICES PROVIDER

CandorIndiaOffice ParksPrivateLimited

A SSET SPVShantiniketan

PropertiesPrivate Limited

A SSET SPVCandorKolkataOne HiTechStructures PrivateLimited

100% 100% 100% 100%


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Revenuein$B

2010

78

2.3 3.9 4.5

2017

154

2021

194

2025E

350

# Employees

Industry Landscape of Our Tenants1

INDUSTRY OVERVIEW

TECHNOLOGY SEC TOR TO LE AD POS T-PANDEMIC RE VIVALThepandemicresultedinastructuralshifttowardsadigitaleconomywhichacceleratedgrowinginvestmentsinITinfrastructureandtechnology-ledtransformation.Thesectorcontinuestohavearobustpipelineofprojects,resultinginexpansionintheworkforcecausingademandformoreworkspace.

R APID DIGITAL TR ANSFORMATIONTheworldisinthemidstofadigitalrevolutionthathasbeenacceleratedduringthepandemic.

� Technologyadoptionisbeingledbycloudcomputing,artificialintelligence/machinelearningandcybersecurity;demandforcloud-basedcollaborationtools,managementsolutionsandonlinestreamingplatformsareontherise.

� FuturegrowthtobedrivenbyITservices(cloudservices,ITconsultancy,BPMhyperautomation,5Ds–design-led,domain,distributedworkforce,dataanddigitalandbusinessdevelopmentoperations)andsoftwareproducts(dataanalytics,collaborativesoftware,cybersecurity,databaseaccessmanagement).

� InFY2021,morethan2,80,000digitallycapabletalentwereaddedtotheworkforceinIndia.

AVAIL ABILIT Y OF AFFORDABLE WORLD - CL A SS OFFICE SPACESLowrentalsareoneofthemajorattractionsforglobalcompaniessettingupofficesinIndia.

� GradeArealestatepropertiesareavailableatattractiverates,between$0.6persfand$1.8persf amonth.

ABUNDANCE OF HUMAN C APITAL AT COS T ARBITR AGE Indiahasalargeworking-agepopulationwithasignificantproportionofskilled,englishspeakingtalentpool.

� Morethan2millionScience,Technology,EngineeringandMathematics(STEM)graduateseveryyear.

� Secondlargestenglishspeakingpopulationintheworld.

� FourtimesemployeecostarbitrageascomparedwithUSTier-IImarkets.

KEY DRIVERS

PROLIFER ATION OF GLOBAL C APABILIT Y CENTER S (GCCs)Overthepasttwodecades,IndiahasemergedasanattractivedestinationformultinationalcorporateslookingtoestablishGCCs.

� 45%ofglobalGCCsaresituatedinIndia,includingmanyR&DcenterscateringtoITandbankingfinancialservicessectors,amongothers.

� InFY2020,therewere1,400GCCsinIndiawithaworkforceofclosetoamillion.

� Growthofthesecentershasacceleratedinthepast5-6years,onthebackofcostefficiency,innovationanddeliveryexcellence.

� Asdigitalgetsfurthertractionwithcloudcomputing,artificialintelligence/machinelearning,dataanalyticsandautomation,GCCsareexpectedtoremainthedrivingforce.

Key Trends in Top Indian Office Space Markets

India's IT BPM Industry Trends

2015

13.4%

29.47

32.9

2016

11.9%

29.28

31.8

2017

12.0%

27.98

23.3

2018

11.7%

28.99

27.4

2019

10.5%

41.50

42.1

2020

13.3%

34.04

15.9

2021E

14.2%

37.53

26.9

2022E

14.4%

40.51

34.0

2023E

13.8%

42.03

39.6

Q12021

14.2%

8.7

3.1

Supply NetAbsorption Vacancy(%)

Supply, Net Absorption and Vacancy – 7 cities

1FinalIndustryReportofCushman&WakefieldIndiaPvtLimitedforMarch31,2021



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INDUSTRY OVERVIEW CONTD.

Althoughourmicro-marketsaccountfor11%ofIndia'sofficestock,theyarepredictedtocontributeonly6%toofficespacesupplyoverthenextthreeyears.

DespitedemandrecoveryweakeningtoacertainextentduetothesecondCOVID-19waveinIndia,webelieveabsorptionwillincreasewiththerampupinvaccinationdrives.

IMPAC T OF COVID -19 IN THE SHORT, MEDIUM AND LONG -TERMUncertaintyindemandforlargerspacesisadirectconsequenceofthepandemicandislikelytoremaintillFY2022.Near-termconsolidationofofficespacesintoasinglepropertywillgetdeferredandislikelytogainmomentuminthemedium-term.Further,theincreasedfocusonhealthandsafetyisalsolikelytodrive-updemandforqualityofficespace,withapreferenceforinstitutionallymanagedproperties.

Net Absorption REIT Markets (M sf)India office - stock (March 31, 2021) total = 528 M sf

India office - next year supply total = 89 M sf

REITMarket

DirectMicroMarket

OtherMicroMarket

NonREITMarket

REITMarket

DirectMicroMarket

OtherMicroMarket

NonREITMarket

Medium-termrecovery

2017 2018 2019 2020 2021 2022 2023

7 7 15 2 7 9 12

36% 35%

11% 6%

26% 30%

64% 65%


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Overview of Key Markets


GURUGR AM NORTH

CandorTechSpaceG2,Gurugramisthelargestmicro-marketinNorthofGurugram.ThemarkethasseenarentalCAGRof4.90%between2015andthefirstquarterof2021,withtechnologyandprofessionalservicecompaniesbeingthebiggestabsorbersofofficespace.Inaddition,vacancyisexpectedtogodownfrom10%to9%between2021and2023,asthereisalimitedsupplyofofficespace.

Note:StockasofQ12021:25.2Msf

Supply, Absorption and Vacancy Analysis

10.7%

1.65

0.44

2016

8.8%

0.41

2017

7.7%

0.10 0.32

2018

5.2%0.58

2019

6.3%

3.06

2.63

2020

9.9%

0.39

(0.55)

2021E

10.5%

0.30

0.13

2022E

12.4%

1.38

0.71

2023E

9.01%

0.92

Q12021

10.0%

(0.03)


2015

NOIDA SEC TOR 62

CandorTechSpaceN1,NoidaisoneofthepremiumITparkslocatedinthemicromarketaroundSector62,Noida.Duetosignificantabsorptionin2020,officespacewillbeinlimitedsupplyandvacancywilllikelyreducefrom12%to7%by2023.




18.7%

0.31

2016

9.4%

0.53

2017

8.0%

0.33

0.39

2018

8.9%

0.34

0.25

2019

7.7%

0.07

2020

11.7%

0.48

0.17

2021E

10.5%

0.08

2022E

9.0%

0.11

2023E

7.4%

0.11

Q12021

12.4%

(0.05)

2015

47%OF GURUGRAM MARKET’S

CONSOLIDATED STOCK IS MADE UP BY GURUGRAM NORTH

CandorTechSpaceG2,Gurugram CandorTechSpaceN1,Noida


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MUMBAI (ANDHERI AND POWAI)

4.7 M sfGRADE A OFFICE SPACE OWNED

BY BROOKFIELD IN THE MICRO MARKET

Kensington,Powai,MumbaiislocatedintheAndheriandPowaimicromarketwhichhasbeenwitnessingrobustdemandfromGCCsandprofessionalservicescompanies.Vacancylevelsincreasedfrom14%in2019to16%in2020becauseoftheCOVID-19impact.Duetomodestsupplyadditionsintermsofofficespace,wepredictvacanciestofallto13%by2023.



12.84%

0.58

2016

12.86%

0.82

0.71

2017

14.02%

0.81

0.50

2018

15.76%

1.34

0.82

2019

13.85%

0.93

1.17

2020

16.31%

0.47

(0.11)

2021E

15.10%

0.25

2022E

15.54%

0.70

0.50

2023E

13.20%

0.50

Q12021

16.52%

(0.04)


2015

COMPAR ATIVE SEC TOR AL ABSORPTION ANALYSIS FOR MICROMARKETS

Gurugram North, Gurugram Andheri and Powai, MumbaiSector 62, Noida Rajarhat, Kolkata

(2015-Q12021:18.00Msf) (2015-Q12021:8.01Msf)(2015-Q12021:4.46Msf) (2015-Q12021:2.27Msf)

Technology 21

Banking,FinancialServices,Insurance

14

Professionalservices 21

Engineering&Manufacturing

12

Healthcare&Pharmaceutical

4

Media&Telecom 5

Ecommerce 6

Others 17

Technology 13.03


23.17

ProfessionalServices 6.43


12.12


5.14

Media&Telecom 5.39

Ecommerce 1.18

Others 33.53

Technology 43


7

Professionalservices 9


23


2

Media&Telecom 3

Ecommerce 6

Others 6

Technology 76

ProfessionalServices 1


15


1

Media&Telecom 2

Ecommerce 2

Others 3

KOLK ATA , R A JARHAT

40%OF KOLKATA MARKET’S

CONSOLIDATED STOCK IS MADE UP OF RAJARHAT

MICRO MARKET

CandorTechSpaceK1,KolkataissituatedinRajarhat,Kolkata.It’sthemostsought-aftermicromarketinthecitywithavacancyof19%comparedto29%fortheentireKolkatamarket.Whilerentalsareexpectedtoremainsteady,vacancyisexpectedtoimprove,withthecompletionofnewinfrastructure.

Supply, Absorption and Vacancy

2015

17.2%

0.19

2016

11.1%

0.43

2017

23.8%

1.47

0.24

2018

22.9%

0.07

2019

23.0%

0.53

0.40

2020

19.5%

0.32

2021E

17.3%

0.20

2022E

13.1%

0.38

2023E

8.4%

0.42

Q12021

19.20%

0.03

Supply NetAbsorption Vacancy(%) Note:StockasofQ12021:9.01Msf



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Brookfield India REIT has a robust portfolio of campuses catering to a diverse tenant base. A large segment of our tenant portfolio consists of globally reputed technology companies and service providers that remained largely immune to the COVID-19 crisis and are spearheading growth. Our Portfolio assets are located at strategic locations in key micro markets and provide a wide array of desirable amenities in addition to being easily accessible. Our contemporary architecture, terrace gardens, landscapes and open spaces provide a scenic and holistic experience to tenants and employees. As a result, our campuses have witnessed strong occupancy and leasing growth resulting in a rise in rental incomes.

OUR PORTFOLIO

Creating Value with A World-Class Portfolio


Candor TechSpace G2,

Gurugram

Candor TechSpace N1,

Noida

Candor TechSpace K1,

Kolkata Consolidated REIT

TypeofAsset SEZ SEZ ITPark SEZ&MixedUse

Total Area (acres) 9.0 28.5 19.3 48.4 105.1

MarketValue(`M) 25,492 43,633 20,120 25,563 114,808

LeasableArea(Msf) 1.5 4.0 2.8 5.7 14.0

CompletedArea(Msf) 1.5 3.9 1.9 3.1 10.3

UnderConstruction(Msf) - - 0.1 - 0.1

ProposedDevelopment(Msf) - 0.1 0.9 2.7 3.7

CommittedOccupancy(%) 86% 92% 71% 91% 87%

SameStoreCommittedOccupancy - - 95% - 91%

WALE(YEARS) 2.5 7.0 7.3 7.3 6.5

In-placeRentbasisLCD(`persf) 91.7 79.9 45.8 42.8 65.2

MarketRent(`persf) 136.0 114.0 48.0 41.0 85.1

Marktomarketpotential 48% 43% 5% (4%) 31%

KEY PORTFOLIO DETAILS



Candor TechSpace G2, Gurugram


22%MARKET VALUE

22%MARKET VALUE

38%MARKET VALUE

18%MARKET VALUE


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Year Kensington, Powai, Mumbai


Gurugram


Noida


KolkataConsolidated REIT

2022 0.1 0.7 0.1 0.3 1.1

2023 0.4 0.1 0.0 0.1 0.6

2024 0.7 0.0 0.2 0.0 1.0

2025 0.1 0.2 0.2 0.0 0.6

LEASE MATURIT Y PROFILE – AREA EXPIRING (M s f )ON- C AMPUS DE VELOPMENTSInrecentyears,severalnewtenantshavemovedtoourofficeparksattractedbythevarietyofamenitiesofferedhere.Wearealsofocusedonmitigatingourimpactontheenvironmentandhaveinstalledsolarpanels,LEDlightinganddevelopedwasteandwatermanagementsystems.

OUR PORTFOLIO CONTD.




Wewereabletodeliver481,000sqftofareaintheinthemonthofSeptember2020despitefacingchallengescausedbylabourshortages.Weareontracktodeliverafurther80,000sfamenityblockbythesecondquarterofFY22.

Wehaverevampedthetenantamenitiesatcampuswhichincludeupgradedfoodcourt,banquetfacility,healthclubwithswimmingpoolandgymnasium.

Weareinitiatingplannedupgradesintheproperty,enhancingthecampuswithworld-classamenitiesandbreak-outzones.

Kensington,Powai,Mumbai


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Home to Future-ready Organizations

Our tenants are well positioned to take advantage of the favorable regulations and industry opportunities. Brookfield India REIT is providing these corporates with the requisite spaces to optimize their potential. Our placemaking capabilities and global best practices have attracted marquee tenants across industries.

OUR TENANTS

1181

TENANTS

DIVERSE BASE OF MARQUEE TENANTS

47

39

11

42

PROPERT Y-WISE BREAK-UP OF TENANTS Fortune500 37Other 63

TECHNOLOGY FINANCIAL SERVICES CONSULTING AND OTHER S

MARQUEE TENANT ROSTER

� Cognizant � Sapient � TATAConsultancyServices � Capgemini � Genpact � Wipro � Amdocs

� BankofAmerica � Barclays � E&Y � RBS

� Accenture � Landis+Gyr � PineLabs

AREA LEASED BY TENANT SEC TORS

Trade Sector (%)

Technology 50

FinancialServices 19

Consulting 18

Technologyhardware 3

Healthcare 2

HRServices 1

Others 7

Tenant Tenant Sector

% of GrossContracted

Rentals% of Area

Leased

Accenture Consulting 19% 18%TATAConsultancyServices Technology 17% 17%Cognizant Technology 10% 14%Sapient Technology 7% 6%RBS FinancialServices 6% 5%BankofAmericaContinuum FinancialServices 4% 3%E&Y FinancialServices 3% 2%Barclays FinancialServices 3% 4%Amdocs Technology 3% 2%Wipro HRServicesandTechnology 2% 1%

Total 74% 73%

TOP 10 TENANTS BY GROSS CONTR AC TED RENTALS

Fortune 500 (%)

Kensington, Powai, Mumbai Candor TechSpace G2, Gurugram

Candor TechSpace N1, Noida Candor TechSpace K1, Kolkata

1Tenantsofthesamegrouphavebeenclubbed,sometenantsareinmultiplelocations.


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In this section32 Kensington,Powai,Mumbai


40 CandorTechSpaceN1,Noida


48 IdentifiedAssets

ShowcasingOur Properties


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Kensington,Powai, MumbaiKensington, Powai, Mumbai is a Grade A, SEZ office complex situated at the heart of Powai in the modern township of Hiranandani Gardens. The office park is surrounded by residential towers, office parks, hospitals, schools and high-street retail, rendering it as an attractive prospect for tenants and their employees alike. Proximity to upcoming metro stations, residential areas and major roads allows for greater accessibility. Planned amenities and development initiatives are underway to further enhance the value proposition of the property. These include, a multi-sports arena, new lobbies, lounges and bus bay parking. Additionally, the office space will be covered with green spaces and podium landscapes, augmenting the communal experience of the complex.

33Brookfield India Real Estate Trust32

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OUR PROPERTIES

1COMPLETED BUILDING

11TENANTS

2.5WALE (YEARS)

PROPERT Y HIGHLIGHTS


1.3 M sfAREA LEASED

R25,492MMARKET VALUE

Bureau Veritas Safeguard CertificationAWARDS & CERTIFICATION


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Kensington,Powai, Mumbai

OUR PROPERTIES CONTD.

Technology 83%FinancialServices 8%Others 9%

TENANC Y PROFILE (%)

L ARGES T TENANTS BY GROSS CONTR AC TED RENTALS

TATA Consultancy Services Wipro

Cognizant GE Oil & Gas CRISIL

AMENITIES AND UPCOMING DE VELOPMENTS

� Multi-sportareas

� Upgradedseatinglounges

� Upgradedlobbieswithturnstiles

� Busbayparking

� Upgradedsit-outareasatthepodium

� Recreationalareas


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Candor TechSpace G2, GurugramCandor TechSpace G2, Gurugram is a dynamic office space, fitted with a host of coveted amenities and world-class architecture. The office park is situated in Sector 21, Gurugram, which is the North micro market and the central business district of Gurugram. The office park offers a sea of green amid concrete and glass with vertical landscape gardens and a pleasant green belt. Outdoor cafes, shaded cabanas, patterned pavements and covered walkway porches add to the appeal of the aesthetic. At the same time, occupiers have access to robust amenities to meet their requirements.

Brookfield India Real Estate Trust36 37

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13COMPLETED BUILDING

47TENANTS

7.0WALE (YEARS)


3.6 M sfAREA LEASED


Indian Green Building Council Platinum RatingRealty Plus Excellence Award

Most Environment Friendly Commercial SpaceBritish Safety Council 5 Star Rated

AWARDS & CERTIFICATIONS



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Consulting 36%FinancialServices 31%Technology 25%Healthcare 3%Others 5%

Candor TechSpace G2,Gurugram

Accenture Sapient Amdocs

Bank of AmericaRBS




� Daycarecenter

� Convenienceandretailstores

� Gymnasiumandhealthclub

� Foodcourtandcafeterias

� Medicalfacilitiesincludingpharmacyandambulance

� Shuttletransportandconciergeservices

� Terracegardenswithlandscapedpublicareas

� Indoorandoutdoorsportsareas



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Candor TechSpace N1, Noida is not only one of the largest but one of the few high-quality Grade A IT parks in the Noida, Sector 62 micro market area. The campus enjoys robust connectivity with the rest of the National Capital Region. It offers a holistic experience for its tenants with a wide array of superior amenities including an amenity block, a food court, convenience and retail stores, access to a day care center, unisex salon, a pharmacy, banks and ATMs and fire safety facilities.



6COMPLETED BUILDINGS

39TENANTS

7.3WALE (YEARS)


1.3 M sfAREA LEASED

BEE 5 Star RatingBureau Veritas Safeguard Certification

ISO 9001:2015 ISO 14001:2015ISO 45001:2018 Certification

AWARDS & CERTIFICATION



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Candor TechSpace N1,Noida



� Daycarecenter

� BanksandATMs

� Pharmacyandsalon

� AnewamenityblockisexpectedtobefinishedbySeptember2021

� Retailoutletsandcafeterias/foodcourtswithdiningarea

CURRENT PROGRESS POS T COMPLETION (RENDERING)


Technology 11%FinancialServices 32%E-commerce 16%TechnologyHardware

20%

Others 21%

Barclays Amazon Amdocs

Landis + Gyr

UK based analytics firm

Pine Labs




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Candor TechSpace K1, KolkataCandor TechSpace K1, Kolkata is a prominent office SEZ and the largest campus style office development in eastern India. An outstanding Grade A office park located in the New Town precinct of the Rajarhat micro market provides its tenants with world-class facilities at competitive rental rates. Amenities include 24/7 provision of food and beverages, green areas, landscaped gardens, shaded walkways and recreational areas.



12COMPLETED BUILDINGS

42TENANTS

7.3WALE (YEARS)


2.8 M sfAREA LEASED

BEE 4 Star RatingIndian Green Building Council Gold Rating

ISO 9001:2015 ISO 14001:2015 ISO 45001:2018 Certification

AWARDS & CERTIFICATION



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Technology 84%Consulting 12%Others 4%

Candor TechSpace K1,Kolkata

Cognizant TATA Consultancy Services

Capgemini GenpactAccenture




� Outdoorsportsfacility


� Medicalfacilitiesincludingapharmacyandwellnesscenter

� Daycarecenter

� Renovationoflobbyareas

� Revampedhealthclubwithaswimmingpool

� Upgradedbanquethall



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Identified Assets OUR PROPERTIES CONTD.

Brookfield India REIT has the exclusive right to acquire the Identified Assets situated in Gurugram and Noida comprising of 8.3 million square feet.

Candor TechSpace G1,Gurugram

Candor TechSpace N2,Noida

3.7 M sfOPERATING AREA

2.7 M sfAREA LEASED

7.9WALE (YEARS)

R70 per sfIN-PLACE RENT

R48BFLOOR ASSET VALUE

R51 per sfIN-PLACE RENT

R38BFLOOR ASSET VALUE


2.5 M sfAREA LEASED

8.3WALE (YEARS)


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In this section52 OperationalandFinancialHighlights

54 COVID-19ResponseandBusinessContinuity

HowWe Performed

52 53Brookfield India Real Estate Trust

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OPER ATIONAL AND FINANCIAL HIGHLIGHTS

Demonstrating Unmatched Stability and Resilience

FINANCIAL METRICS

ASSET VALUE

OPER ATING HIGHLIGHTS FOR F Y2021

KEY R ATIOS

Particulars (L in M) March 31, 2021 March 31, 2020

IncomefromOperatingLeaseRentals(OLR)

6,100 5,954

RevenuefromOperations 8,628 9,567

NetOperatingIncome(NOI) 6,600 6,763

(-)NetincomeinCIOPattributablefromIdentifiedAssets

(52) (206)

ComparableNOI 6,548 6,557

%MarginonOLR 107% 110%

% Increase sinceSeptember 30, 2020

GrossAssetValue(`inB) 115 0.6

NetAssetValue(`perunit) 317 2

NewLeasing(sf) 122,000LeaseRenewals(sf) 551,000LeasedandRenewed(sf) 673,000AverageRe-leasing(%) 17%

NewAreaDelivered(sf) 481,000UpgradeCapexSpent(`M) 400

FY21

NetDebttoGAV(%) 0.17InterestServiceCoverageRatio(%) 2.13

Brookfield India REIT’s inherent business model relies on contractual agreements with trustworthy parties. Despite the adversities posed by the pandemic, our underlying business has remained consistent and Brookfield India REIT’s story remains unchanged. We possess a high-quality portfolio and have leveraged our sponsor group’s global long-standing experience, best-in-class management and keen market insight to provide attractive risk-adjusted returns to the Unitholders.

Gross Leasing During FY21

Development and Capex

Kensington,Powai,Mumbai


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COVID -19 RESPONSE AND BUSINESS CONTINUIT Y

Ensuring the Highest Standards of Safety

Our agile response to the disruptions caused by the pandemic, has helped ensure the smooth continuity of critical operations. Despite the scarcity of labor, we’ve ensured that the developments in our properties are on track.

Wehaveadedicatedtaskforceoverlookingthesafetyofouremployeesandtenants.Simultaneously,weadoptedseveralon-groundinitiativesinvolvingtechnologyintegrationandcreationoftouch-freeinterfacestocurbthespreadofthevirus.Thesafetyofouremployeesandtenantsremainsourforemostpriority,leadingtotheadoptionofseveralmeasuressuchastemperaturechecks,socialdistancing,regularsanitizationandfumigation,healthcheck-ups,signagesandsafetytrainingforthestaff.Giventheunpredictabilityassociatedwiththepandemic,wedrewupasuitableresponsestrategy,coveringthreekeyareasofresponseandcontainment,communicationandpreparedness.

KEY ELEMENTS OF PANDEMIC OPER ATIONAL RESPONSE PL AN

PREPAR ATION RESPONSE AND CONTAINMENT

COMMUNIC ATION PL ANMaintainingroundtheclockactivecommunicationwithallstakeholdersincludingemployees,occupantsandlocal

publichealthauthorities.

Phase 1 – Transmission

� Riskre-assessmentandhealthandsafetyplanreview

� Physicaldrillsanddesktopsimulations

� Deepcleaning

� CriticalStandardOperatingProcedurerefresherTraining

� Detailedplanningforthefollowing:

- Amenities–foodcourt/gymetc.

- Staffing–Assessmentandtraining(Security/Housekeeping/Electrical&Mechanical)

- Equipment

- Inventory–PersonalProtectiveEquipment/Chemicals,amongothersandhazardouswastedisposal

- Medicalresources

Phase 2 – Pandemic declaration

� Activationofrapidresponseteam

� Continuousmonitoringandcalibratedresponse

� Masstemperaturescreening

� Strictenforcementofsocialdistancing

� Healthmonitoringofstaffbytrainedparamedicsdeployed24x7

� Provisionofboardingandlodgingonsiteforcriticalstaff

Phase 3 – Return to operations

� Reconfirmationfromlocalhealthauthorities

� Activationofphasedrampupplanincludingthefollowing:

- Occupantshifttimingsandstaffinglevelsconfirmation

- Trafficflows

- Accesscontrolpoints

- Vendorcommunications

- Updationofhealthandsafetyplan(ifrequired)

ROBUS T RESPONSE AND AC TION

KEY SAFET Y MEASURES

TEMPER ATURE CHECK SAno-contactpolicyisimplementedbydeployinghandheldthermalscannerstoscreenthepeopleenteringthepremisesforhightemperatures.

PROTEC TIVE EQUIPMENT FOR CLE ANING CREWPersonalprotectiveequipment(PPE)suits,masksandglovesareprovidedtothecleaningcrewoperatingonthefrontlinesofthepandemic.

CONTAC TLESS HAND SANITIZER SSanitizerscanbefoundinallcommonareas,includinglobbies,foodcourts,entrances,washrooms,amongothers.

SOCIAL DIS TANCING AND SIGNAGE Werepeatedlyemphasizedonsocialdistancingnormswithcontinuouscommunicationandvisualsignageandguidelinestoensureouremployeesandoccupantsfollowthem.

REGUL AR HE ALTH CHECK-UPSWepartneredwithseveralhospitalstoorganizehealthcampsacrosscampusesforourtenantsonaperiodicbasis.Wearealsoequippedwithanambulancetoprovideimmediatemedicalassistance.Also,allfrontlineemployeesregularlyundergoperiodichealthchecksattheroundtheclockmedicalfacilityoncampus.

SAFET Y TR AINING Trainingisgiventocleaningcrewsandstafftosafeguardthemagainsttheviruswhileadheringtoguidelines.Wearestayingabreastofevolvingguidelines,conductingawarenesssessionsandregularrefreshertrainingsessions.

CLE ANING AND SANITIZING C AMPUS ARE A SAsanitizingschedulehasbeenimplementedtargetingcommontouchsurfaces,suchaselevatorbuttons,doorknobs,staircaserailings,amongothers.

FUMIGATIONWefumigateourcampusesatperiodicintervalstomitigatetheproliferationofthevirus.Areaswesprayincludestaircases,lobbies,foodcourts,basementandterraceamongothers.


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NOTABLE INITIATIVES � ConductingrandomswabtestsofcontactsurfacesusingATPmachinestoestablishtheefficacyofthedisinfectionandcleaningprocess.

� Disposalofbio-medicalwasteforpersonalprotectiveequipmentsthroughsanctionedthirdpartiestopreventcontamination.

� ProvisionofBVQIsafeguardlabelfor3rdpartyassuranceonCOVID-19countermeasures.

COVID -19 RESPONSE AND BUSINESS CONTINUIT Y CONTD.

AIR FILTR ATION MECHANISMWeareupgradingAHU'stoMERV13+filtrationsystemsasperASHRAErecommendationstoprovideclean,filteredairforouroccupants.

TR ANSPARENT DESK GUARD Theseareinstalledatourlobbiesandsecuritydesks.

COVID -19 HELPLINE Toensureimmediateaccessibilitytohealth-careassistanceintimesofemergenciesorCOVID-19relatedsymptoms,weprovidedadedicatedhelplinenumbertoouroccupantswithwhichtheycouldreachouttothehelpdeskforaid.

SMART VEHICLE SANITIZ ATION AISLE Thisisanin-housemeasurethatemploysamotionsensor,controllerandnozzlestoautomaticallysanitizevehicles.

PER SONAL PROTEC TIVE EQUIPMENT VENDING MACHINES Themachinescarrymasks,sanitisers,glovesandhealthfoodstoenhanceaccessibilityofcriticalpersonalprotectionequipmentforourpatrons.

ADOPTING AN INNOVATION-BASED APPROACH

THERMAL IMAGING Wehaveputinplaceaninfraredthermaldetectionsystemtomaptemperaturesfromadistance.

ANTIMICROBIAL SANITISER COATINGWhiletraditionaldisinfectantscancausedamagetotheenvironment,thesanitisercoatingismadeofnaturalingredientswhilestayingeffectiveforayear.

TOUCHLESS ELE VATOR CONTROL Wearepilotingtouchlesscontrolsinelevatorstoreducetheneedtopressbuttonstooperatetheelevator,therebyavoidinganyphysicalcontact.Additionally,occupantshavethebenefitofusingtheirphonestocalltheliftorpickafloor.

ELEC TRONIC RECEIPTS Wehavemovedtowardse-parkingreceiptswherethevehiclenumberisenteredintoaPOSmachineandtheticketandreceiptaresentviaSMS.

DIGITAL LOGBOOK S Toavoidtransmissionviacontactduringshiftchangeovers,microteamsarebeingcreatedequippedwithdigitalappbasedlogbooks&checkliststoensureregularupkeepofourassets.

TR ANSFORMING WELLNESS IN THE WORKPL ACE

COVID -19 VACCINATION DRIVE

PoorairqualityincitieslikeGurugramandNoidaposeathreattothehealthandwell-beingofpeopleandsimultaneouslyaddstotheriskofrespiratorycomplicationscausedbyCOVID-19.WehaveinstalledelectronicairfiltersinourcampusesatCandorTechSpace,toensurethattenantshaveaccesstocleanbreathableair.Betterairqualitynotonlytranslatestoenhancedefficiency,butelectronicaircleanersalsohelpbringdowntheloadonHVACsystemsleadingtocostoptimization.

WeunderstandtheurgencytowintheraceagainsttheCOVID-19virus.Thus,toprotectlivesandlivelihoods,wehaveembarkedonarobustvaccinationdriveacrossourPortfolio.Wehavepartneredwithbothgovernmentandprivatehealthcarepartnerstoensurethevaccinationofourfrontlineworkers,employees,tenantsandcommunities.Operatingwithingovernmentguidelines,wehavestrategicallyestablishedpartnershipswithreputedhealthcareserviceproviderstovaccinatepeopleacrossMumbai,NationalCapitalRegionandKolkata.

� CorporateVaccinationCentershavebeensetupincollaborationwithourhealthpartners.Ourtenants’employeesabovetheageof18yearscangetvaccinatedatourcampusesinGurugramandMumbai.

� WehavealsoteamedupwithlocalauthoritiesforDriveThruvaccinationsandcounsellingfrontlineworkers'familiestouselocaldispensariesifrequired.

Weareconfidentthatwiththerobustvaccinationdrive,bothtenantsandemployeeswillfeelmorecomfortablereturningtoofficesinturnaddingtothevibrancyofourofficeparks.Asmorepeoplegetvaccinated,weshouldsoonwitnesstherevivalofmobilityandbusinessactivity.Simultaneously,wearefocusedonensuringvaccinationofourblue-collarandcrucialfrontlineworkers.

95%EFFICIENCY OF FILTERING OF PM10 AND PM2.5

ENTRAPMENT WITH ELECTROSTATIC FILTER WITH EC FANS


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In this section60 OperatingContext

62 Strategy

63 InvestmentThesis

64 InvestorRelationsUpdate

HowWe Create Value


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Poised to Tap Opportunities

FAVOR ABLE DEMOGR APHICS Indiahasemergedashuboftechnologyandcorporateservicesoverthelasttwodecades.Thisisduetovariousfactorssuchasahighlyskilledandyoungworkforceandadistinctcompetitivecostadvantage.

India’s vast and educated workforce, relatively low rents for high-quality commercial spaces and favorable regulatory developments make it an ideal destination for global corporations to set up shop. With institutional backing and robust capital at their disposal, IT parks and office campuses are capable of meeting the diverse requirements of global tenants.

CandorTechSpaceG2,GurugramCandorTechSpaceN1,Noida

implementedbythecentralandstategovernments,makingitamorefavourablelocationforglobalcorporations.Thereisagreaterfocusoncapitalexpenditure,indicatingashiftfromgrowththroughconsumptiontogrowththroughinvestment.Thereisalsoarenewedfocusonbuildingaself-sufficientaswellasdigitallyenabledIndia.

LowcapitalvalueofpropertiesandsubsequentlylowerrentalchargeshasmadeIndiatheideallocationforthetechnologysectorandothermultinationalcorporations,birthingarobustoutsourcingsectorinthecountrywithamarketshareof56%globally.

DE-DENSIFIC ATION OF WORKPL ACES Tenantsareincreasinglylookingtore-assesstheirofficelayoutstoensurecompliancewithhealthandsafetynorms.Theaveragespaceperemployeeisexpectedtoincreaseoverthecomingyears,whichislikelytofurtherdrivethedemandforofficespace.

DEMAND FOR HIGH QUALIT Y A SSETSTheCOVID-19pandemichashighlightedtheneedforsuperiorservicesandafocusonhealthandsafety.TherewillbeagreatershareofdemandtoshifttoGradeApropertiesthatofferbest-in-classservicesandsafety.Lowdensity‘campusstyle’developmentsarelikelytobemoreattractivefortenants.

OPER ATING CONTEX T

POST COVID -19 SCENARIO

E VOLVING TENANT REQUIREMENTSThereisaprominentneedamongtechnologycompaniesforsustainableofficespacesthatpromisehighqualityinfrastructureandrichamenitiesatlowcosts.Withconstantinvestmentinassetappreciation,thereisagrowingavailabilityofreasonablypricedworld-classofficespaces.Overthelast20years,officespacesoccupiedbythetechnologysectorhavegoneuptremendouslyandthistrendisnotexpectedtoslowdown.

GOVERNMENT REFORMS LE ADING TO S TRUC TUR AL CHANGES India’scompetitivenessontheglobalstagehasdevelopedasaresultofthevariousreformsandpolicies

AVAIL ABILIT Y OF SKILLED ENGLISH-SPE AKING TALENT AT LOW COS TS Withamassivetalentpoolatitsdisposal,Indiahasbecomeanattractiveprospectformanymultinationalcorporationswantingtooutsourceorbuildabaseintheircountry.

GROW TH OF GLOBAL C APABILIT Y CENTER S GlobalCapabilityCenters(GCCs)thatprovideendtoendservicestoclientshavegrownimmenselyoverthepasttwodecadesalongwiththetechnologysector,growingataCAGRof9%.Thegrowthofthesecentersisbeingsupplementedbytherapidincreaseindigitalservicesandtechnologyenabledoperations.ThisisduetotheavailabilityofSTEMtalentatlowcostaswellaslowrentalchargeswhichmakeestablishmentofGCCsintheIndianmarketconduciveforglobalcorporates.


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Drawing Up a Strong Growth Plan

Leveraging Potential, Creating Opportunity

15 M sfCONSOLIDATED LEASABLE AREA FOR

IDENTIFIED ASSETS AND ROFO PROPERTIES

We exist in a competitive landscape where the key defining factors are the location, rent, lease contract, upgradation of properties with provision of amenities and the scope for future expansion. Our growth strategy is primarily based on:

Brookfield India REIT offers a unique investment opportunity on the back of its institutional management, vigorous fundamentals, Grade A office properties at strategic locations and favorable growth outlook.

STR ATEGY INVESTMENT THESIS

S TABLE CONTR AC TED GROW THTheleasesforourPortfolioareusuallyforaperiodrangingupto15years.Thistranslatesintostablerevenueforusinthelong-runandensuresfuturecashflows.Inadditiontothis,thereisabuilt-inescalationof12%to15%everythreeyears.Thistooprovidesstrongcashflowsandservesasasafeguardagainstfutureinflation.

EMBEDDED ORGANIC GROW THAssetvalueappreciationthroughnewon-campusdevelopmentsandtheupgradationofpropertiesisamajorfactorbehindourgrowth.Anotherreasonfororganicgrowthistheincreaseinexistingbelow-marketrents.Whilethetenureofourleasescangoupto15yearsinvariousinstances,duringthisperiodthereisstrongrentalgrowthinthemarket.Asaresult,marketrents

are38%abovethein-placerentalsforourPortfolio.Thismarktomarketpotentialprovideswiththeopportunityofincreasingrentsasmoreleasescomeupforrenewals.

IDENTIFIED INORGANIC GROW THTosupplementourgrowthinthelong-runandexpandourdiverseportfolioofcampuses,wewillcontinuetofocusonacquisitionsthroughhighqualityIdentifiedAssetsandROFOProperties.Theseacquisitionsareinlinewithourstrategyofgrowingbybuildingarobustpresenceinstrategicgatewaylocations.

GLOBAL SPONSOR SHIP WITH LOC AL E XPERTISEWhatdifferentiatesusfromourcounterpartsisthatweareinstitutionallyownedandmanaged.Webenefitfromtheexpertise,domainexperience,robustmarketknowledgeandplacemakingcapabilitiesoftheSponsorGroup.Ourtenantsenjoyworld-classamenitiesandhaveallcontemporaryofficerequirementsmet.

DIFFICULT TO REPLIC ATE L ARGE-SC ALE A SSETSThesizeandscaleofourpropertiesmatchthatofthehighestqualityofficeparksinIndia.Ourcontemporarydesignandgrowingnumberofamenitiessetourofficeparksapartfromourcompetitors.Thepropertieshavebeenbuiltataccessiblelocationswithhighbarrierstoentryfornewsupply,limitedvacancyandgrowingrentalcharges.Despitethis,theyhavegreateroccupancyascomparedtomostofficeparks.Allourofficeparksarethelargestintheirrespectivemicromarketsandareuniqueintheirsize,scaleandrobustinfrastructure.

ROBUS T MACRO FUNDAMENTALS ThedemandforhighqualitycommercialofficespacesandITparks/campuseshasgrowntooutweightheavailablesupply.Thedemandisfurtherduetotheyoung

74%OF GROSS CONTRACTED RENTALS IN OUR PORTFOLIO ARE FROM MAJOR MULTINATIONALS CORPORATIONS.

workforceandtheneedtoimproveemployeeexperiencewhichhassupplementedthegrowthofGradeAofficedevelopmentswiththeprovisionofseveralamenities.Inadditiontothis,Indianbankshaveadoptedacautiousapproachwhilelendingtorealestate,consolidatingthesupplyamonglargerdeveloperswithanestablishedtrackrecord.

S TABLE YIELD AND S TRONG GROW TH VISIBILIT YWehaveastrongfoundationfororganiccashflowgrowth,arisingfromtheincreaseincontractualvalue,marktomarketpotentialandleaseupduetooncampusdevelopments.OurPortfoliohasastable,long-termtenancyprofilewithstaggeredexpirations,providingsignificantcashflowstabilitytoourbusiness.WebenefitfromopportunitiestoincreaseNOIthroughourPortfolioaswellasthroughacquisitionofnewproperties.




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Unitholder Engagement

ENSURING SHARED GROW TH THROUGH ME ANINGFUL INTER AC TIONSAtBrookfieldIndiaREIT,weconsiderourunitholdersaspartnersinlong-termvaluecreation.Wehavedevelopedarobustunitholderengagementprocesstofosterandnurtureourrelationship.

KE Y CONCERNS AND E XPEC TATIONS

� Consistentreturnoninvestments

� Long-termviabilityandsustainablegrowth

� Wealthcreation

� Timelydisclosures,transparencyandcompliance

METHOD OF ENGAGEMENT � Quarterlyearningcalls

� Periodicmeetings,one–on-onemeetings,groupmeetings

� Halfyearlyreports/annualreports

� AnnualUnitholder’smeeting

� Mediaupdates

� Website

� GrievanceRedressal

ARE A S OF EMPHA SIS � FinancialPerformance

� AssetPerformance

� RiskManagement

� Environment,Social&Governance

� DisclosureandCompliances

HIGHLIGHTS OF INITIAL PUBLIC OFFERINGWeexecutedahighlysuccessfulIPOduringtheyear,raisingmoneyfromanextremelydiversesetofinvestors.

Dateoflisting February16,2021

Freshissuesize `38,000M

Mainbooksubscription 8times

Issuepriceperunit `275

Unitsoutstanding 302.8M

MarketcapitalizationatIPOprice `83.3B

15.0 M sf / R190B

ACQUISITION PIPELINE

54.4%SPONSOR’S STAKE POST-IPO

SPONSOR ’S COMMITMENT

R35,750MREPAYMENT OF DEBT OF ASSET SPVS

R2,250MISSUE EXPENSES AND GENERAL

CORPORATE PURPOSES

HOW WE USED IPO PROCEEDS

GRE ATER TA X-FREE DIS TRIBUTIONS

CONTAC T PER SON FOR UNITHOLDER ENGAGEMENT

F Y22 NDCF % TA X FREE , AT IPO

F Y22 NDCF % TA X FREE , POS T CONVER SION

15% >30%

Doublingthetax-freecomponent

OWNER SHIP AT IPO

CCDs100%Shares

12%CompulsorilyConvertibleDebentures;`10,100Mfacevalue(convertedto shareseffective April1,2021)

Candor Kolkata (G2+K1 SPV)

INVESTOR REL ATIONS UPDATE

Mr. Sanjeev K Sharma ChiefInvestorRelationsOfficer

Ms. Ruhi Goswami ComplianceOfficer

EmailId:[email protected]


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HowWe Integrate ESG

In this section70 Environment

76 Social

86 Governance

88 BoardofDirectors

90 LeadershipTeam


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How We Integrate Environment, Social & Governance Aspects

Brookfield India REIT is fully committed to developing and operating high-quality assets that meet the highest standards of environmental sustainability, enable positive social impact and have an institutional governance mechanism. We strive to create an environment of healthy cooperation amongst the communities that we operate in. We further engage with stakeholders that might be affected by our actions to ensure that their interests, safety and well-being are appropriately integrated into our decision making. Our commitment to Environmental, Social and Governance practices are aligned with the robust policies of our Sponsor Group, thus ensuring adoption of global best practices.

OUR ESG PRINCIPLES

Mitigate the impact of our operations on the

environment.

Conduct business according to the

highest ethical and legal standards.

Be good stewards in the communities in

which we operate and ensure the well-being

and safety of our employees.


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78% AREA UNDER QUALITY CERTIFICATION

(ISO 9001: 2015,IS0 14001:2015, ISO 45001:2018 AND 5S EXCELLENCE) IN FY21

69%AREA UNDER SUSTAINABILITY CERTIFICATION

(IGBC AND BEE ENERGY STAR) IN FY21

100%LED LIGHTING IN COMMON AREAS

100%WET WASTE COMPOSTED AND DIVERTED

FROM LANDFILLS AT ALL CAMPUSES

Indian Green Building Council Platinum Rating

AWARDED TO CANDOR TECHSPACE G2, GURUGRAM

BEE 5 Star Energy Label

AWARDED TO CANDOR TECHSPACE N1, NOIDA

Making Responsible Choices

We are devoted to providing an experience that is ecologically responsible, pollution-free and encourages sustainable best practices. Our campuses are built with a focus on climate change resilience and continuous development towards using new, cutting-edge solutions for clean energy, waste and emissions reduction.

ENVIRONMENT

Environment Friendly Initiatives


1. WATER MANAGEMENTDuringtheyear,weundertookseveralinitiativestoreducewaterconsumptionandmanagewastewater.WeupgradedourSewageTreatmentPlants(STPs)byenhancingtheircapacityandaddingultrafiltration.Wealsoinstalledelectronicwaterflowmeterstomonitorwaterconsumptionacrossdifferentsupplyandconsumptionpointstoidentifyanywastageorleakage.

Installations to Ensure Greater Conservation � Adopteddripirrigationasopposedtotheconventionalwastefulmethodofwatering.

� Installedaeratorsinallwashbasintapsacrossthecampuses.

75,535 kl WATER RECYCLED AND REUSED IN FY21

AT CANDOR TECHSPACE G2, GURUGRAM AND CANDOR TECHSPACE N1, NOIDA

5%REDUCTION IN WATER INTENSITY (KL/SF)

IN FY2021

ZeroDISCHARGE OF WASTEWATER FROM

CANDOR TECHSPACE G2, GURUGRAM AND CANDOR TECHSPACE N1, NOIDA

805,423 klTOTAL WATER CONSUMPTION REDUCTION

FOR FY2021

� Configuredadual-plumbingsystemandalow-flushingsystemacrosswashroomstoenableustoreusetreatedwater.

� Installedwaterlevelcontrollerswithautomationforoverheadtankstopreventwaterwastagethroughoverflow.

� ImplementedacomprehensiveRainwaterHarvestingpitmaintenanceandcleaningprogramtoensurecontinuouspercolationofstormwatertothesubstrate.


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2 . WA S TE MANAGEMENTOverthelastfewyears,variouswastemanagementinitiativeshavebeenimplementedacrossourcampuses.Settinguprecyclingkiosks,installingandmaintainingseparatedryandwetwastebins,distributingjutebags,raisingawareness,eliminatingtheuseofplasticbottlesinofficesandplasticmaterialsinshops,replacingplasticcutleryandreducingtheuseofsmallgarbageplasticbagsthroughacentralizedbinsystemarejustafewexamples.

ENVIRONMENT CONTD.

3. ENERGY EFFICIENC Y AND SOL AR POWER

Duringtheyear,weadoptedvariousinitiativesforenergyefficiencyandconservation,whichgobeyondcontributingtothebettermentoftheenvironment.Theseinclude:

� Installed66KVpower-substationasenergyinfrastructureupgradeatCandorTechSpaceG1,GurugramandCandorTechSpaceG2,Gurugram.

� AringmainHVACsystemthatconnectsmultipleplantroomsforoptimizedbaseloadchillerutilization.

� SmartAHU’swithElectronicallyCommutatedFansandElectronicAirfiltersinallprojectsmovingforward.

� DemandcontrolventilationattheoccupantlevelaswellasAutomaticTubeCleaningSysteminidentifiedchillersformaximumimpact.

� Monitoringconsumptionthroughdetailedsub-meteringwithcommunicablemetersandemployingsoftwaretoanalyzeandgivealarmsincaseofanomalousconsumptionpattern.

10%REDUCTION IN ENERGY INTENSITY (KWH/SF) IN FY21* WITH RESPECT

TO FY20 AS BASELINE

Energy Efficient Unit AWARDED TO CANDOR TECHSPACE G2,

GURUGRAM BY CII IN THE YEAR 2020

86%AREA UNDER BMS

CENTRALIZATION PROGRAM

775 kWpTOTAL SOLAR CAPACITY

INSTALLED TILL FY21

894 MWh TOTAL SOLAR ENERGY GENERATED IN

PROPERTIES

100% CAPTIVE CONSUMPTION FROM SOLAR

ROOFTOPS IN FY21

734 MTTOTAL CO2 EMISSION AVOIDED

ACROSS ASSETS

*FY2021witnessedreducedresourceconsumptionowingtoprevailingconditions,hencebaselineismodifiedtoFY2020ratherthanFY2016

Renewable Energy-WestrivetoincreasetherateofcleanenergyadoptionacrossthePortfolio,includingRooftopSolarPowergenerationwithanadditionalcapacityof334kWpinFY21

Wearecontinuallyworkingtowardsachievingthehighestpossiblediversionfromlandfillsaspartofourkeyfocusareasandhaveinstalledorganiccompostersatallourassets,theresultingcompostisthenfullyutilizedinthegreenareas.


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ENVIRONMENT CONTD.

2,400 MTESTIMATED ANNUAL REDUCTION IN CARBON

FROM SHARED MOBILITY SOLUTIONS

4. CLIMATE CHANGE MITIGATIONWearefullycognizantofthefactthatourassetswillbeaffectedbyclimatechangeand,toberesilient,weassessourrisksthroughscenarioplanningespeciallyfortemperaturerise,floodingandlesswateravailabilityfrommunicipalsources.

� WehaveacomprehensivefloodmitigationplanforCandorTechSpaceK1,Kolkata.Thisincludescreatingfloodchannelsandbundsforcriticalequipment,limitedwateringressbyreroutingcablesandrevampingthepumpingschemewithgreaterwaterchannellingcapabilitiestohandleflashfloods

� InCandorTechSpaceG2,GurugramwehavedesignedtheREJUVEterraceinamannerthatslowsrunoffinto

5. EMISSIONS MANAGEMENT THROUGH SHARED MOBILIT Y SOLUTIONS

thesurroundingarea.BypaintingourroofsgreenandwhiteusingaSolarReflectanceIndex(SRI)paint,buildingsareinsulated,mitigatingthedemandforheatingandcooling

� Wecommissionedastate-of-the-artIOTsysteminCandorTechSpaceG2,GurugramthatdirectlyreportsgreywaterparametersandtheoperatingcharacteristicsoftheSewageTreatmentPlandirectlytotheHaryanaStatePollutionControlBoard

� OurcampusesareequippedwithN+1backupgenerationfor100%oftheconnectedload,inclusiveofcriticalengineeringandlife-savingequipment

Ourcampusesarelocatednearcurrentandfuturetransit-orienteddevelopmentschemessuchastheMumbaimetroforKensington,theRapidRailTransitSystem(RRTS)andGurgaonMetroforCandorTechSpaceG2,Gurugram,andtheNoidametroforCandorTechSpaceN1,Noida.Wecompletelysupportandsponsorsharedmobilityschemestoallowourcustomerstogotoworkinastress-freeandcost-effectivemanner,aswellastoreducetheenvironmentalimpactofautomobiles.WehavepartneredwithinnovativesharedmobilityservicessuchasShuttl(anapp-basedofficebusservice),QuickRide(acarpoolingservice)andLithium(India’sfirstzero-emissionEVtransportservice).Inadditiontobringingdownemissions,sharedmobilityhasthepotentialtoreducetrafficcongestiononroads.

COLL ABOR ATING WITH QUICK RIDE Ourstrategictie-upwithQuickRidegaveouremployeesthebenefitofcarpooling,therebyreducingemissionsandcosts.Theserviceenablescloseto100,000employeestocarpoolacrossGurugram,NoidaandKolkata.Sharingridescomewiththeaddedbenefitofgivingemployeestheopportunitytointeractwithnewpeopleandstrengthentheexistingculturewithinthespacescreatedbyus.



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SOCIAL- TENANTS

Providing a Rich Tenant Experience

Picture Caption PublictaRumiaciaconscisegerita

Placemaking and Holistic ExperienceOurplacemakingphilosophyisimbibedinourdailyoperationsandisacrucialaspectofourphilosophy.Wehaveadoptedseveralmeasurestoensurethatoccupantscanreturntoofficesforaconduciveworkenvironmentandenhancedlevelsofproductivity.Simultaneously,wehaveadoptedinnovativesolutionsinvolvingtouchfreeinterfaces,temperaturechecks,regulardisinfectionandairqualitypurifierstoensurethecomfortandsafetyofemployeesreturningtowork.

On-ground EventsWeaimtoprovideafulfillingexperiencetotenantsthatgoesbeyondworkandaddsdiversityandvibrancycolortotheirlives.Sustainedengagementwithclientshelpsusorganizeandconducton-groundeventsthatmeettheirexpectationssuchassportsandentertainmentevents,educationalworkshopsandcompetitivetournaments.Richinvibrancyanddynamism,ourcampusesfosterpositivityandenhancethequalityofworkofourtenants.

Festivals and Occasions -CelebrationswereheldacrossourPortfoliotodriveengagementonbothHoliandInternationalWomen'sDay.Theoccasionsweremarkedwithmusic,foodandfestivedecor.

Wearefocusedoncreatingvalueforourstakeholdersthroughplacemakinginitiatives.Wehopetocreateacommunalspacewithrobustsocialinfrastructurewhereemployeescancometogetherandenjoyopenspaces,gardens,foodcourts,modernarchitectureandahostofotheramenities.Towardsthispurpose,wealsoorganizeseveraleventsandconductvarioussocialactivitiespromotingcommunicationbetweentenantsleadingtoapervasiveandopencultureacrosscampuses.

Annual Sports Meets -OurAnnualSportsMeetin2020presentedandopportunityforemployeestocometogetherandcompetetogetherinmultipleevents.Thisfosteredteamspiritandofferedemployeestheirmuch-neededbreakfrommonotony.

Music Event at Rejuve Terrace -TenantsatCandorTechSpaceG2,Gurugramwitnessedanightofmusic,revelryandmagicorganizedbyus.



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Positive Pulse- Our New Wellness InitiativeTheinitiativeinvolvedregularvirtualengagementwithstakeholders,includingtenantsandtheiremployeesandconsultantstospreadpositivitywhiletheyworkedinisolationfromtheirhomes.Theideawastoenhancecultureandconnectionsthroughcommunicationevenifpeoplecouldnotmeetinperson.

WEBINAR S WITH INDUS TRY E XPERTSThesewebinarswereconductedaspartofPositivePulseandwerebasedonhealth,nutrition,finance,careerandvolunteering.Someofthewebinarsconductedareasfollows:

� ‘Ayurvedicnutritionandguthealth’withDrShijoeMathew,Consultant,AnandaintheHimalayas.

� ‘Smartmoneymanagement’withMonikaHalan,Authorof‘Let’sTalkMoney”andconsultingeditor,MintMoney.

Inclusive Workspaces with Universal Accessibility Weareworkingtowardsmakingallourassetsuniversallyaccessiblei.e.,barrierfreemovement.TruecommitmenttoinclusivityshouldbeapartofdefinitiveactionandweareproudtoleadtheinclusivityinitiativeinIndia.

‘IndiaInc–TheValuable500’washostedbytheManagerincollaborationwithCII-IndiaBusinessDisabilityNetwork(IBDN)andEnableIndia.Theeventwasorganizedtocreateawarenessaroundpeoplelivingwithspecialabilitiesandencouragingbusinessleaderstocommittomakingpersonswithdisabilityincludedasaboardroomagenda.Makingtheeventasuccess,20sociallyconsciousbusinessleaderstookthepledge.WeareproudtohavetakenthepledgetowardsinclusivityandbecomingamemberofValuable500.

Multipledisabilityinclusioninitiativeswerelaunched,includinginfrastructuralupgrades.Wearegraduallytransformingourcampusesintoall-inclusive“BarrierFree”spacesthatwillhavethefollowingfeatures–tactileflooring,wheelchairopenaccessthroughrampsandelevators,differentlyabled/expectantmothersparkingspacesnearliftsandentrances,food&beveragemenusinbraille,signageswithbrailleandaudiofeatures,inclusiverestrooms,vendingmachineswithbrailleandextraprovisionsduringemergencyevacuation.

� ‘Staysafe&healthy’withDrShwetaFageria,GeneralPhysicianconsultant,ApolloLife.

� ‘Thrivinginthenewnormal’withDrMarcusRanney,GeneralManagerofThriveGlobalIndia,AuthorandKeynoteSpeaker.

� Onlinecookingtutorialsgivenbyprofessionalchefs.

� AcontesttobecomeanawarenessambassadortohelpfightagainstCOVID-19bysharinga‘safetyjingle’.

YOGA AT HOME ThiswasanotherinitiativeunderPositivePulse,whichhelpedboostemployeemoraleandenabledthemtostayfitwhileworkingfromhome.Thisvirtualyogasessionswerebeneficialforemployees'mentalhealthandtokeepthemengaged.

SOCIAL- TENANTS CONTD.

CreatingInclusiveWorkspaces


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SOCIAL - EMPLOYEES

Building a Constructive Environment for Our People

The health, safety and holistic development of our employees is paramount to us. Additionally, we have a detailed cultural policy framework in place and are constantly working to ensure that our employees are at the top of their mental and physical productiveness. Our efforts are also dedicated to equipping them with the requisite knowledge and experience to perform their duties.

Building ExpertiseSkillupgradationthroughlearninganddevelopmentisacrucialfocusareaforus.Learningthroughsustainedtrainingmeasuresallowouremployeestobecompetentandproactivetotakeonnewtasksconfidently.Withthisobjectiveinmind,wehaveadoptedseveralgrowthanddevelopmentinitiativessuchasthedevelopmentofoperationalknowledgethroughtrainingsandworkshops,trainingcalendarsandfocusedresearch,coursesforself-learning,personaldevelopmentplans,expertwebinarsandindustryseminars,forummemberships,compliancetrainings,assimilationandon-boardingfornewhires,etc.Wealsocoveredkeyfunctionalandbehaviouraltopics.

Planned Opportunities for Career AdvancementWeconductleadershipprofilingforthosewithdesignationsofVicePresidentandabove,aswellasemployeeprofilingforGeneralManagersandabove.Thosewithhighpotentialareselectedforone-on-oneexecutioncoachingsessions.Simultaneously,wehavesetpromotionpanelsforemployeenominations.

300DAYS OF FUNCTIONAL (29 PROGRAMS)

AND BEHAVIORAL TRAININGS (12 PROGRAMS) PROVIDED TO EMPLOYEES

360 degreeASSESSMENT CONDUCTED FOR ALL HIGH POTENTIAL

EMPLOYEES

INTEGRIT YOnewhoactsethicallywithintegrity,maintainsthe

confidentialityandtrustoftheclients.Onewhoactsinthe

bestinterestoftheorganizationwhilefollowingthepoliciesand

procedures

OWN ITOnewhodivestothefinishline,setsgoalsandpriorities,

allocatestheresourcesefficiently,maintains

productivityandchallengesassumptionswhilebalancing

therisksandrewards

AT TITUDEOnewhodisplayspositiveattitude,adaptstochanges,

seeksopportunities,remainsconstructivewhilerepresentingthe

organization

TOGETHEROnewhobuilds

relationships,supportstheirpeers,respectsother’sdecisionsand

collaborateswithothers

PublictaRumiaciaconscisegerita

HUMILIT YOnewhoself-introspectswhenthingsgowrong,respectsotherswhenindisagreement,isreadytolearnfromconstructivecriticismandisself-aware

Core Values


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A Diverse and Inclusive Work EnvironmentAtBrookfieldIndiaREIT,ourendeavorremainstoensureadiverseandinclusiveworkplacewithoutanybarriersorproverbialceilings.Wecommitourselvestoincreasetherepresentationofwomeninourforthcomingnewhiring.

Webelievethatdiversityandinclusivenessarethedefiningfactorsinfluencingthecultureofaworkplaceandarecommittedtoupholdingthesevalues.Toenhancethecultureofourworkplaceweactrightfromrecruitmentandalsoconductleadershiptrainingprogramswhereteamworkandachievingthefullpotentialofemployeesisdiscussed.Additionally,ourpolicyframeworkaccountsforourobjectiveofcreatingadiverseandinclusiveworkspace.Wealsoconductregulartrainingforouremployeestoovercomepreconceivednotionsandprejudicestowork inharmony.

Extending Support in Times of CrisisArobusttaskforcewasestablishedtomonitortheimpactofthepandemicacrosscampusesandimplementmeasuresensuringthesafetyandwell-beingofemployeesandtenants.Thisincludedtheprovisionofmedicalassistanceincasesofemergenciesaswellastheimplementationofinnovativesolutionstolimitthespreadofthevirus.Somekeyinitiativesadoptedbyusforthispurposeare.

� Vaccinationdrivesacrosscampusesforalladults.

� Mentalandphysicalwell-beingofemployeesthroughwebinarsandemployeechatswithleadingcoaches.

Engaging with employees � Aquarterlynewsletter‘PULSE’waslaunchedtokeepemployeesuptodate.

� 128awardsweregivenoutunderBackKudosAwardsoverthelastthreequarters.

� Employeeoffsitesareheldannually. 88%ENGAGEMENT SURVEY SCORE

SOCIAL - EMPLOYEES CONTD.

� Oxygenconcentratorsfacilitatedacrosssites.

� UpdateddatabaseofemployeesthathaverecoveredfromCOVID-19whichcanbereferredtowhileseekingplasmadonations.

� Stocksofcrucialmedicinesandequipment.

� TheprovisionofgettingRT-PCRtestsdoneforouremployees.

� Severaleventssuchasfestivalcelebrations,gettogethers,themedays,workshopsandonlinewebinarsforrobustengagement.

VaccinationDrive


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SOCIAL - COMMUNITIES

Keeping Community Well-being the Highest Priority

Brookfield India REIT, its Manager and its Asset SPVs are socially conscious, responsible and believe in actively contributing towards community development. With this objective, several CSR initiatives have been undertaken catering to the underprivileged members of society. These include imparting education and creating awareness, providing meals, health services and developing communities and villages. Additionally, we are working towards building a better and more sustainable environment for people to live in.

� Donated`2croretoActionCOVID-19Team(ACT)anon-profitstart-uplaunchedtodealwiththeCOVID-19crisis.Thiswillmeetthecriticalrequirementofoxygenconcentratorsandmedicalequipment,impactingmorethan1,50,000livesamonthintheprocess.

� PartneredwithSamtaPurushottamAgrawalMemorialFoundationfordistributionofPPEkits(5,000masks)andreadymeals(10,000)inMumbairegion.

� ContributedtoHaryanaCORONAReliefFundtosupportthestategovernmentwithreliefactivities.

CSR Interventions Underway

Employee Volunteering and Awareness DrivesInaccordancewithourcorebeliefsandESGphilosophy,weensurethatourcontributiontosocietyisintegratedwithouroperations.Wehaveundertakenseveralemployeeinitiativesandawarenesscampaignstocreatevalueincommunities.

WORLD NO TOBACCO DAYWeencouragedemployeestohelpspreadawarenessaroundthenegativehealthimpactofsmoking.Wecreatedacontestwhereparticipantscouldsharevirtualposterandslogansviasocialmedia.

PLOGGING DRIVEPloggingistheactofpickinglitterwhilejoggingandweencouragedouremployeestopracticethistobenefittheirhealthandtheirsurroundings.

‘ DO NOT HONK ’ C AMPAIGNCandorTechSpace,inassociationwithTheEarthSavioursFoundationinitiateda‘DoNotHonk’campaigninitsGurugramandNoidacampuses.Theobjectivewastosensitisedriversandridersontheill-effectsofhonking.Asaresultofthecampaign,69,000peoplepledgedtosaynotohonking.

GO GREEN PL ANTATION DRIVEInordertobuildacultureofsustainabilityandcontributetogreenspaces,60Candoremployeesgottogetheron4thSeptember2019toplanttreesatBadshahpurBundhinSector70,Gurugram.

� WecollaboratedwithEarthSaviour-Gurukultosupportaround450abandonedseniorcitizensanddifferentlyabledpoorpeoplewholivepermanentlyintheNGO'sshelterhome.

� PartneredwithMobileCrèchesforprovidinghealth,nutrition,educationandchildcareservicesto140childrenoflaboursworkingatconstructionsitesinGurgaon.

� PartneredwithAlohomoraforProjectCareershala-theholisticyouthdevelopmentprogrambasedontheUSAID’sPYD(PositiveYouthDevelopment)framework.Itaimsatempowering200childrenoffamilieswithlow

incomeinGurgaontobecomeindependentlearnerscapableofmakingcareerchoicesalignedtotheirinterestsandstrengths.

� InKolkata,wehaveundertakenthedevelopmentandmaintenanceofgreenbeltsnearourcampuseswithpermissionfromtherequisiteauthority.

� Weareeducatingunderprivilegedchildrenthroughanart-basedmediumunderProjectJijivisha,designedbySlamOutLoud.720studentshavealreadybenefitedfromtheinitiative.

� Distributed200dryrationkitstoneedypeopleinthecontainmentzonenearCandorTechSpaceG2,Gurugram.Inadditiontothis,wedistributedanother500dryrationkitsinMumbai.

� WepartneredwithBlueChipHospitalityforproviding25,000mealstomigrantlabourersandunderprivilegedindividuals.

� Supported1,000workersatwildlifesanctuariesandnationalparksanddistributedrationkitswiththehelpofMadhyaPradeshTigerFoundationSociety.

Reducing the Burden of Pandemic


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GOVERNANCE

Institutional Corporate Governance Framework

At Brookfield India REIT, we uphold the highest standards of ethics, integrity, transparency and regulatory compliance. We recognize the importance of robust governance to sustainable business operations and conduct our business in accordance with the highest ethical and legal standards.

Ourcorporategovernancephilosophyisbuiltonthepillarslistedbelow,whichallowustoalignandfairlyrepresenttheinterestsofallofourstakeholders.

� Performance-linkedfeestructurefortheManager.

� BalancedboardcompositionoftheManagerbetweenindependentandBrookfielddirectors.

� Robustrelatedpartytransactionandconflictspolicy.


Governance FrameworkTRUS TEE

AxisTrusteeServicesLimited

MANAGER

BROOKPROP MANAGEMENT SERVICES PRIVATE LIMITED

MANAGER'S BOARD OF DIREC TOR S(50%IndependentDirectors)

COMMIT TEES OF THE BOARD OF DIREC TOR S AuditCommittee

NominationandRemunerationCommittee

StakeholdersRelationshipCommittee

CorporateSocialResponsibilityCommittee

KE Y MANAGEMENT TE AM ChiefExecutiveOfficer,ChiefFinancialOfficer,

ComplianceOfficer

� CommitmenttoESGpractices.

� Anti-briberyandanti-corruptionpoliciesinlinewithinternationalstandards.

� Regularreviewofevolvinglegislation,guidelines,bestpracticesandupdatinginternalgovernancepoliciesonthatbasis.


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BOARD OF DIREC TORS

A Diverse and Experienced Board of the Manager

MR. ANKUR GUPTAAnkurGuptaiscurrentlyaNon-ExecutiveDirectoroftheManager.AnkuristheManagingPartner,CountryHead–India(RealEstate)atBrookfieldAssetManagementandisresponsibleforoverseeingtheinvestmentsandoperationsofBrookfieldPropertiesinIndia.HeholdsaBachelor'sdegreeinTechnology(ChemicalEngineering)fromtheIndianInstituteofTechnology,BombayandhasaMaster’sdegreeinBusinessAdministrationfromColumbiaUniversity,NewYork.AnkurjoinedBrookfieldin2012andhasworkedonBrookfieldProperties’transactionsspanningIndiaandNorthAmerica.

MR. SHAILESH HARIBHAK TIShaileshVishnubhaiHaribhaktiisanIndependentDirectoroftheManager.HeisafellowoftheInstituteofCharteredAccountantsofIndia,acertifiedInternalAuditorwiththeInstituteofInternalAuditorsInc.,acertifiedFinancialPlannerregisteredwiththeFinancialPlanningandStandardsBoardofIndia,anassociateoftheInstituteofCostandWorkAccountantsofIndiaandanassociatememberwiththeAssociationofCertifiedFraudExaminers.Heisanexperiencedprofessionalinthefieldoffinanceandaccounting.HeistheFounderandChairmanofNewHaribhaktiBusinessServicesLLP,since2013.HeisalsotheChairmanofBlueStarLimitedandontheBoardofL&TFinanceHoldingsLimited,L&TMutualFundTrusteeLimitedandAmbujaCementsLimited.

MR. ANUJ R ANJANAnujRanjaniscurrentlyaNon-ExecutiveDirectoroftheManager.AnujisapartoftheseniorleadershipofBrookfieldAssetManagementandistheManagingPartnerandChiefExecutiveOfficerofSouthAsiaandMiddleEastforBAMandisresponsibleforoverseeingtheinvestmentinitiativesandoperationsofBrookfieldintheseregions.HeholdsaMaster’sdegreeinBusinessAdministrationfromtheUniversityofWesternOntario.HejoinedBrookfieldin2006andhasheldvariouspositionsintheorganizationovertheyears.

MS. AKIL A KRISHNAKUMARAkilaKrishnakumarisanindependentDirectoroftheManager.SheholdsaMaster’sdegreeinManagementStudiesfromBirlaInstituteofTechnology&ScienceatPilani,Rajasthan.ShewaspreviouslythePresident–GlobalTechnologyandCountryHead–IndiaforSunGardSolutionsPrivateLimited.Sheisanexperiencedprofessionalwithalongindustrystanding,includingover18yearsinthefieldoftechnology.SheiscurrentlyontheBoardofHeidelbergCementIndiaLimited,Matrimony.ComLimited,IndusIndBankLimitedandABBPowerProductsandSystemsIndiaLimited.


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LEADERSHIP TEAM

Propelled by Strong Leadership

ALOK AGG ARWALCHIEF EXECUTIVE OFFICER

AlokAggarwalistheManagingDirectorandChiefExecutiveOfficeroftheManager.HeholdsaBachelor'sdegreeinTechnologyinCivilEngineeringfromIndianInstituteofTechnology,DelhiandhasobtainedaPostGraduatedegreeinManagementfromIndianSchoolofBusiness,Hyderabad.HeheadsallaspectsofthebusinessoftheManagerincludingdesign,development,strategicinitiatives,finance,corporatestrategy,leasingandtenantrelationships.Hehasover29yearsofexperienceinmanagingprojects,businessdevelopmentandoverseeingoperationsandinvestmentsofentitiesintherealestatesector.PriortojoiningtheManager,heworkedatMilestoneCapitalAdvisorsLimited,Sun-AresIndiaRealEstateAdvisorsPrivateLimited,HindustanPrefabLimited,DLFUniversalLimited,DeltaMechcons(India)Limited,TCGUrbanInfrastructureHoldingsLimitedandMahindraGescoDevelopersLimited.

SUBR ATA GHOSHSENIOR VICE PRESIDENT AND REGIONAL HEAD, EAST

SubrataGhoshistheSeniorVicePresidentandRegionalHead–East(Kolkata)attheManager.HeholdsadegreeinCivilEngineeringfromInstitutionofEngineers.HehadpreviouslyworkedatRelianceEngineeringAssociates(P)Limited,ShapoorjiPallonji&CompanyLimitedandShrishtiHotelsPrivateLimited.Hehasover23yearsofexperienceinprojectmanagement.

SANJEE V KUMAR SHARMACHIEF FINANCIAL OFFICER

SanjeevKumarSharmaistheChiefFinancialOfficeroftheManager.HeholdsaBachelor'sdegreeinCommercefromUniversityofDelhiandisaCharteredAccountantwiththeInstituteofCharteredAccountants.HehadpreviouslyworkedatApolloTyresLimited,GalaxyMercantilePrivateLimited(currentlyownedbyEmbassyOfficeParksREIT),JKPaperLimited,ICICIBankLimited,QuippoConstructionEquipmentLimitedandBPTPLimited.Hehasover26yearsofexperienceinfinance,accountsandtaxation.AttheManager,heheadsvariousaspectsoffinanceincludingfundraising,mergersandacquisitions,businessstrategy,investorrelations,reportingunderaccountingstandards,controllership,budgetingandtaxation.

BALJIT S INGHSENIOR VICE PRESIDENT, OPER ATIONS

BaljitSinghistheSeniorVicePresident–OperationsattheManager.HeholdsaMaster’sdegreeinBusinessAdministrationfromJanardanRaiNagarRajasthanVidyapeethUniversity.Further,heisacertifiedMarineEngineerOfficerClassII(Motor),alicensedMerchantMarineOfficerwiththeRepublicofLiberia,alicensedMarchantMarineOfficerwiththeRepublicofPanama,amemberoftheIndianInstitutionofPlantEngineers,memberofNationalSafetyCouncilandaprofessionalmemberoftheRoyalInstituteofCharteredSurveyors.HealsohasacertificateinSecurityManagementandBusinessIntelligencefromtheOrionSchoolofSecurity&IntelligenceManagement.HehadpreviouslyworkedatDLFEstateDevelopersLimitedandPathwaysWorldSchool.Hehasover32yearsofexperienceinrealestate.

SHANTANU CHAKR ABORT YEXECUTIVE VICE PRESIDENT AND REGIONAL HEAD

ShantanuChakrabortyistheExecutiveVicePresidentandRegionalHeadattheManager.HeholdsaBachelor'sdegreeinArchitecturefromtheSchoolofPlanningandArchitecture,NewDelhiandaMaster’sdegreeinBusinessAdministrationfromNarseeMonjeeInstituteofManagementStudies,Mumbai.PriortojoiningtheManager,heworkedatAIGGlobalRealEstateIndiaAdvisorsPrivateLimited,JonesLangLaSallePropertyConsultants(India)PrivateLimitedandMathur&KapreAssociatesPrivateLimited(anarchitecturalfirm).Hehasover15yearsofexperienceinrealestateinvesting,architectureandrealestateconsulting.

SANJAY YADAVSENIOR VICE PRESIDENT, LEGAL

SanjayYadavistheSeniorVicePresident–LegalattheManager.HeholdsaBachelor'sdegreeinartsandaBachelor'sdegreeinLawfromUniversityofDelhi.PriortojoiningtheManager,heworkedatSNC-LavalinInfrastructurePrivateLimited,A2ZOnlineServicesPrivateLimitedandTCGUrbanInfrastructureHoldingsLimited(aChatterjeegroupcompany).Hehasover23yearsofexperienceinthefieldsoflaw,corporateaffairsandadministration.

VITHAL SURYAVANSHISENIOR VICE PRESIDENT AND REGIONAL HEAD, WEST (MUMBAI & PUNE)

VithalSuryavanshiistheSeniorVicePresidentandRegionalHead–West(MumbaiandPune)attheManager.HeholdsaBachelor'sdegreeinCommercefromCommercialUniversityLimited,DelhiandhasaMaster’sdegreeinBusinessAdministrationfromNarseeMonjeeInstituteofManagementStudies,Mumbai.PriortojoiningtheManager,heworkedatK.RahejaCorpPrivateLimited.Hehasover28yearsofexperienceinthecommercialsalesandleasingintherealestatesector.

RUHI GOS WAMIVICE PRESIDENT, GENER AL COUNSEL AND COMPLIANCE OFFICER

RuhiGoswamiistheVicePresidentandGeneralCounselattheManagerandisalsotheComplianceOfficer.SheholdsaBachelor'sdegreeinCommerceHons.fromShriRamCollegeofCommerce,UniversityofDelhi,aBachelor’sdegreeinLawfromFacultyofLaw,UniversityofDelhiandaBachelor'sinCivilLawfromUniversityofOxford.PriortojoiningtheManager,sheworkedatShardulAmarchandMangaldas&CoandatBrookfieldAdvisorsIndiaPrivateLimited.Shehasovertenyearsofexperienceinthefieldoflaw.


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We are constantly looking to upgrade our campuses in order to create safe and sustainable office spaces. Our exquisite campuses are fitted with world class facilities and amenities that set us apart from the crowd. Some of our major awards are as follows:

Candor TechSpace, Sector 21, Gurugram

by Brookfield Properties

BEST OFFICE DEVELOPMENT

WINNER

Manager of Brookfield India REIT A SIA PROPERT Y AWARD -BestBreakthroughDeveloper(India)2020

GLOBAL RE AL ES TATE CONGRESS -DeveloperoftheYear–Commercial2020

GOLDEN PE ACOCK AWARD -OccupationalHealth&SafetyAward2020

Global Real Estate Congress � Best Sustainable and Green project of the year: CandorTechSpaceG2,Gurugram

Realty Plus Excellence Award � Most Environment Friendly Commercial Space: CandorTechSpaceG2,Gurugram

BEE Star Rating � 5 Star Rated:CandorTechSpaceN1,Noida

� 4 Star Rated:CandorTechSpaceK1,Kolkata

Excellence in Energy management 2020 � Energy Efficient Unit: CandorTechSpaceG2,Gurugram

IGBC � Platinum Rating: CandorTechSpaceG2,GurugramMarch2019

� Gold Rating: CandorTechSpaceK1,KolkataMarch2020

� IGBCPerformanceChallenge2020

5S Excellence Gold Rated Campus � CandorTechSpaceG2,Gurugram

PORTFOLIO:Asia Property Award

� Best Green Development (India): CandorTechSpaceG2,Gurugram

� Best Office Development (India): CandorTechSpaceG2,Gurugram

British Safety Council � Five Star Occupational Health and Safety: CandorTechSpaceG2,Gurugram

SAFEGUARD L ABELHealth, Safety & Hygiene-BureauVeritasSafeguardCertification(firstorganizationtoreceiveBureauVeritasSafeguardcertificationforcommercialrealestateinIndia)

� CandorTechSpaceG2,Gurugram

� CandorTechSpaceN1,Noida

� CandorTechSpaceK1,Kolkata

� Kensington,Powai,Mumbai

Awards and Accolades

GOOD AIR AWARD -GoodAirSpacesRealEstate

IGBC GREEN CHAMPION AWARD -DeveloperleadingthegreenbuildingmovementinIndia

Brookfield Properties

BEST BREAKTHROUGH DEVELOPER (INDIA)


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Management Discussion and AnalysisThe discussion and analysis of the activities, financial condition and results of operations that follow are based on the audited Consolidated Financial Statements of Brookfield India REIT and audited standalone financial statements of the Asset SPVs and CIOP for the Financial Year ended March 31, 2021, there being no comparable financial statements (standalone and consolidated) available for Brookfield India REIT for the previous years. Brookfield India REIT was settled on July 17, 2020 by the Manager as a contributory, determinate and irrevocable trust under the provisions of the Indian Trusts Act, 1882. Accordingly, the standalone financial statements of Brookfield India REIT is prepared from July 17, 2020 to March 31, 2021.


BrookfieldIndiaREITacquiredtheentireshareholding(includingconvertiblesecurities)heldbytheSponsorandcertainmembersoftheSponsorGroup,ineachoftheAssetSPVsandCIOP,inexchangeforUnitsonFebruary8,2021.Accordingly,theConsolidatedFinancialStatementsofBrookfieldIndiaREITarepreparedbyconsolidatingtheAssetSPVsandCIOPfromFebruary8,2021toMarch31,2021.

Whilediscussingtheactivities,financialconditionsandresultsofoperationsofBrookfieldIndiaREIT,thecomparisonofcertainkeyfinancialandoperationalmetricsfortheFinancialYearendedMarch31,2021aredoneonastandalonebasiswiththekeyfinancialandoperationalmetricsfortheyearendedMarch31,2020fortheAssetSPVsandCIOPbasedontheirhistoricalfinancialstatements.Further,certaincomparisonaredoneonaconsolidated/combinedbasisandaresubjecttoeliminationoftransactionsandbalancesbetweentheAssetSPVsandCIOP.Further,whereverfullyearfinancialnumbersofBrookfieldIndiaREITarepresented,thesamearederivedfromtheauditedcombinedfinancialstatementsforFinancialYearendedMarch31,2020(assumingthatBrookfieldIndiaREITheldthePortfolioinitspresentformasofApril1,2019)andfromunaudited

consolidatedfinancialstatementsofBrookfieldIndiaREITfortheyearendedMarch31,2021.

ThefinancialinformationfortheFinancialYearendedMarch31,2021includedhereinisbeingpresentedtoprovideageneraloverviewofBrookfieldIndiaREIT’sperformanceonthebasisofcertainkeyfinancialandoperationalmetricsforgeneralinformationpurposesonlyanddoesnotpurporttopresentacomprehensiverepresentationofthefinancialperformanceofBrookfieldIndiaREITforthisperiod.BrookfieldIndiaREIT,theTrusteeandtheManagermakenorepresentation,expressorimplied,astothesuitabilityorappropriatenessofthisinformationtoanyinvestorortoanyotherperson.Certaininformationcontainedhereinconstitutesforward-lookingstatements.ActualeventsorresultsortheactualperformanceofBrookfieldIndiaREITmaydiffermateriallyfromthosereflectedorcontemplatedinsuchforward-lookingstatementsastheyinvolveknownandunknownrisks,uncertaintiesandchangesbeyondthecontrolofBrookfieldIndiaREIT.Factorsthatcouldcauseactualresultstodiffermateriallyfromthosesetforwardintheforward-lookingstatementsorinformationincludebutarenotlimitedtogeneraleconomicconditions,changesininterestandexchangerates,availabilityofequityand


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ManagementDiscussionandAnalysis(contd.)

debtfinancingandrisksspecifictounderlyingportfoliocompanyinvestments.Duetovariousrisks,uncertaintiesandchangesbeyondthecontroloftheManager,theactualperformanceofBrookfieldIndiaREITcoulddiffermateriallyfromtheprojectedresultssetforthherein.

Foreasyandsimplicityofrepresentation,certainfiguresmayhavebeenroundedofftothenearestnumber.

TheManagerisnotobligatedtopubliclyamend,modify,orreviseanystatementshereinonthebasisofanysubsequentdevelopment,informationorevents,orotherwise.Inadditiontostatementswhichareforwardlookingbyreasonofcontext,thewords‘may’,‘will’,‘should’,‘expects’,‘plans’,‘intends’,‘anticipates’,‘believes’,‘estimates’,‘predicts’,‘potential’or‘continue’andsimilarexpressionsidentifyforward-lookingstatements.Pleaserefertothedisclaimersectionattheendofthisreportforadiscussionoftherisksanduncertaintiesrelatedtothosestatements.ThisdiscussionshouldbereadinconjunctionwithBrookfieldIndiaREIT’sAuditedConsolidatedFinancialStatementsandAuditedStandaloneFinancialStatementsincludedinthisreportandtheaccompanyingnotestoaccounts.

E XECUTIVE OVERVIEWBrookfieldIndiaREITisIndia’sonly100%institutionallymanagedrealestateinvestmenttrust.ItwassuccessfullylistedontheStockExchangesonFebruary16,2021,inthemidstofaglobalpandemic.TheoverwhelminginvestorresponsetoBrookfieldIndiaREIT’sinitialpublicofferreflectedinvestorconfidenceinourbusinessmodelandthelong-termprospectsoftherealestatesector.

BrookfieldIndiaREITownsfourlargecampus-formatofficeparkslocatedinsomeofIndia’skeygatewaymarkets–Mumbai,Gurugram,NoidaandKolkata–spanning14.0 MsfofLeasableAreacomprisingof10.3MsfofCompletedArea,0.1MsfofUnderConstructionAreaand3.7MsfofFutureDevelopmentPotential.OurofficeparksprovideacompleteecosystemtoourtenantsandtheiremployeesandareamongthehighestqualityofficeparksinIndia,distinguishedbytheirsizeandscalewitheasyaccesstomasstransportation,highbarrierstoentryfornewsupply,limitedvacancyandrobusthistoricalrentalgrowthrates.

Theofficeparksprimarilyservemarqueetenantsespeciallyinthefast-growingtechnologysectorofIndia.AsofMarch31,2021,BrookfieldIndiaREIT’sPortfoliocomprisesof118tenantswith74%ofGrossContractedRentalsacrossdifferentsectorsoftheeconomy.Thebreakupofthesector-wisecontributionofGrossContractedRentalisgivenbelow.

6.5WALE (YEARS)

91%1

SAME STORE COMMITTED OCCUPANCY


1 Excluding Candor TechSpace N1, Noida Tower 5 (0.5 M sf) completed in September, 20201 Includes its affiliates.

6%RBS1

Financial Services

17%TATA CONSULTANCY

SERVICES

Technology

4%BANK OF AMERICA

CONTINUUM

Financial Services

10%COGNIZANT

Technology

3%E&Y1

Financial Services

7%SAPIENT

Technology

3%BARCLAYS

Financial Services

3%AMDOCS

Technology

2%WIPRO

HR Services and Technology

74%TOTAL


19%ACCENTURE

Consulting

SEC TOR-WISE CONTRIBUTION OF GROSS CONTR AC TED RENTAL


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Asset

Area M sf Leased Area

Completed Area

Future Development

AreaTotal Area

in M sf# Office Tenants

Same Store Committed

Occupancy %

WALE (Yrs.)

In-place rent

(` P sf)

Market Value

(` B)

Kensignton,Powai,Mumbai 1.5 - 1.5 1.3 8 86 2.5 92 25

CandorTechSpaceG2,Gurugram 3.9 0.1 4.0 3.6 15 92 7.0 80 44

CandorTechSpaceN1,Noida 1.9 0.9 2.8 1.3 19 96 7.3 46 20

CandorTechSpaceK1,Kolkata 3.1 2.7 5.7 2.8 15 91 7.3 43 26

Consolidated REIT 10.3 3.7 14.0 9.0 52 91 6.5 65 115

DuringFY2021,totalleasingstoodat0.7Msf,comprising0.1Msfofnewleasingand0.6Msfofrenewals.Weachievedanaveragere-leasingspreadof17%ontheserenewalsandatotaloccupierretention1of78%duringtheyear.DuetothesuddensurgeinCOVID-19infection,newleasingdecisionsbytenantswerelargelydeferredduringthepastyear,however,existingtenantscontinuedtorenewtheirleases.TheleasingdecisionsarenowexpectedtoresumemeaningfullyasCOVID-19infectionsaresubsidinginthecountrywithincreasedvaccinationefforts.

OurManagereffectivelyusedtheperiodoflowphysicaloccupancyatourofficespacestoupgradeourcampusestoprovideanenhancedexperiencetoourtenantswhentheyreturntooffice.Wecontinuetoinvestinmakingourcampusesmoreenergyefficientandaugmentthehealthandsafetystandards.Ourassetimprovementprogramsincludingexpansionofthefoodcourtandhealthclub

99%+OPERATING LEASE RENTALS COLLECTED

9% AVG ESCALATION ON 3.7 M sf OF

LEASABLE AREA

COLLEC TIONS

673,000SF

17%AVERAGE RE-LEASING SPREAD

LEASING

78% 31%

MARK TO MARKET POTENTIALOCCUPIER RETENTION

atCandorTechSpaceK1,expansionofthefoodcourtatCandorTechSpaceN1,landscapinginCandorTechSpaceG2andupgradesofthelobbiesandpodiumareaatKensingtonareprogressingasperplan.

BrookfieldIndiaREITalsohastheexclusiverighttoacquireofficeparks,currentlyownedbytheBrookfieldGroup,eachinGurugramandNoidacomprisingof8.3Msf,whicharesubstantiallysimilarinqualityandgradetothePortfolio.Inaddition,BrookfieldIndiaREIThasarightoffirstofferonBrookfieldGroup’s100%ownedcommercialrealestateassetsinIndia’sfinancialcapital,Mumbai,comprising6.7Msf.AcombinationofthesepropertiescouldpotentiallygrowBrookfieldIndiaREIT’sLeasableAreato29Msf,morethandoublingthesizefromthecurrentareaownedtoday.WecontinuetoevaluateopportunitiesforinorganicgrowthofthePortfoliofrom

Thesefullyintegrated,campus-formatofficeparksarestabilizedwith93%ofthevaluefromoperationalbuildingsandaSameStoreCommittedOccupancyof91%1.WithaWALEof6.5years,theseassetshaveahighdegreeofvisibilityoffuturerentals.ThekeyoperatingmetricsasonMarch31,2021ofthePortfolioaregivenbelow.


theserightsontheofficeparksownedbytheBrookfieldGroupastheybecomevalueaccretivetoourPortfolio.

THE CURRENT BUSINESS ENVIRONMENTTheglobaloutbreakoftheCOVID-19pandemic,includingIndiain2020hadresultedinaperiodofeconomicdownturnandbusinessdisruptions.Fromabusinesscontinuityperspective,weensuredthatourpropertiesstayed100%operationalduringthelockdownwithelevatedhealthandsafetystandardsinplace.Againstthisbackdrop,ourPortfoliocontinuestoremainresilientandexistingoccupierscontinuetoseevalueinretainingtheirspaces.ThePortfoliohadrentalcollectionsof99.2%forFY2021andrealizedorganicgrowthbyachievinga9%averagerentalescalationon3.7MsfofleasableareaduringFY2021aspercontractualterms.Thisisatestamenttoourdeep-rootedrelationshipwithouroccupiersandthevaluepropositionthatourinstitutionalqualitypropertiesbringtothetable.

AsthepandemicseemedtosubsideinthesecondhalfofFY2021,leasingdiscussionsstartedtopickupandoccupierswerelookingtoresumetheir‘backtooffice’plans.However,thesecondwaveofinfectionsfromMarch2021haveresultedinlocalizedlockdowns.Whilenewleasingdecisionshavebeendelayed,weexpectdiscussionstopickupagainasthecaseloadinthecountryreduceswithanaccelerationinvaccination.WehavealsoinitiatedCOVID-19vaccinationdrivesacrossourcampusesforouremployees,serviceprovidersandtenants,andwehopetoworkalongsidethegovernmentbodiestofasttrackthevaccinerollout.

BrookfieldIndiaREITseekstoproviderisk-adjustedtotalreturnstoitsUnitholdersthrough:

� StableyieldsupportedbyourPortfolio’slong-termcontractedcashflows

� Propertylevelincomegrowththroughcontractualrentescalations,marktomarketpotentialandin-situdevelopmentpotential

� AcquisitionsincludingthatoftheIdentifiedAssetsandtheROFOPropertiesand

� Assetvalueappreciation,throughcontinuousinvestmentinthepropertiestoupgradethem.

Webelievewecanmeetthisobjectivebymaximizingtheperformanceofourhigh-qualityPortfoliothrough:

� ProactivePortfoliomanagementledbyanexperiencedandbest-inclassmanagementteam

� Aprudentcapitalstructure

� Corporategovernanceframeworkalignedwithglobalbestmarketpracticesand

� AccesstoBrookfield’sglobalexpertise,relationshipsandexperienceofmanagingsimilarpublicmarketvehicles.


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GROW TH POTENTIAL IN THE TECHNOLOGY SEC TORTheIndiantechnologyindustryhassuccessfullytransitionedfrombeingalow-costbusinessprocessoutsourcinglocationtoahubforhigh-endvalue-addedservicesanddigitalbusinessofferings(InternetofThings,cloud,analytics,blockchain).ThenumberofpeopleemployedinthisindustryhasgrowneleventimesbetweenFY2001andFY2021E.ThesectorisexpectedtogrowataCAGRof13%toUS$350billioninFY2025fromUS$190billioninFY2020.Despitethepandemic,theIndiantechnologysectorhasperformedbetterthancomparativeglobalbenchmarks.WhilefirstquarterofFY2021wasmostdifficultperiodintermsofrevenuegrowth,thenexttwoquarterssawpositivegrowthratesdrivenlargelybydigitaltransformationserviceandrevenueconversionfromdeals.Onaccountofcontinuousinvestmentsindigitalinnovations,businessesneedskilledworkforceandbetterlogistics.This,inturnis,expectedtohelpinjobcreationanddemandforrealestate1.

BothIndiancompaniesandGlobalIn-houseCenters(GICs)(alsoknownasGlobalCapabilityCenters(GCCs),areleadingtheinnovationinthesectorandprovidingafullsuiteofservicestotheirclients.Thisinnovationledgrowthhashelpeddrivethegrowthofhighvalue-addeddigitaltechnologies,whichareexpectedtogrowfrom29%oftheindustryrevenuesinFY2021to38%byFY2025E.Theavailabilityofhigh-qualitytalentmakesthisinnovationpossible,andcoupledwithalowcostofoperations,attractsglobalcompaniestosetupGICsinIndia.Indiaaccountsforaround45%oftheglobalGICsatpresentandthespaceleasedbyGICshasgrownfivefoldduring2014-19.TheshareofGICsintheoverallofficedemandhasalsorisenfrom8%tomorethan27%duringthisperiod.Asorganizationsnavigatethroughtechnology-induceddisruptionofbusinessmodels,GICsinIndiawillplayanever-increasingroletoprepareorganizationsforthe“newnormal”and,atthesametime,adheretotheprinciplesofcostexcellence.ThefundamentalgrowthinGIC’swilldrivedemandforhighqualityGradeAofficespacesinIndia1.

Inthiscontext,pleasealsorefertheIndustrySectionofthisreportonPageNo.16.

LONG -TERM OPPORTUNITIES FOR GR ADE A OFFICE PARK SWebelievethatinthelong-termworkplacesareimportantplatformstocongregateandcollaborate.Inaddition,globaldiscussionsaroundemployeewellnessandstringentsafetynormshavegainedprominence,whichareexpectedtohelpdemandforGradeAofficeparks.Thefollowingaresomeofthelong-termandsustainablegrowthopportunitiesforincreaseindemandforGradeAofficeparks,tobringbackthegrowthmomentumandtoensuretenantscomebacktooffices.


1 Final Industry Report of Cushman & Wakefield India Pvt Limited for March 31, 2021

� Work From Home:Workfromhome,whichhasbeentheneedofthehourforensuringbusinesscontinuityduringthepandemic,isunlikelytobesustainableinthelong-term.ManyhouseholdsinIndiadonothaveadequateinfrastructuresuchassecureinternetconnectivity,adedicatedworkspaceandappropriatefurnitureandfit-outstoachieveoptimalworkproductivity.Indianofficemarketofferscheaperrentalscomparedtomajorglobalhubs.Savingsinrealestateexpenditureforinformationtechnologyservicecompaniesislikelytobemarginalasitformsasmallershareoftheirtotalexpenses.Rather,workfromhomecanmakeitmorechallengingforcompaniestobuildapositiveofficeculture,retainattractivetalentandmanageemployeemorale.

� De-densification:Occupiersareincreasinglylookingtore-assesstheirofficelayoutstoensurecompliancewithhealthandsafetynorms.Weexpecttheaveragespaceperemployeetoincreaseoverthecomingyears,whichislikelytofurtherdrivethedemandforofficespace.

� Demand for High Quality Assets:TheCOVID-19pandemichashighlightedtheneedforsuperiorservicesandafocusonhealthandsafety.WeexpectagreatershareofdemandtoshifttoGradeApropertiesthatofferbest-in-classservicesandsafety.Lowdensity‘campusstyle’developmentsarelikelytobemoreattractivefortenants.

� Supply Disruption:WebelievethereisalikelydisruptiontothesupplyofcomparableGradeAofficestockowingtoaseveredisruptioninabilitytoaccessliquidityandfundingfordevelopersinIndiaanddisruptionandincreasedcostsinlaborandmaterials.Thiswillleadtosignificantfinancialstressonthebalancesheetofmostdevelopersinthecountryleadingtoashortageofsupplyorconsolidationofstock.Withourhigh-qualityrealestateassetsandstronggrowthprofile,wearewellpoisedtoexploittheopportunitiesarisingfromthisslowdowninthemarket.

� Resilient Rentals:Rentalsinhigh-qualityinstitutionalpropertieshaveremainedrobust.Tenantsseevalueinretainingtheirexistingofficespacesandhavebeenpayingcontractualescalations.Thestronggrowthinthetechnologyindustryandcontinuedheadcountadditionswilldrivelong-termdemandforqualityofficespace.ThePortfoliohasachievedrentalcollectionsof99.2%forFY2021andhasamarktomarketpotential of31%.

OurManageriscloselymonitoringtheimpactofCOVID-19andtheevolvingtrendsonallaspectsofbusinessandoperations,includingonthetenantsandthepreventativeorprotectiveactionsofthecentral,stateandlocalgovernmentsontherelevantaspectsofourPortfolio

andworkingtowardscapitalizingontheemergingopportunitiesintheoperatinglandscape.

SIGNIFIC ANT FAC TOR S AFFEC TING OUR AC TIVITIES , RESULTS OF OPER ATIONS AND FINANCIAL CONDITIONAswecontinueouractivities,businessandoperationsfacecertainrisksandchallenges,whichmayhaveanadverseeffectonourbusiness,resultsofoperationsandfinancialcondition,whicharediscussedbelow.Inthiscontext,pleasealsorefertothe“RiskFactors”sectionofthisreportonpage134-135.

(i) General economic conditions, particularly in the cities and the micro-markets where the Portfolio are located and certain industry sectors in which material tenants operate

ThegeneraleconomicconditionofIndia,thestateoftheoverallcommercialrealestateandparticularlytheperformanceofcommercialrealestateinthemarketsofGurugram,Noida,KolkataandMumbai,wherethePortfolioislocated,haveasignificantimpactonourresultsofoperations.Thesupplyanddemandforcommercialrealestateisaffectedbyseveralfactorsincludingprevailingeconomic,incomeanddemographicconditions,domesticemploymentlevels,changesinandmannerofimplementationofgovernmentalpolicies,prevailinginterestrates,changesinapplicableregulatoryschemes,demandfrommultinationalcorporations,theavailabilityoffinancingandoutbreaksofinfectiousdiseasesuchasCOVID-19.GrowthinGDPandpercapitaincomeinIndiaislikelytoresultinanincreaseindemandforcommercialrealestate.Conversely,aslowdownintheIndianeconomycouldadverselyaffectouractivities,businessoperationsandconsequentlyfinancialresults,especiallyifsuchaslowdowniscontinuedandprolonged.Further,globaleconomicconditionsmayalsoaffectourresultsofoperationssinceseveralofourtenantsexportservicesorproductsfromIndiaorareaffiliatesofmultinationalcompanies.

WerelyonCandorKolkata(whichownsCandorTechSpaceG2andCandorTechSpaceK1),whichislocatedintheGurugramNorthmicromarketandKolkata,Eastmicromarket,forasignificantportionofourrevenues.RentalsfromCandorKolkata(forCandorTechSpaceG2)accountedfor42.4%ofourcombinedrevenuefromoperationsfortheFinancialYearendedMarch31,2021ascomparedto42.7%fortheFinancialYearendedMarch31,2020whileCandorTechSpaceK1accountedfor24.3%ascomparedto23.5%fortheFinancialYearendedMarch31,2020.

Further,werelyoncertainindustrysectorsforasignificantportionofourrevenues.AsofMarch31,2021,50%oftheLeasableAreaoftheourtotalPortfoliowasleasedtotenantsinthetechnologysector,while18%wasleasedtotenantsintheconsultingsectorand19%wasleasedtotenantsinthefinancialservicessector.Consequently,anydevelopmentsaffectingthedemandforcommercialrealestateinthemicro-marketordemandfromtechnology,consultingandfinancialservicessectorsmayaffectourbusinessactivities.

(ii) Leasable Area of the Portfolio, including Under Construction Area and Future Development Potential

OurPortfoliocomprises0.1MsfofUnderConstructionAreaand3.7MsfofFutureDevelopmentPotential,asofMarch31,2021.DespiteCOVID-19disruptions,0.5MsfinCandorTechSpaceN1wasdeliveredinFY2021.Further,weareontracktodeliver0.1MsfofamenityblockinCandorTechSpaceN1inquartertwoofFY2022.Wehavealsostartedthepre-constructionactivitiesfortheproposedmixed-usedevelopmentof0.5MsfinCandorTechSpaceK1withanapproximateoutlayof`2,207million.WeexpecttocommencetheconstructionworkinthethirdquarterofFY2022andsubjecttothereceiptofnecessaryapprovals,completeitbythethirdquarterofFY2024.Further,weutilizedtheCOVID-19downtimetowardsadvancingourassetupgradeprogramacrossproperties;CandorTechSpaceK1upgradesarenearingcompletionandupgradesacrossotherAssetSPVsareongoing.Thebalancecapexexpectedtobeincurredacrossourassetsforupgradesis`502million.

Beforeundertakingandplanningforconstructionareaandfuturedevelopment,ourManageranalyzesrecentandexpectedfuturedemandandsupplydynamicsalongwiththeabsorptiontrendsintherelevantmicro-markets.DevelopmentisinitiatedwheretheManagerbelievesthedemanddynamicsarelikelytobefavorableinthefuture.

(iii) Addition of Leasable Area through Acquisitions

ConsistentwithBrookfield’sgrowthstrategy,ourManagerwillcontinuetoevaluatepotentialacquisitionopportunitiestoincreasetheLeasableArea.ThisincludesacquisitionoftheIdentifiedAssetsforwhichBrookfieldIndiaREIThasarighttoacquireandtheROFOPropertiesinrespectofwhichBrookfieldIndiaREIThastherightoffirstofferasperagreedtermssetoutunderdefinitiveagreementsenteredbyBrookfieldIndiaREIT.


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8.3 M sfTOTAL AREA

7.3 M sf OPERATING AREA

IDENTIFIED ASSETS

6.7 M sfTOTAL AREA


ROFO PROPERTIES

GURUGRAM, NOIDA

Brookfield India REIT has the sole option to

purchaseVALIDITY AUGUST 2022

MUMBAI

Brookfield India REIT has a right of first offer when existing

shareholders trigger saleVALIDITY FEBRUARY 2026

Inorganic Growth Opportunities


(iv) Rental Rates Ourrevenuefromoperationsprimarilycomprise

incomefromoperatingleaserentalsandmaintenanceservices.Rentalratesdependonvariousfactorsincludingthelocation,quality,upkeepandmaintenanceoftheasset,changesindemand-supplydynamics,competitivepricingpressures,changesingovernmentalpoliciesrelatingtozoningandlanduse,aswellasourcontinuedabilitytomaintaintheassetsandprovideservicesthatmeettherequirementsofexistingandprospectivetenants.

Rentalratesforofficespaceandspaceleasedforbankbranches,ATMs,retailstoresandtelecomtowersintheofficeparksaregenerallyfixedwithperiodicrentalescalationsforthetenureoftheleases,whilethoseforfoodandbeverageoutletsaregenerallychargedonarevenuesharingbasis.Further,ourPortfoliohaveanumberoflargebuildingswhichofteninvolvelargetenantsoccupyingmultiplefloorsinthesamebuildingforlongdurations.Accordingly,there-leaseorrenewalofoneormorelargeleasesmayhaveadisproportionateimpactonrentalratesinagivenperiod.

DuetosignificantleasesinourPortfoliobeingexecutedmorethanthree–fiveyearsback,theassetsinthePortfoliohaveasignificantMTMopportunity.

OurManagerbelievesthattheaveragerentalratesforin-placeleasesatthePortfolioaregenerallybelowthecurrentmarketratesandexpectstobenefitfromthesignificantupsidearisingfrommarktomarketpotentialthroughupcomingleaserenewals.

(v) Terms of Leases and Occupancy Rates TheAssetSPVstypicallyenterintolong-termlease

agreementswithtenants,whichprovidesvisibilityonfuturecashflows.ThetenureoftheleasesforthePortfoliodependsontheofficeparkanditslocation,andtypicallyrangesbetweenthreetofifteenyearswithaninitialcommitmentofgenerallythreetofiveyearsandtheoptiontorenewfollowingtheinitialcommitmentperiod.

OurresultsofoperationsarealsosignificantlydeterminedbythelevelsofCommittedOccupancy,whichdependsonseveralfactorssuchasdemandforandcomparablesupplyofcommercialrealestateinourmicromarkets,rentalratesincomparisonwithcompetingproperties,attractivenessoftheofficeparks,therangeofamenitiesandtheabilitytore-leasespaceorenterintonewleaseswithoutsignificantintervalsoftime.OurManagerhasdevelopeddeeptenantrelationshipsthroughitsdedicatedpropertymanagersandlocalexpertise,whichcombinedwithBrookfield’sglobalinstitutionalrelationships,hasledtoan85%tenantretentionratebetweenApril1,2015andMarch31,2021.

AsofMarch31,2021,ourPortfoliohadaCommittedOccupancyof87%,SameStoreCommittedOccupancyof91%andaWALEof6.5years.

R65.2 per sfIN PLACE RENT

31%MTM OPPORTUNITY



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Committed Occupancy, WALE and Lease Maturity Profile (as of March 31, 2021)

Particulars Kensington Candor TechSpace G2

Candor TechSpace N1

Candor TechSpace K1

Brookfield India REIT

CommittedOccupancy(%) 86 92 71 91 87

WALE(years) 2.5 7.0 7.3 7.3 6.5

Leasematurityprofile–areaexpiring(Msf)

Year 2022 0.1 0.7 0.1 0.3 1.1

2023 0.4 0.1 0.0 0.1 0.6

2024 0.7 0.0 0.2 0.0 1.0

2025 0.1 0.2 0.2 0.0 0.6


OurManagerintendstocontinuetostrengthenitslong-termrelationshipswiththetenantsandproactivelymaintaincommunicationwiththemtogaininformationregardingtheirneedsandrequirements.OurManageralsoundertakesvarioustenantengagementactivitiessuchascelebratingfestivals,organizingsportstournamentsandentertainmentevents,healthawarenessseminarsandquizcontests.Suchinitiativeshelpimprovetenantretentionlevelsandattractnewtenants.

(vi) Cost of Financing and Capital Expenditure Ourfinancecostswere`410.77millionor30.2%of

ourtotalincomefortheperiodendingMarch31,2021.Ourabilitytoraisedebtfinancingandanyreductioninourcostofborrowingspositivelyaffectsourresultsofoperations.

Inordertomaintainandupgradetheassets,weincurcapitalexpenditureforrefurbishments,renovationsandotherassetenhancementinitiatives.WhilewehaveenteredintofinancingagreementsforalltheprojectscurrentlyunderdevelopmentwithinourPortfolio,wemayrequireadditionalcapitaltocompletethedevelopmentofthefutureprojects.

(vii) Regulatory Framework TheIndianrealestatesectorisregulatedbycentral,

stateandlocalgovernmentalauthoritiesandourManagerdevotessignificantamountoftimeandresourcestocomplywithsuchlegislation.Regulationsapplicabletoouroperationscoverseveralaspectssuchastheacquisitionoflandandlandusage,roadaccess,theratioofbuilt-upareatolandarea,necessarycommunityfacilities,openspaces,watersupply,sewagedisposalsystems,electricitysupplyandenvironmentalsuitability.Consequently,ourresultsofoperationscouldbeaffectedbythenatureandextentofsuchregulations.

WearegovernedbytheREITRegulationsandarerequiredtocomplywithcertainrequirements,includingmaintainingaspecificthresholdofinvestmentinrentorincomegeneratingproperties.

KensingtonisregisteredasaprivateITParkonSEZlandwiththeDirectorateofIndustries,Mumbaiandisrequiredtoensureongoingcompliancewith

certainconditionsunderitsregistration.Further,Kensington,CandorTechSpaceG2andasignificantportionofthelandonwhichCandorTechSpaceK1islocatedarenotifiedasSEZsandarerequiredtocomplywithSEZ-relatedrulesandregulations.Theseassetsarealsoentitledtocertaintaxbenefits,thecontinuingavailabilityofwhichmayaffectourresultsofoperations.

(viii) Competition Weoperateincompetitivemarketsandcompetition

inthesemarketsisbasedprimarilyontheavailabilityofGradeAofficepremises.Theprincipalmeansofcompetitionarerentcharged,location,servicesandamenitiesprovidedandthenatureandconditionofthepremisestobeleased.CompetitionfromotherdevelopersinIndiacouldresultinpriceandsupplyvolatilitywhichmayaffectourabilitytoleasewhilecontinueddevelopmentbyothermarketparticipantscouldresultinsaturationoftherealestatemarket.

(ix) Operating and Maintenance Expenses Ouroperatingandmaintenanceexpensesprimarily

consistofrepairandmaintenance(ofbuildings,commonareas,machineryandothers),powerandfuelexpenses,propertymanagementfeesandexpensesrelatedtohousekeepingandsecurityservices.Factorswhichimpactourabilitytocontroltheseoperatingexpensesinclude(butarenotlimitedto)assetoccupancylevels,fuelprices,generalcostinflation,periodicrenovation,refurbishmentandothercostsrelatedtoreleasing.

Ourmaintenanceserviceagreementswithtenantsaretypicallystructuredascostpluscontracts.TheactualcostsincurredtowardsmaintenancearebilledbyAssetSPVstotenantsalongwithamark-upaspercontract.OnaccountofCOVID-19,maintenanceserviceexpensesacrossourassetshavereducedonaccountoflowerelectricityconsumptionandlowerincidenceofmaintenanceactivities.TheManagerhaspassedonthesecostreductionstotenantsintheformoflowermaintenanceservicescharges.IfthephysicaloccupancyofourcampusesremainlowforanextendedperiodoftimeduetotheCOVID-19pandemic,itwilllikelynegativelyimpactourmaintenanceservicesmargins.

CIOPprovidesservicesincludingpropertymanagement,facilitiesmanagementandsupportservicestoourCandorAssetSPVs.ThemaintenancefeeearnedbyCIOPfromtheCandorAssetSPVsisbasedonapersfratecardasperthecontractbetweentheentities.LiketheCAMmarginsattheAssetSPVs,aprolongedperiodoflowphysicaloccupancyinourcampuseswilllikelynegativelyimpactthemarginofCIOP.

BA SIS OF PREPAR ATION OF CONSOLIDATED FINANCIAL S TATEMENTSConsolidatedFinancialStatementscompriseourconsolidatedbalancesheetasonMarch31,2021,consolidatedstatementofprofitandloss,consolidatedstatementofcashflowsandconsolidatedstatementofchangesinUnitholders’equityfortheperiodJuly17,2020toMarch31,2021andasummaryofsignificantaccountingpoliciesandotherexplanatoryinformation.Additionally,itincludesthestatementofnetassetsatfairvalueasofMarch31,2021,thestatementoftotalreturnsatfairvaluefortheperiodthenendedandotheradditionalfinancialdisclosuresasrequiredundertheREITRegulations.TheConsolidatedFinancialStatementswereauthorizedforissueinaccordancewithresolutionspassedbytheBoardofDirectorsonbehalfofBrookfieldIndiaREITonMay20,2021.TheConsolidatedFinancialStatementshavebeenpreparedinaccordancewiththerequirementsoftheREITRegulationsreadwiththeSEBIcircularnumberCIR/IMD/DF/146/2016datedDecember29,2016,IndAStotheextentnotinconsistentwiththeREITRegulations(presentationofunitcapitalasequityinsteadofcompoundinstrumentsunderIndAS32–FinancialInstruments:Presentation),readwithrelevantrulesissuedthereunderandotheraccountingprinciplesgenerallyacceptedinIndia.

Summary of Significant Accounting Policies � New and amended standards (amendment

to Ind AS 103 Business Combinations):TheamendmentstoIndAS103BusinessCombinationsclarifythatwhilebusinessesusuallyhaveoutputs,outputsarenotrequiredforanintegratedsetofactivitiesandassetstoqualifyasabusiness.Tobeconsideredabusinessanacquiredsetofactivitiesandassetsmustinclude,ataminimum,aninputandasubstantiveprocessthattogethersignificantlycontributetotheabilitytocreateoutputs.

Theamendmentsremovetheassessmentofwhethermarketparticipantsarecapableofreplacinganymissinginputsorprocessesandcontinuingtoproduceoutputs.Theamendmentsalsointroduceadditionalguidancethathelpstodeterminewhetherasubstantiveprocesshasbeenacquired.

Theamendmentsintroduceanoptionalconcentrationtestthatpermitsasimplifiedassessmentofwhetheranacquiredsetofactivitiesandassetsisnotabusiness.Undertheoptionalconcentrationtest,theacquiredsetofactivitiesandassetsisnotabusinessifsubstantiallyallofthefairvalueofthegrossassetsacquiredisconcentratedinasingleidentifiableassetorgroupofsimilarassets.

BrookfieldIndiaREIThasoptedtoapplyoptionalconcentrationtestinrespectofacquisitionoftheAssetSPVs.

� Use of judgments and estimates:ThepreparationofConsolidatedFinancialStatementsinconformitywithIndAS,totheextentnotinconsistentwiththeREITRegulations,requiresmanagementtomakeestimatesandassumptionsthataffectthereportedamountsofassets,liabilities,incomeandexpenses.Actualresultscoulddifferfromthoseestimates.



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Estimatedandunderlyingassumptionsarereviewedonaperiodicbasis.Revisionstoaccountingestimatesarerecognizedintheperiodinwhichtheestimatesarerevisedandinanyfutureperiodsaffected.

InformationaboutsignificantareasofestimationuncertaintyandcriticaljudgementsinapplyingaccountingpoliciesthathavethemostsignificanteffectontheamountsrecognizedintheConsolidatedFinancialStatementsisincludedinthefollowingnotes:

(i) Presentationof“UnitCapital”as“Equity”inaccordancewiththeREITRegulationsinsteadofcompoundinstrument

(ii) determinationofusefullifeandresidualvaluesofinvestmentpropertyandproperty,plantandequipment

(iii) classificationofassetsasinvestmentpropertyorasproperty,plantandequipment

(iv) determinationofrecoverableamount/fairvalueofinvestmentproperty

(v) impairmentoffinancialassets,property,plantandequipmentandintangibleassets

(vi) recognitionandmeasurementofprovisionsforcontingenciesanddisclosureofcontingentliabilities


1 With effect from date of registration of Brookfield India REIT

(vii) determinationofleaseterm

(viii) recognition/recoverabilityofdeferredtaxassets

(ix) BrookfieldIndiaREIThasconsideredpossibleeffectsthatmayresultfromthepandemicrelatingtoCOVID-19onthecarryingamountsandfairvalueofinvestmentproperty(includingunderdevelopment).IndevelopingassumptionsrelatingtopossiblefutureuncertaintiesintheIndianeconomicconditionsbecauseofthispandemic;BrookfieldIndiaREIT,asofthedateofapprovalofConsolidatedFinancialStatements,hasusedinternalandexternalsourcesofinformationincludingreportsonfairvaluationofinvestmentpropertiesfrompropertyconsultants,economicforecastandotherinformationfrommarketsourcesontheexpectedfutureperformanceofBrookfieldIndiaREIT.Basedonthisanalysis,BrookfieldIndiaREIThasconcludedthatthereisnoimpairmenttothecarryingamountofinvestmentpropertyandthefairvalueofinvestmentpropertydisclosedintheConsolidatedFinancialStatementsrepresentsthebestestimatebasedoninternalandexternalsourcesofinformationonthereportingdate.TheimpactofCOVID-19onBrookfieldIndiaREITConsolidatedFinancialStatementsmaydifferfromthatestimatedasofthedateofapprovaloftheConsolidatedFinancialStatements.

DISCUSSION ON THE FINANCIAL RESULTS OF BROOKFIELD INDIA REIT FOR F Y2021Duringthecurrentuncertainties,wecontinuetodemonstratearesilientfinancialperformanceandremainfocusedonachievingourprojectedfinancialtargets.

Consolidated statement of profit and loss from July 17, 2020 to March 31, 20211

Particulars (` in M) % to Total Income

Income and gainsRevenuefromoperations 1,309.42 96.21Otherincome 51.65 3.79Total income 1,361.07 100Expenses and lossesCostofmaterialconsumed 2.48 0.18Employeebenefitsexpenses 28.10 2.06Financecosts 410.77 30.18Depreciationandamortizationexpenses 316.75 23.27Valuationexpenses 5.78 0.42Trusteefees 2.21 0.16Otherexpenses 445.55 32.74Total expenses 1,211.64 89.02Profit/(Loss) before income tax 149.43 10.98Tax ExpenseCurrenttax- forcurrentperiod 0.44 0.03- forearlieryears 18.89 1.39Deferredtaxcharge/(credit) (122.93) (9.03)Tax expense for the period (103.60) (7.61)Profit/(Loss) for the period after income tax 253.03 18.59Other comprehensive incomeItemsthatwillnotbereclassifiedtoprofitorloss-Remeasurementofdefinedbenefitobligations (0.35)-Incometaxrelatedtoitemsthatwillnotbereclassifiedtoprofitorloss 0.07Othercomprehensiveincomefortheperiod,netoftax (0.28)Total comprehensive income/(loss) for the period 252.75 18.57

Principal Components of Consolidated Statement of Profit and Loss

Total IncomeTotalincomecomprisesrevenuefromoperationsandotherincome.

(a) Revenue from operations Revenuefromoperationscomprisesincomefrom

operatingleaserentals,incomefrommaintenanceservicesandsaleofproducts,whichincludessaleoffoodandbeveragesandothers.

(` in M)

Revenue from Operation July 17, 2020 to March 31, 2021

% of total revenue from

operationsSale of ServicesIncomefromoperatingleaserentals

943.40 72.05

Incomefrommaintenanceservices

362.88 27.71

1,306.28 99.76Sale of ProductsSaleoffoodandbeverages

2.90 0.22

Others 0.24 0.02Total revenue from operations

1,309.42 100.00

Sale of services � Income from operating lease rentalscomprises

rentalincomereceivedbytheAssetSPVsfromleasingofofficespacetotenants,incomefromcarparkingcharges,signagefeesandfit-outrentals(customizedinteriors,furnitureandfixturesasperclientrequirementstomakethespaceaplug-and-playfacility,asopposedtoawarmshellspacewherethetenantundertakescapitalexpendituretodothesame).Rentalratesforofficespaceandspaceleasedforbankbranches,ATMs,retailstoresandtelecomtowersintheofficeparksaregenerallyfixedwithperiodicrentalescalationsforthetenureofthe

leasesandaresubjecttoreviewuponrenewalorextensionoftheleases.Foodandbeverageoutletsintheofficeparksaregenerallychargedrentalsonarevenuesharingbasis.

� Income from maintenance servicescomprisesrevenuereceivedfromtenantsforthemaintenanceofcommonareas,includingforsecurityandhousekeepingservices.Leaseagreementswithtenantstypicallyprovidethattenantswillbechargedthecostofmaintainingpropertyaswellasamarginonsuchmaintenancecosts.

Sale of products � Food and beverages revenuereferstotherevenue

receivedfromthesaleoffoodandbeverages.

� Othersprimarilycomprisesrevenuegeneratedfromtheprovisionofutilitiestotenantswhoprovidefoodandbeverageservices.

(b) Other Income Otherincomecomprises:(i)interestincomefrom

financialassetsatamortizedcost,whichincludes(a)interestincomeonfixeddepositwithbanks;and(b)otherinterestincome;and(ii)others,whichincludes(a)incomefromscrapsale,(b)interestontaxrefunds,(c)liabilitiesandprovisionsnolongerrequiredwrittenback,and(d)miscellaneousincome.

(` in M)

ParticularsJuly 17, 2020

to March 31, 2021

Interest income from financial assets at amortised costInterestincomeonfixeddepositwithbanks 3.21Otherinterest 2.49OthersIncomefromscrapsale 1.64Interestonincometaxrefund 7.55Liabilities/provisionsnolongerrequiredwrittenback 0.02Miscellaneousincome 36.74Total 51.65

Kensignton,Powai,Mumbai


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Total ExpensesExpensescomprisecostofmaterialsconsumed,employeebenefitsexpense,financecosts,depreciationexpenses,valuationexpenses,Trusteefeesandotherexpenses.

(a) Cost of materials consumed Costofmaterialsconsumedcomprisesofthe

expensesincurredtoreimbursecontractorsforthepurchaseoffoodandbeverageitemsforonwardsalestotenants.

(b) Employee benefits expenses Employeebenefitsexpensescomprisesalaries,

wagesandbonus,contributiontoprovidentfund,gratuityexpenseandcompensatedabsences.

(c) Finance costs Financecostscomprise:(i)interestandfinance

chargesonfinancialliabilitiesatamortizedcost,whichinclude(a)interestontermloans,(b)interestonnon-convertiblebonds,(c)interestonleaseliability,and(ii)others,whichincludeother borrowingcosts.

Borrowingcostsinrelationtopropertiesunderdevelopmentarecapitalized.Onceconstructioniscompleted,theinterestcostischargedtothestatementofprofitandloss.

(d) Depreciation and amortization expenses Depreciationexpensescompriseofthedepreciation

ofproperty,plantandequipmentandintangibleassetsanddepreciationofinvestmentproperty.

(e) Other expenses Otherexpensesprimarilycomprisepowerandfuel,

repairandmaintenance,legalandprofessionalfees,propertymanagementfees,creditimpaired,ratesandtaxesandmiscellaneousexpenses.

Summary of total expenses(` in M)

Expenses and losses July 17, 2020 to March 31, 2021

% of total expenses

Costofmaterialconsumed 2.48 0.20Employeebenefitsexpenses 28.10 2.32

Financecosts 410.77 33.90Depreciationandamortizationexpenses 316.75 26.14

Valuationexpenses 5.78 0.48

Trusteefees 2.21 0.18

Otherexpenses 445.55 36.77

Total expenses 1,211.64 100.00

Tax ExpenseTaxexpensecomprisescurrenttaxexpensesanddeferredtaxchargesorcredits.

Profit/Loss for the periodAsaresultofforegoingreasons,therewasaprofitof`253.03millionfortheperiodendedMarch31,2021.

Items of Other Comprehensive IncomeItemsofothercomprehensiveincomethatwillnotbereclassifiedtoprofitorlosscompriseremeasurementofdefinedbenefitobligationsandincometaxthereon.

Liquidity, Cash Flows and Capital ResourcesLiquidityisameasureofourabilitytomeetpotentialcashrequirements,includingongoingcommitmentstopayinterestonandrepayprincipalunderoutstandingindebtedness,developandmaintainourPortfolio,maintainsufficientworkingcapital,provideforcoststoacquireproperties,makedistributionstotheUnitholdersandothergeneralbusinessneeds.

AsofMarch31,2021,wehadcashandcashequivalentsof`3,155.19million,comprisingbalancewithbanksincurrent,depositaccountsandinescrowaccount.Weexpecttomeetourworkingcapitalandcashflowrequirementsforthenexttwelvemonths,primarilyfromcashflowsfrombusinessoperations,cashandbankbalances,andshort-termandlong-termborrowingfrombanks,financialinstitutions,investors,orasmaybepermittedundertheREITRegulations.

Summary of the statement of cash flows(` in M)

Particulars July 17, 2020 to March 31, 2021

Netcashflowsgeneratedfrom operatingactivities

1,396.22

Netcashflowgenerated(usedin) investingactivities

(480.91)

Netcashflowgeneratedfrom financingactivities

1,462.58

Netincreaseincashandcashequivalents 2,377.89

Cashandcashequivalents acquiredduetoassetacquisition

777.30

Cashandcashequivalents attheendoftheperiod

3,155.19

Operating ActivitiesNetcashgeneratedfromoperatingactivitieswas`1,396.22millionfortheperiodendedMarch31,2021.Ourprofitbeforetaxwas`149.43million,whichwasadjustedfornon-cashandotheritemsbyanetamountof`726.97million,primarilyforfinancecostof`410.77millionanddepreciationandamortizationexpenseof`316.75million.Thechangesinworkingcapitalprimarilycomprisedadecreaseincurrentandnon-currentfinancialassetsof`302.32million,partiallyoffsetbyadecreaseinothercurrentandnon-currentliabilitiesof`292.85million.Wealsoreceivedincometaxrefund(net)of`573.50million.

Investing ActivitiesNetcashusedininvestingactivitieswas`480.91millionfortheperiodendedMarch31,2021,primarilycomprisingfixeddepositsof`347.40millionandexpenditureincurredoninvestmentpropertyof`132.59millionprimarilyincurredtowardstheconstructionofbuildingsforCandorKolkata(forCandorTechSpaceG2)andSPPLNoida(forCandorTechSpaceN1).


8 With effect from date of registration of Brookfield India REIT

Financing ActivitiesNetcashgeneratedfromfinancingactivitieswas`1,462.58millionfortheperiodendedMarch31,2021,primarilycomprisingproceedsfromissueofUnitsof`38,000millionandproceedsfromlong-termborrowingsof`21,200millionwhichwaspartiallyoffsetbyrepaymentoflong-termborrowingsof`56,620.43millionandfinancecostpaidof`592.85million.

Capital Expenditures and Capital InvestmentsHistorical capital expenditureCapitalexpenditurecomprisesaddition(netofcostofitemsdisposed)duringtheperiodtoproperty,plantandequipment,capitalwork-in-progress,investmentpropertyandinvestmentpropertyunderdevelopment.

DuringtheperiodendedMarch31,2021,weincurredcapitalexpenditureof`190.38million,primarilytowardstheconstructionofbuildingsforCandorKolkata(forCandorTechSpaceG2)andSPPLNoida(forCandorTechSpaceN1).

Planned capital expenditureOurplannedcapitalexpenditureasofMarch31,2021was`2,961million,including`2,207millionforthedevelopmentofCandorTechSpaceK1mixedusedevelopment,`252millionforthedevelopmentofCandorTechSpaceN1amenityblockIIIand`502milliontowardsthecompletionofassetupgrades/tenantimprovementsacrossourAssetSPVs.

Contingent liabilities(` in M)

Particulars As of March 31, 2021

Claimsagainstthespecialpurposevehiclesnotacknowledgedasdebtinrespectofincometaxmatters

766.80

Claimsagainstthespecialpurposevehiclesnotacknowledgedasdebtinrespectofindirecttax

2.67

Total 779.47

KE Y FINANCIAL PAR AMETER S PORTFOLIO WISEAsthefullyearfinancialstatementsofBrookfieldIndiaREITarenotavailable,thecomparisonofcertainkeyfinancialandoperationalmetricsfortheFinancialYearendedMarch31,2021aredoneonastandalonebasiswiththekeyfinancialandoperationalmetricsfortheyearendedMarch31,2020oftheAssetSPVsandCIOP,basedontheirhistoricalfinancialstatements.

(a) Net Operating Income (NOI) WeuseNOIinternallyasaperformancemeasure

asitprovidesusefulinformationtoinvestorsregardingourfinancialconditionandresultsofoperations.WethusconsiderNOlasameaningfulsupplementalfinancialmeasureofourperformancewhenconsideredwiththeConsolidatedFinancialStatementsdeterminedinaccordancewithIndAS.However,NOIdoesnothaveastandardizedmeaning,norisitarecognizedmeasureunderIndASorInternationalFinancialReportingStandardsandmaynotbecomparablewithmeasureswithsimilarnamespresentedbyothercompanies/realestate



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investmenttrusts.NOIshouldnotbeconsideredbyitselforasasubstituteforcomparablemeasuresunderIndASorInternationalFinancialReportingStandardsorothermeasuresofoperatingperformance,liquidityorabilitytopaydividends.Accordingly,therecanbenoassurancethatourbasisforcomputingthisnon-IndASmeasureiscomparablewiththatofothercompanies/realestateinvestmenttrusts.

WecalculateNOIasrevenuefromoperationslessdirectoperatingexpensessuchasoperatingandpropertymaintenanceexpenses,facilityusagecharges,powerandfuel,leaserent,repairandmaintenanceexpenses,etc.,whicharedirectlyincurredinrelationtothecommercialpropertiesoftherespectiveAssetSPVs


(` in M)

Property Name and Location FY21 % Operating Lease Rental FY20 % Operating

Lease Rental

Kensington,Mumbai 1,333 91 1,313 88

CandorTechSpaceG2,Gurugram 2,725 108 2,699 109

CandorTechSpaceN1,Noida 807 112 780 118

CandorTechSpaceK1,Kolkata 1,480 106 1,457 110

CIOP 255 - 514

Intercompanyeliminations

Net Operating Income (NOI) 6,600 108 6,763 114

Less:amountattributablefromIdentifiedAssets (52) (206)

Comparable Total 6,548 107 6,557 110

NetOperatingIncomeforFY2021was`6,600millionascomparedto`6,763millioninFY2020.AstheutilizationofourparksreducedduringtheCOVID-19outbreak,ourmaintenancecostandasaresultourmaintenancemarginswitnessedaproportionatereduction,asaresultourcomparableNOIstayedconstantat`6,548millionyearonyear.Further,therewasadecreaseinpropertymanagementfeesearnedfromIdentifiedAssetsduetomid-yearterminationofCIOPsoperatingservicearrangementwithIdentifiedAssets.

(b) Property-wise/asset wise income from operating lease rental

(` in M)

Property name and location FY21 FY20

Kensignton,Powai,Mumbai 1,464 1,488

CandorTechSpaceG2,Gurugram 2,518 2,478

CandorTechSpaceN1,Noida 718 663

CandorTechSpaceK1,Kolkata 1,400 1,325

Total 6,100 5,954

Incomefromoperatingleaserentalsincreasedto`6,100millioninFY2021from`5,954millionin FY2020mainlydrivenbycontractualescalations,newarealeasedduringFY2021andleaserentalsfromleasingofadditionalareaduringFY2020whichgeneratedrentalincomeforapartofFY2020butgeneratedsuchincomefortheentireFY2021,partiallyoffsetbynewvacanciesandwaiverstoretailfoodandbeveragetenantsimpactedbythelockdown.

(c) Property-wise/asset wise revenue from operations

(` in M)

Property name and location FY21 FY20

Kensington,Mumbai 1,592 1,616

CandorTechSpaceG2,Gurugram 3,657 4,084

CandorTechSpaceN1,Noida 1,191 1,318

CandorTechSpaceK1,Kolkata 2,092 2,247

CIOP 420 719

Intercompanyeliminations (324) (417)

RevenuefromOperations 8,628 9,567

Less:amountattributablefromIdentifiedAssets

(96) (302)

Comparable Total 8,532 9,265

RevenuefromoperationsforFY2021was`8,628millionascomparedto`9,567millioninFY2020.AstheutilizationofourparksreducedduringtheCOVID-19outbreak,ourmaintenancecostandasaresultourmaintenancemarginswitnessedaproportionatereduction,asaresultourcomparablerevenuedecreased.Further,therewasadecreaseinpropertymanagementfeesearnedfromIdentifiedAssetsduetomid-yearterminationofCIOPsoperatingservicearrangementwithIdentifiedAssets.

MANAGEMENT FEES AND DIS TRIBUTIONSPursuanttotheinvestmentmanagementagreementdatedJuly17,2020,theManagerisentitledtoafeeof1%ofNetDistributableCashFlows(NDCF),exclusiveofapplicabletaxes,forundertakingthemanagementofBrookfieldIndiaREITanditsinvestmentsincludingthePortfolio.

Asperourdistributionpolicy,wewouldbemakingourfirstdistributionaftercompletionofonefullquarterafterthelistingofUnits,i.e.,June30,2021,asaresultstatementofNDCFfortheperiodendedMarch31,2021hasnotbeendisclosed.Consequently,managementfeehasnotbeenaccruedfortheperiodendedMarch31,2021.

Wehavealsotakenstepstoincreasetheefficiencyofourdistributionandmakethebusinessattractivetoawidersetofinvestors.EffectiveApril1,2021,CandorKolkatahasconvertedcompulsorilyconvertibledebenturesoffacevalueof`10,100millionheldbyBrookfieldIndiaREITintoequitysharesandasaresult,weexpecttodoublethetax-freeportionofdistributiontomorethan30%oftotaldistributions.

DEBT PROFILEBrookfieldIndiaREIThasaconservativecapitalstructurewithan18%grossdebttovalue.Lowleverage,longinterestonlyperiodandundrawncreditlinesprovideuswithampleliquidity.Withinterestratestrendingdownwardintherecentpast,theremaybeapotentialtoreduceinterestcostsbymorethan50bps.Lowleverageatanattractiveinterestratecanalsohelpcarryoutaccretiveacquisitions.Asperthetermsofthedebtraised,therepaymentobligationsarebeyondFY2026,thiswillaugmentourliquidityposition.



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` in M

Facility Type

Interest rate (%) Sanction Drawn Outstanding

principal Rating

Asset SPV

CandorKolkata(ownerofCandorTechSpaceK1andCandor TechSpaceG2)

LRD 7.15 12,500 12,500 12,500 CRISILAAA/ Stable

LOC 7.15 1,450 100 100

SPPLNoida(ownerofCandorTechSpaceN1)

LRD 7.15 2,000 2,000 2,000 CRISILAAA/ Stable

LOC 7.15 850 100 100

Festus(ownerofKensigton) LRD 7.15 6,500 6500 6,500 CRISILAAA/ Stable

LOC 7.15 700 0 0

Total 24,000 21,200 21,200


Key Ratios

0.17NET DEBT TO GAV

2.13 INTEREST SERVICE COVERAGE RATIO

R ATIOS - F Y2021

FormulaeforcomputationofratiosareonthebasisofConsolidatedFinancialStatements:

(a) NetDebttoGAV=NetDebt/GAV.NetDebt=Termloansfromfinancialinstitutions+Non-currentleaseliabilities+Currentleaseliabilities–cashandcashequivalentsandGAV=Fairvalueofinvestmentpropertiesandinvestmentpropertiesunderdevelopment+bookvalueofotherassets.

(b) Interestservicecoverageratio=earningsbeforedepreciation,financecostsandtaxes/financecosts(netofcapitalization)


NET A SSET VALUE (NAV ) AND VALUATION OF PORTFOLIOTheNetassetvalueasofMarch31,2021stoodat`316.59perunitpursuanttothefairvaluationoftheassetsbytheindependentvaluerofBrookfieldIndiaREITandcalculatedonthenetassetsof`95,864.03millionasperauditedConsolidatedFinancialStatementsforthefinancialyearendingMarch31,2021,ascomparedtothenetassetvalueof`311perunitbasedonthecondensedcombinedfinancialstatementsatthetimeofinitialpublicofferingcalculatedonthenetassetsatfairvalueasofSeptember30,2020of`94,229.64million.

` in M

Net assets at fair value as on March 31, 2021

Particulars Book value Fair value

A. Assets 109,789.63 123,626.13

B. Liabilities (27,762.10) (27,762.10)

C. Net assets (A-B) 82,027.53 95,864.03

D. NumberofUnits 302,801,601 302,801,601

NAV per Unit (C/D) 270.90 316.59

Valuation techniqueThefairvalueofinvestmentpropertiesandinvestmentpropertyunderdevelopmenthasbeendeterminedbyMr.ShubhenduSaha,independentpropertyvaluer,havingappropriatelyrecognizedprofessionalqualificationsandrecentexperienceinthelocationandcategoryofthepropertiesbeingvaluedinconjunctionwithmarketreportbyCushman&WakefieldIndiaPrivateLimited,industryexpert.

ThefairvaluemeasurementoftheinvestmentpropertiesandinvestmentpropertyunderdevelopmenthasbeencategorizedasaLevel3fairvaluebasedontheinputstothevaluationtechniqueused.

Thevaluershavefollowedadiscountedcashflowmethod.Thediscountedcashflowmethodconsidersthepresentvalueofnetcashflowstobegeneratedfromtherespectiveproperties,takingintoaccounttheexpectedrentalgrowthrate,vacancyperiod,occupancyrate,averagesfrentandleaseincentivecosts.Theexpectednetcashflowsarediscountedusingtherisk-adjusteddiscountrates.Amongotherfactors,thediscountrateestimationconsidersthequalityofabuildinganditslocation(primeversussecondary),tenantcreditquality,leasetermsandinvestorsexpectedreturn.

Thefairvalueofinvestmentpropertyandinvestmentpropertyunderdevelopmentstoodat`114,808millionasofMarch31,2021ascomparedto`114,074millionasofSeptember30,2020.


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TheProject-wisecomparisonofbreakupoffairvalueandvaluationsummaryasofMarch31,2021andasofSeptember30,2020isgivenbelow.

Project-wise break up of fair value (as of March 31, 2021) ` in M

S. No.

Entity and Property name Fair value of investment property and investment

property under development

Other assets at book value

Total assets

1 CandorKolkata(ownerofCandorTechSpaceK1andCandorTechSpaceG2)

69,195.00 4,245.24 73,440.24

2 SPPLNoida(ownerofCandorTechSpaceN1) 20,121.00 787.97 20,908.97

3 Festus(ownerofKensigton) 25,492.00 1,907.93 27,399.93

4 CIOP - 211.78 211.78

5 BrookfieldIndiaREIT - 1,665.21 1,665.21

Total 114,808.00 8,818.13 123,626.13

Project-wise break up of fair value (as of September 30, 2020) ` in M

S. No. Entity and Property name

Fair value of investment property and investment

property under development

Other assets at book value Total assets

1 CandorKolkata(ownerofCandorTechSpaceK1andCandorTechSpaceG2)

68,964 3,769.20 72,733.20

2 SPPLNoida(ownerofCandorTechSpaceN1) 19,736 478.54 20,214.54

3 Festus(ownerofKensigton) 25,374 1,821.83 27,195.83

4 CIOP - 367.18 367.18

5 BrookfieldIndiaREIT - - -

Total 1,14,074.00 6,436.75 1,20,510.75

March 2021 Valuation Summary

S. No. Asset name and location

Leasable Area (M sf) Market value (` in M)

Completed Area

Under Construction

Area

Future Development

Potential

Completed Area

Under Construction Area/Future

Development Potential

TotalBrookfield

India REIT’s ownership

Portfolio


3.86 NA 0.10 43,072 561 43,633 100%

2 CandorTechSpaceN1,Noida 1.85 0.08 0.87 16,902 3,218 20,120 100%


3.06 NA 2.68 21,242 4,321 25,563 100%

4 Kensignton,Powai,Mumbai 1.54 NA NA 25,492 NA 25,492 100%

TOTAL 10.31 0.08 3.65 106,708 8,100 114,808 -

September 2020 Valuation Summary

S. No.

Asset name and location

Leasable Area (M sf) Market value (` in M)

Completed Area

Under Construction

Area

Future Development

Potential

Completed Area

Under Construction Area/Future

Development Potential

TotalBrookfield

India REIT’s ownership

Portfolio


3.86 NA 0.10 43,022 560 43,582 100%

2 CandorTechSpaceN1,Noida 1.85 0.08 0.87 16,723 3,013 19,736 100%


3.06 NA 2.68 21,001 4,381 25,382 100%

4 Kensignton,Powai,Mumbai 1.54 NA NA 25,374 NA 25,374 100%

TOTAL 10.31 0.08 3.65 106,119 7,954 114,074 -

RISK MANAGEMENTThebusinessparadigmiscontinuouslyshiftingowingtochangesincustomerexpectations,regulatoryupdates,andvolatilityintheeconomicenvironment.Ourabilitytocreatesustainablevalueinthisenvironmentisdependentonrecognizingandeffectivelyaddressingkeyrisksthatimpactthebusiness.Tofacilitatethis,theBoardofDirectorshasoverallresponsibilityofestablishingtheriskmanagementframeworkandcontinuousmonitoringofriskprofileofBrookfieldIndiaREIT.Acomprehensiveriskmanagementpolicyandframeworkhasbeenestablishedtoidentityandanalyzethekeybusinessrisks.TheBoardofDirectorsperiodicallyreviewtheriskmanagementpoliciesandsystemstoincorporateanychangesintheriskprofileduetochangesintheexternalenvironmentandstrategicpriorities.TheBoardofDirectorsandtheAuditCommitteeoftheManagerisassistedbyinternalauditteaminmonitoringtheriskprofileandeffectivenessofmitigationplanstomanagetheidentifiedbusinessrisks.

INTERNAL CONTROL S YS TEMSBrookfieldIndiaREIThasawell-establishedinternalcontrolsystemtomanagebusinessoperations,financialreportingandothercomplianceneeds.TheManagerreviewsthedesign,implementationandongoingmonitoringofinternalfinancialcontrolsforefficientbusinessoperations,includingadherencewithpoliciesandprocedures,thesafeguardingofitsassets,thepreventionanddetectionoffraudsanderrors,theaccuracyandcompletenessoftheaccountingrecordsandthetimelypreparationofreliablefinancialinformation.Thebusinessperformancevis-a-visplanismonitoredperiodicallyandregularinternalauditsareperformedtoensuresustenanceoftheinternalcontrolenvironment.


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I. BROOKFIELD INDIA REIT’S PHILOSOPHY ON CORPORATE GOVERNANCE:

BrookfieldIndiaREITisIndia’sonlyinstitutionallymanagedpubliccommercialrealestatevehicle,sponsoredbyanaffiliateofBrookfieldAssetManagement(“BAM”),oneoftheworld’slargestalternativeassetmanagers,whichislistedonthe NewYorkStockExchangeandTorontoStockExchange.

ThecorporategovernanceframeworkwithrespecttoBrookfieldIndiaREITisimplementedbytheManagerandreflectsarigorousapproachtocorporategovernance,takingintoaccounttheinterestsofUnitholderswhileleveragingonthestrongtrackrecordofhighstandardsofgovernanceestablishedbytheBrookfieldGroup.

ThegovernancestructureandphilosophyofBrookfieldIndiaREITisbasedonthefollowingpillarsthatenableittoalignandcommensuratelyrepresenttheinterestsofallourstakeholders:

� Entirelyperformance-linkedfeestructurefortheManager;

� BalancedboardcompositionoftheManagerbetweenindependentandBrookfielddirectors;

� Robustrelatedpartytransactionandconflictspolicyinplacetofacilitatearms-lengthevaluationofacquisitionanddivestmentdecisions,inlinewithglobalbestpracticesand“majorityofminority”approvalsrequired;

� CommitmenttoESGpracticesincludinginstallationofhealthinfrastructure,focusonsustainabilityinitiativesandactivitiesthathaveapositiveimpactonthecommunitiesinwhichweoperate;and

� Anti-briberyandanti-corruptionpoliciesinlinewithinternationalstandards.

Corporate Governance Report

II. GOVERNANCE STRUCTURE

BrookfieldIndiaREITwassettledasacontributory,determinateandirrevocabletrustandisregisteredasarealestateinvestmenttrust,pursuanttotheREITRegulations,havingregistrationnumberIN/REIT/ 20-21/0004.

BrookfieldIndiaREITisregulatedbyvariousprovisionsoftheREITRegulationsandcircularsissuedbytheSEBIfromtimetotime,theTrustDeedandtheInvestmentManagementAgreement.

BrookpropManagementServicesPrivateLimited,whichispartoftheBrookfieldGroup,hasbeenappointedasthemanagerofBrookfieldIndiaREITinaccordancewiththeREITRegulations.ItisaprivatelimitedcompanyincorporatedinIndiaonMarch21,2018undertheprovisionsoftheCompaniesAct,2013withacorporateidentificationnumberU74999MH2018FTC306865.TheManager’sroleistomanageBrookfieldIndiaREITanditsassetsinaccordancewiththeTrustDeed,theInvestmentManagementAgreementandtheREITRegulationsintheinterestsofUnitholders.

AxisTrusteeServicesLimitedisthetrusteetoBrookfieldIndiaREIT.TheTrusteeisaregisteredintermediarywithSEBIundertheSEBI(DebentureTrustees)Regulations,1993,asamended,asadebenturetrusteehavingregistrationnumberIND000000494whichisvaliduntilsuspendedorcancelled.TheTrusteeisawholly-ownedsubsidiaryofAxisBankLimited.TheTrusteeisresponsibletoactonbehalfandintheinterestoftheUnitholders.

FortheyearendedMarch31,2021,theManagerandBrookfieldIndiaREIThavecompliedwiththeprovisionsoftheTrustDeed,theREITRegulationsandthecorporategovernancepolicies.

III. BOARD OF DIRECTORS OF THE MANAGER

TheManagerhasfourdirectors.AllthedirectorsoftheManagerarenon-executivedirectors,onehalfofwhichareIndependentDirectors.TheprofilesoftheDirectorsaresetforthonpage88ofthisreport.TheboardofdirectorsisresponsiblefortheoverallmanagementandgovernanceoftheManagereitherdirectlyorthroughdulyconstitutedcommitteesoftheboardofdirectorsoftheManager.

AsatMarch312021,thedetailswithrespectBoardofDirectorsaregivenhereunder:

Particulars Mr. Ankur Gupta Mr. Anuj Ranjan Mr. Shailesh Haribhakti Ms. Akila Krishnakumar

Compositionandcategoryofdirectors

Chairman non-executive

Non–executiveDirector

Independent Director

Independent Director

AttendanceinBoardMeetings 7/7 4/7 3/3 3/3AttendanceinAGM(UnitHoldersMeeting)

N.A N.A N.A N.A

UnitsofBrookfieldIndiaREITheld Nil Nil Nil NilNumberofotherboardofdirectorsinwhichadirectorsisamemberorchairperson

Memberin1otherBoard

Memberin2otherBoards

17BoardsandChairpersonin9ofthem

6BoardsandChairpersonin1ofthem

Numberofothercommitteesinwhichadirectorsisamemberorchairperson

- - 10CommitteesandChairpersonin5ofthem

(ThisincludesauditcommitteeandtheStakeholders'

RelationshipCommittee)

3committeesandChairpersonin1ofthem

(ThisincludesauditcommitteeandtheStakeholders'

RelationshipCommittee)Namesofthelistedentitieswherethepersonisadirectorandthecategoryofdirectorship

None None Givenbelow Givenbelow

Disclosureofrelationshipsbetweendirectorsinter-se

Noneofthedirectorsarerelatedtoeachother

Numberofsharesandconvertibleinstrumentsheldbynon-executivedirectors

Nil Nil Nil Nil

Namesofthelistedentitieswherethepersonisadirectorandthecategoryofdirectorship.

Mr. Shailesh Vishnubhai Haribhakti: S. No Name of Company Category of directorship

1 TorrentPharmaceuticalsLimited Non-Executive-IndependentDirector2 L&TFinanceHoldingsLimited Non-Executive-IndependentDirector3 FutureLifestyleFashionsLimited Non-Executive-IndependentDirector4 BlueStarLimited Non-Executive-IndependentDirector5 AmbujaCementsLimited Non-Executive-IndependentDirector6 ACCLimited Non-Executive-IndependentDirector7 BajajElectricalsLimited Non-Executive-IndependentDirector

Ms. Akila Krishnakumar:S. No Name of Company Category of directorship

1 HeidelbergCementIndiaLimited Non-Executive-IndependentDirector2 INDUSINDBankLimited Non-Executive-IndependentDirector3 ABBPowerProductsandSystemsIndia

LimitedNon-Executive-IndependentDirector

4 Matrimony.ComLimited NonExecutive-IndependentDirector

TheBoardofDirectorshadappointedMr.ShaileshVishnubhaiHaribhaktiandMs.AkilaKrishnakumarasanAdditionalDirector(IndependentandNon-Executive)w.e.f.August31,2020.TherequisiteresolutionfortheirappointmentwillbeplacedbeforetheshareholdersfortheirapprovalinensuingAnnualGeneralMeetingof theManager.

TheIndependentDirectorsarenon-executiveDirectorsasdefinedunderSection149(6)oftheCompaniesAct,2013(“Act”).ThemaximumtenureofIndependentDirectorsisincompliancewiththeAct.


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IV. BOARD MEETINGS, ITS COMMITTEE MEETINGS AND PROCEDURE THEREOF:

(a) DuringtheFinancialYear2020-21,sevenBoardMeetingswereheldonfollowingdatesandthemaximumtimegapbetweenanytwomeetingswerenotmorethanonehundredandtwentydays.Thenecessaryquorumwaspresentforallthemeetings.

ThedetailsofattendancebytheBoardofDirectorsisasfollows.

S. No Date Mr. Ankur Gupta Mr. Anuj Ranjan Ms. Swati Mandava Mr. Shailesh

HaribhaktiMs. Akila Krishnakumar

1 July17,2020 Attended LeaveofAbsence

Attended NA NA

2 August10,2020 Attended LeaveofAbsence

Attended NA NA

3 August22,2020 Attended LeaveofAbsence

Attended NA NA

4 August31,2020 Attended Attended Attended(Resignedthereafter)

NA NA

5 September26,2020 Attended Attended NA Attended Attended6 January22,2021 Attended Attended NA Attended Attended7 January25,2021 Attended Attended NA Attended Attended

(b) InadditiontotheaboveBoardMeetings,theBoardofDirectorsoftheManagerhasalsopassedthefollowingCircularResolutions.

� TheBoardpassedcircularresolutionsonMarch42020;March5,2020;June10,2020;July2,2020;July10,2020coveringmatterswhichweresubsequentlynotedbytheBoardofDirectorsattheBoardMeetingheldonJuly17,2020.

� TheBoardpassedcircularresolutionsonNovember27,2020andDecember12,2020coveringmatterswhichweresubsequentlynotedbytheBoardofDirectorsattheBoardMeetingheldonJanuary22,2021.

� TheBoardpassedcircularresolutionsonFebruary11,2021andMarch25,2021coveringmatterswhichweresubsequentlynotedbytheBoardofDirectorsattheBoardMeetingheldonApril15,2021.

V. COMMITTEES OF THE BOARD

A. REIT Offer Committee Composition and Attendance: ThecompositionoftheREITOfferCommitteeoftheBoardisasbelow

Name Category PositionMr.AnujRanjan Non-ExecutiveDirector ChairpersonMr.AnkurGupta Non-ExecutiveDirector Member

REITOfferCommittee,acommitteeoftheBoardwasformedspecificallyformattersrelatedtotheinitialpublicofferingofUnits.TheBoarddelegatedtotheREITOfferCommitteetheauthorityandresponsibility(i)ofoverseeingallactivitiesinrelationtotheinitialofferofUnits,(ii)tocompletealllegal,statutoryandproceduralformalities,includingappointmentofvariousintermediaries,filingofthedraftofferdocument,offerdocumentandfinalofferdocumentwithSEBI,theStockExchangesoranyotherstatutoryagenciesorrelevantauthorities;and(iii)todoallactsinrelationtotheinitialofferofUnitsundertheREITRegulationsandapplicablelaw.

DuringtheperiodendedMarch31,2021,fivemeetingsoftheREITOfferCommitteewereheld.

ThedetailsofattendancebythemembersoftheREITOfferCommitteeisasfollows.

S. No Date Mr. Ankur Gupta Mr. Anuj Ranjan

1 September29,2020 Attended Attended2 January16,2021 Attended Attended3 February8,2021 Attended Attended4 February9,2021 Attended Attended5 February11,2021 Attended Attended

Inadditiontotheabovecommitteemeetings,thecommitteehasalsopassedthefollowingcircularresolutions.

� TheREITOfferCommitteepassedcircularresolutionsonJanuary27,2021andFebruary2,2021coveringmatterswhichweresubsequentlynotedbytheREITOfferCommitteeatitsmeetingheldon8thFebruary,2021.

B. Audit Committee: Composition and Attendance: ThecompositionoftheAuditCommitteeoftheBoardisasbelow

Name Category PositionMr.ShaileshVishnubhaiHaribhakti IndependentDirector ChairpersonMs.AkilaKrishnakumar IndependentDirector MemberMr.AnkurGupta Non-ExecutiveDirector Member

CompanySecretaryactsastheSecretaryoftheCommittee.

� disclosureofanyrelatedpartytransactions;and

� qualifications/modifiedopinionsinthedraftauditreport.

6) Reviewing,withthemanagement,allperiodicfinancialstatements,includingbutnotlimitedtohalf-yearlyandannualfinancialstatementsoftheBrookfieldREITbeforesubmissiontotheBoardforapproval;

7) Reviewing,withthemanagement,thestatementofuses/applicationoffundsraisedthroughanissueofunitsbytheBrookfieldREIT(publicissue,rightsissue,preferentialissue,etc.)andthestatementoffundsutilisedforpurposesotherthanthosestatedintheofferdocuments/notice,andmakingappropriaterecommendationstotheBoardforfollow-upaction;

8) ReviewingandmonitoringtheindependenceandperformanceofthestatutoryauditoroftheBrookfieldREIT,andeffectivenessofauditprocess;

9) ApprovaloranysubsequentmodificationsoftransactionsoftheBrookfieldREITwithrelatedparties;

10) ReviewingloansandinvestmentsoftheBrookfieldREIT;

11) Reviewingvaluationreportsrequiredtobepreparedunderapplicablelaw,periodically,andasrequired,underapplicablelaw;

12) EvaluatinginternalfinancialcontrolsandriskmanagementsystemsoftheBrookfieldREIT;

13) Reviewing,withthemanagement,theperformanceofstatutoryandinternalauditorsoftheBrookfieldREIT,andadequacyoftheinternalcontrolsystems,asnecessary;

14) Reviewingtheadequacyofinternalauditfunction,ifany,oftheBrookfieldREITincludingthestructureoftheinternalauditdepartment,staffingandseniorityoftheofficialheadingthedepartment,reporting

ThereisnorequirementunderapplicablelawasondatetoconstituteanAuditCommittee,however,pursuanttoissue,offerandlistingofunitsofBrookfieldIndiaREITandforbettercorporategovernance,theManager’sBoardofDirectorshasconstitutedtheAuditCommitteeonSeptember26,2020.TheUnitswerelistedonFebruary16,2021.DuringtheperiodendedMarch31,2021,nomeetingoftheAuditCommitteewasheld.

Terms of Reference: Thefollowingarethetermsofreferenceofthe

AuditCommittee.

1) ProviderecommendationstotheBoardregardinganyproposeddistributions;

2) OverseeingtheBrookfieldREIT’sfinancialreportingprocessanddisclosureofitsfinancialinformationtoensurethatitsfinancialstatementsarecorrect,sufficientandcredible;

3) GivingrecommendationstotheBoardregardingappointment,re-appointmentandreplacement,remunerationandtermsofappointmentofthestatutoryauditoroftheBrookfieldREITandtheauditfee,subjecttotheapprovaloftheunitholders;

4) ApprovingpaymentstostatutoryauditorsoftheBrookfieldREITforanyotherservicesrenderedbysuchstatutoryauditors;

5) Reviewingtheannualfinancialstatementsandauditor’sreportthereonoftheBrookfieldREIT,beforesubmissiontotheBoardforapproval,withparticularreferenceto:

� changes,ifany,inaccountingpoliciesandpracticesandreasonsforsuchchange;

�majoraccountingentriesinvolvingestimatesbasedontheexerciseofjudgmentbymanagement;

� significantadjustmentsmadeinthefinancialstatementsarisingoutofauditfindings;

� compliancewithlistingandotherlegalrequirementsrelatingtofinancialstatements;

CorporateGovernanceReport(contd.)


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structurecoverageandfrequencyofinternalaudit;

15) DiscussingwiththeinternalauditorsoftheBrookfieldREITofanysignificantfindingsandfollowupthereon;

16) ReviewingthefindingsofanyinternalinvestigationswithrespecttotheBrookfieldREITintomatterswherethereissuspectedfraudorirregularityorafailureofinternalcontrolsystemsofamaterialnatureandreportingthemattertotheBoard;

17) ReviewingtheproceduresputinplacebytheManagerformanaginganyconflictthatmayarisebetweentheinterestsoftheunitholders,thepartiestotheBrookfieldREITandtheinterestsoftheManager,includingrelatedpartytransactions,theindemnificationofexpensesorliabilitiesincurredbytheManager,andthesettingoffeesorchargespayableoutoftheBrookfieldREIT’sassets;

18) Discussingwithstatutoryauditorsandvaluerspriortocommencementoftheauditorvaluation,respectively,aboutthenatureandscope,aswellaspost-audit/valuationdiscussiontoascertainanyareaofconcern;

19) ReviewingandmonitoringtheindependenceandperformanceofthevalueroftheBrookfieldREIT;

20) MonitoringtheenduseofNetProceeds;

21) GivingrecommendationstotheBoardregardingappointment,re-appointmentandreplacement,remunerationandtermsofappointmentofthevalueroftheBrookfieldREIT;

22) EvaluatinganydefaultsordelayinpaymentofdistributionstotheunitholdersordividendsbytheAssetSPVstotheBrookfieldREITandpaymentstoanycreditorsoftheBrookfieldREITortheAssetSPVs,andrecommendingremedialmeasures;

23) Reviewingthemanagement’sdiscussionandanalysisoffactorsaffectingthefinancialconditionandresultsofoperations;

24) Reviewingthestatementofallrelatedpartytransactions,submittedbythemanagement;

25) ReviewingtheManagementletters/lettersofinternalcontrolweaknessesissuedbythestatutoryauditorsoftheBrookfieldREIT;

26) Reviewingthefunctioningofthewhistleblowermechanism;

27) Approvalofappointmentofchieffinancialofficer/financeheadafterassessingthequalifications,experienceandbackground,etc.ofthecandidate;

28) Reviewingtheutilizationofloansand/oradvancesfrom/investmentbytheBrookfieldREITintheAssetSPVsexceeding10%oftheassetsizeoftheAssetSPV,includingexistingloans/advances/investments;

29) ApprovinganymanagementinformationsystemsorinterimfinancialstatementstobesubmittedbytheBrookfieldREITtoanyUnitholderorregulatoryorstatutoryauthority;

30) ApprovinganyreportsrequiredtobeissuedtotheUnitholdersundertheSEBIREITRegulation;

31) Approvinganytransactioninvolvingaconflictofinterest;

32) MonitoringtheimplementationoftheOptionAgreementandROFOAgreement,onanongoingbasis;

33) FormulatinganypolicyfortheManagerasnecessary,withrespecttoitsfunctions,asspecifiedabove;

34) PerformingsuchotheractivitiesasmaybedelegatedbytheBoardoftheManagerand/orarestatutorilyprescribedunderanylawtobeattendedtobytheAuditCommittee;and

35) Overseeingthedeploymentofriskmanagementframeworkandprocess.

ThereisnorequirementunderapplicablelawasondatetoconstituteaNominationandRemunerationCommittee,however,pursuanttoissue,offerandlistingofunitsofBrookfieldIndiaREITandforbettercorporategovernance,theManager’sBoardofDirectorshasconstitutedtheNominationandRemunerationCommitteeonSeptember26,2020.TheUnitswerelistedonFebruary16,2021.DuringtheperiodendedMarch31,2021,nomeetingoftheNominationandRemunerationCommitteewasheld.

Terms of Reference: Thefollowingarethetermsofreferenceof

NominationandRemunerationCommittee.

1) Formulationofthecriteriafordeterminingqualifications,positiveattributesandindependenceofadirectorandrecommendtotheBoardoftheManagerapolicyrelatingto,theremunerationofthedirectors,keymanagerialpersonnelandotheremployees;

2) FormulationofcriteriaforevaluationofperformanceofindependentdirectorsandtheBoard;

3) DevisingapolicyonBoarddiversity;

4) IdentifyingpersonswhoarequalifiedtobecomedirectorsandwhomaybeappointedinseniormanagementinaccordancewiththecriterialaiddownandrecommendtotheBoardtheirappointmentandremovalandevaluationofdirector’sperformance;

5) Determiningwhethertoextendorcontinuethetermofappointmentoftheindependentdirector,onthebasisofthereportofperformanceevaluationofindependentdirectors;

6) Ensuringthatthelevelandcompositionofremunerationisreasonableandsufficient

toattract,retainandmotivatedirectorsofthequalityrequiredtoruntheManagersuccessfully;

7) EndeavourtoappointkeyemployeestoreplaceanykeyemployeewithinareasonableperiodoftimeandrecommendtotheBoardoftheManager;

8) thepolicyfornominationofdirectorsontheboardofdirectorsoftheAssetSPVs(includingqualificationandexperiencerequirements,compensationmodel,performanceparameters,processforappointmentandremoval);

9) Carryingoutanyotherfunctionasprescribedunderapplicablelaw;

10) Recommendtheboard,allremuneration,inwhateverform,payabletoseniormanagement;

11) PerformingsuchotheractivitiesasmaybedelegatedbytheBoardoftheManagerand/orarestatutorilyprescribedunderanylawtobeattendedtobytheNominationandRemunerationCommittee.

Other Details: 1) Details of remuneration for the year

ended March 31, 2021:ApartfromsitingfeesandcommissionasrequiredundertheprovisionsofCompaniesAct,2013,noneoftheDirectorsaregettinganyremuneration.

2) Non-Executive DirectorsSr. No. Name Sitting Fees

(Amt. in `)1 Mr.AnkurGupta Nil2 Mr.AnujRanjan Nil3 Mr.ShaileshHaribhakti 3,00,0004 Ms.AkilaKrishnakumar 3,50,000

D. Stakeholders Relationship Committee: TheCompositionofStakeholdersRelationship

CommitteeoftheBoardisasbelow:

C. Nomination and Remuneration Committee: TheCompositionofNominationandRemunerationCommitteeoftheBoardisasbelow:

Name Category PositionMs.AkilaKrishnakumar IndependentDirector ChairpersonMr.ShaileshVishnubhaiHaribhakti IndependentDirector MemberMr.AnkurGupta Non-ExecutiveDirector Member

Name Category PositionMr.AnkurGupta Non-ExecutiveDirector ChairpersonMr.AnujRanjan Non-ExecutiveDirector MemberMs.AkilaKrishnakumar IndependentDirector Member

Terms of Reference: ThetermsofreferenceoftheStakeholders

RelationshipCommitteeareasfollows:

1) ConsiderandresolvegrievancesoftheUnitholders,includingcomplaintsrelatedtothetransfer/transmissionofunits,non-receiptofannualreport,non-receiptofdeclareddistributions,issueofnew/duplicatecertificates,generalmeetings,etc;

2) ReviewofmeasurestakenforeffectiveexerciseofvotingrightsbyUnitholders;

3) ReviewofanylitigationrelatedtoUnitholders’grievances;

4) Updateunitholdersonacquisition/saleofassetsbytheBrookfieldREITandanychangeinthecapitalstructureoftheAssetSPVs;



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3. Preventionofsexualharassment&redressalandinternalcomplaintcommittee

4. Policyonunpublishedpricesensitiveinformationanddealinginunits

5. Policyonrelatedpartytransactionsandconflictofinterest

6. Investorgrievanceredressalpolicy

7. Policyonappointmentandremovalofauditorandvaluer

8. Nominationandremunerationpolicy

9. Policyfordeterminationofmaterialityofevents/informationtobedisclosedtothestockexchanges

10. Documentarchivalpolicy

11. Distributionpolicy

12. Corporatesocialresponsibilitypolicy

13. Codeofconductandethicsforthemanagementandkeyemployees

14. Borrowingpolicy

VI. UNITHOLDER MEETINGS:

a. Annual Meeting of the Unit Holders: TheBrookfieldREITwaslistedonFebruary16,2021ontheStockExchangesandaspertheREITRegulations,

thefirstannualmeetingoftheUnitholderswillbeheldasperbelowdetails.

Financial Year Date Time Venue

2020-21 August18,2021 2:00PM OnlineThroughVideoConferencing

b. Extraordinary General Meeting: NoExtraordinaryGeneralmeetingoftheunitholderswasheldduringthefinancialyear2020-21.

c. Special Resolution(s): Not applicable i. Details of special resolution passed through postal ballot, the persons who conducted the postal

ballot exercise and details of the voting pattern along with procedure for postal ballot: Duringtheyearunderreview,nospecialresolutionhasbeenpassedthroughtheexerciseofpostalballot.

ii. Details of special resolution proposed to be conducted through postal ballot: Noneofthebusinessproposedtobetransactedattheensuingunitholders’meetingrequiredpassingofaspecialresolutionthroughpostalballot.

VII. MEANS OF COMMUNICATION

i QuarterlyResultsandinvestorpresentations/analystcallupdates

Thequarterly,halfyearlyandyearlyfinancialresultsofBrookfieldIndiaREITaresubmittedtotheStockExchangesaftertheyareapprovedbytheBoardandareavailableonthewebsiteofBrookfieldIndiaREIThttps://www.brookfieldindiareit.intogetherwithinvestorpresentations,analystscallupdates.

5) Reportingspecificmateriallitigationrelatedtounitholders’grievancestotheBoard;

6) FormulatingprocedureforsummoningandconductingmeetingsoftheUnitholdersorforseekingthevoteoftheUnitholderseitherbycallingameetingorthroughpostalballotorotherwise;

7) Consideranyissue,intheordinarycourseofbusiness,whichintheopinionoftheSponsor,theTrusteeortheManager,ismaterialandrequirestheapprovaloftheUnitholdersundertheSEBIREITRegulations;

8) ConsideranymatteronwhichSEBIorthedesignatedstockexchangerequirestheapprovalofUnitholdersinaccordancewiththeSEBIREITRegulations;

9) Considersuchotheradministrative,proceduralorothermattersrelatingtotheadministrationormanagementoftheaffairsoftheBrookfieldREIT;

10) Approvereportoninvestorgrievances,ifany,tobesubmittedtotheTrusteebytheManager;and

11) PerformingsuchotheractivitiesasmaybedelegatedbytheBoardoftheManagerand/orarestatutorilyprescribedunderanylawtobeattendedtobytheStakeholders’RelationshipCommittee.

ThereisnorequirementunderapplicablelawasondatetoconstituteaStakeholdersandRelationshipCommittee,however,pursuanttoissue,offerandlistingofunitsofBrookfieldIndiaREITandforbettercorporategovernance,theManager’sBoardofDirectorshasconstitutedtheStakeholdersandRelationshipCommitteeonSeptember26,2020.TheUnitswerelistedonFebruary16,2021.DuringtheperiodendedMarch31,2021,nomeetingoftheStakeholdersandRelationshipCommitteewasheld.

E. Corporate Social Responsibility Committee:

TheBoardofDirectorshasalsoconstitutedaCorporateSocialResponsibilityCommitteeoftheBoardasrequiredundertheCompaniesAct,2013.

OnemeetingoftheCSRcommitteewasheldduringtheyeari.e.onMarch24,2021.

TheCompositionoftheCommitteeandattendanceofthemembersoftheCommitteeareasfollows:

Name Category Position Number of Meetings attended

Ms.AkilaKrishnakumar Chairperson,IndependentDirector Chairperson,IndependentDirector 1Mr.AnkurGupta Director,Non-Executive Director,Non-Executive 1Mr.AnujRanjan Director,Non-Executive Director,Non-Executive 1

Terms of Reference: ThetermsofreferenceoftheCorporateSocialResponsibilityCommittee(“CSRCommittee”)arein

conformitywithSection135oftheCompaniesAct,2013readwiththeCompanies(CorporateSocialResponsibilityPolicy)Rules,2014.

TheCorporateSocialResponsibilityCommitteehasformulatedandrecommendedtotheBoard,aCorporateSocialResponsibilityPolicy(“CSRPolicy”)indicatingthefocusareasofCompany’sCSRactivities.

InlinewiththeCSRPolicyoftheCompany,theCompanycanspendorcontributetosupportthefollowingprogrammes:

� Education&AwarenessProgrammeforunderprivilegedchildrenandyouth

� HealthcareProgramme

� RuralDevelopmentProgramme

� Foodrelief(eradicatinghunger),HealthServicesandEnvironmentalSustainabilityProgramme

� SkillDevelopmentProgramme

� Sanitation

�WomenEmpowermentProgramme

F. Policies of the Board of Directors of the Manager in relation to Brookfield India REIT 1. WhistleblowerPolicy

2. Riskmanagementpolicy



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VIII. GENERAL SHAREHOLDERS’ INFORMATION

a Annual Meeting :-DateandTime-Venue

August18,2021,2:00PMVideoConferencing

b Financial Year: TheFinancialyearofBrookfieldIndiaREITstartsfromApril1andendsonMarch31everyyear.

c Distribution payment date: AsdisclosedinthefinalofferdocumentinrelationtotheinitialofferofUnitsandthedistributionpolicythefirstdistributionshallbemadeuponcompletionofthefirstfullquarterafterthelistingofunitsoftheBrookfieldIndiaREITi.e.quarterendingJune2021andaccordinglynodistributionwasmadeforthequarterendedMarch31,2021.

d Thenameandaddressofeachstockexchange(s)atwhichthelistedentity'ssecuritiesarelistedandaconfirmationabout paymentofannuallistingfeetoeachofsuchstockexchange(s);

BSE Ltd.CorporateRelationshipDepartment,1stFloor,NewTradingRing,RotundaBuilding,PJTowers,DalalStreet,Fort,Mumbai–400001National Stock Exchange of India Ltd. ExchangePlaza,BandraKurlaComplex,Bandra(E),Mumbai400051Theannuallistingfeestoeachofthestockexchangesispaid.

e ScripcodeandScripID SCRIP CODE: 543261 SCRIP ID: BIRETf Marketpricedata-high,lowduring

eachmonthinlastfinancialyearThedetailsofthesamearegivenbelowonpageno.126

g Incasethesecuritiesaresuspendedfromtrading,thedirectorsreportshallexplainthereasonthereof

NA

h Registrartoanissueandsharetransferagents

LinkIntimeIndiaPvt.Ltd,C101,247Park,L.B.S.Marg,Vikhroli(West),Mumbai-400083.ContactDetails:PhoneNo:+912249186000EmailId:[email protected]

I Unitstransfersystem TheManagertotheBrookfieldIndiaREIThasappointedRegistrarandTransferAgentJ Distributionofshareholding Asgivenbelowonpage126K Dematerializationofsharesand

liquidityUnitsofBrookfieldIndiaREITarelistedandheldindemat

L Outstandingglobaldepositoryreceiptsoramericandepositoryreceiptsorwarrantsoranyconvertibleinstruments,conversiondateandlikelyimpactonequity

NIL

m Commoditypriceriskorforeignexchangeriskandhedgingactivities

Notapplicable

n plantlocations NotApplicableO Addressforcorrespondence Unit1,4thFloor,GodrejBKC,BandraKurlaComplex,Mumbai400051

IX. UNITHOLDERS

ThenumberofUnitholdersoftheBrookfieldIndiaREITasonMarch31,2021was9280.Thedetailedcategorywisebreak-downofthecompositionoftheUnitholdersasonMarch31,2021isgivenbelow:

Category Category of Unit holder No. of Units Held

As a % of Total Out-

standing Units

Number of units mandatorily held

Number of units pledged or otherwise

encumbered

Number of units

As a %age of total

units held

Number of units

As a %age of total

units held

(A) Sponsor(s) / Manager and their associates/related parties and Sponsor Group

(1) Indian(a) Individuals/HUF 0.00(b) Central/StateGovt. 0.00(c) FinancialInstitutions/Banks 0.00(d) AnyOther(Trust) 0.00

BODIESCORPORATES 3,387,637 1.12 3,387,637 100 0 0Sub- Total (A) (1) 3,387,637 1.12 3,387,637 100 0 0

(2) Foreign(a) Individuals(Non-ResidentIndians/

ForeignIndividuals)0.00

(b) Foreigngovernment 0.00(c) Institutions 0.00(d) ForeignPortfolioInvestors 90,845,286 30.00 90,845,286 100 0 0(e) AnyOther(BODIESCORPORATES) 70,386,878 23.25 70,386,878 100 0 0

Sub- Total (A) (2) 161,232,164 53.25 161,232,164 100 0 0Total unit holding of Sponsor & Sponsor Group (A) = (A)(1)+(A)(2)

164,619,801 54.37 164,619,801 100 0 0

(B) Public Holding(1) Institutions(a) MutualFunds 20,794,600 6.87(b) FinancialInstitutions/Banks 0.00(c) Central/StateGovt. 0.00(d) VentureCapitalFunds 0.00(e) InsuranceCompanies 34,444,000 11.37(f) Provident/pensionfunds 0.00(g) ForeignPortfolioInvestors 26,524,400 8.76(h) ForeignVentureCapitalinvestors 0.00(i) AnyOther(specify) 0.00

BODIESCORPORATES 0.00AlternativeInvestmentFund 3,512,800 1.16

# SystemicallyImportantNBFCs 5,397,200 1.78Sub- Total (B) (1) 90,673,000 29.94

(2) Non-Institutions(a) CentralGovernment/State

Governments(s)/PresidentofIndia(b) Individuals 18,096,677 5.98(c) NBFCsregisteredwithRBI# 408,800 0.14(d) AnyOther(specify)

TRUSTS 10,200 0.00NONRESIDENTINDIANS(REPAT) 125,600 0.04NONRESIDENTINDIANS(NONREPAT) 74,200 0.02CLEARINGMEMBERS 873,523 0.29BODIESCORPORATES 27,919,800 9.22Sub- Total (B) (2) 47,508,800 15.69Total Public Unit holding (B) = (B)(1)+(B)(2)

138,181,800 45.63

Total Units Outstanding (C)=(A)+(B) 302,801,601 100.00

#Thedepositorydata/benposdoesnotprovideclassificationofsystemicallyimportantNBFC/nonsystemicallyimportantNBFCs.SincesystemicallyimportantNBFCsfallwithinthedefinitionofinstitutionalinvestors,basedonpubliclyavailableinformationontheReserveBankofIndiawebsite,systemicallyimportantNBFCunitholdershavebeencategorizedasInstitutions.



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X. OTHER DETAILS:

i. Name and Designation of Compliance Officer: ComplianceOfficer: Ms.RuhiGoswami VicePresidentandGeneralCounsel

ii. Details of Investors complaints received and redressed during the year (since listing i.e. February 16, 2021) till March 31 2021 are as follows:

OpeningBalance 0Receivedduringtheyear 1Resolvedduringtheyear 1ClosingBalance 0

iii. Market price data: Monthlyhigh,low(basedondailyclosingprices)andthenumberofUnitstradedduringeachmonthforthe

yearendedMarch31,2021ontheBSEandNSE:

MonthBSE NSE

High (`) Low (`) volume (Nos.) High (`) Low (`) volume (Nos.)

February,2021 280.05 240.00 3,669,800 281.70 239.25 18505800

March,2021 251.60 215.25 5,151,400 251.99 215.00 15136000

iv. Unit holding DistributionDistributionofunitholdingbasedonunitheld

SR. NO. UNIT RANGE NUMBER OF

UNITHOLDERS% OF TOTAL

UNITHOLDERSTOTAL UNITS

FOR THE RANGE% OF ISSUE

CAPITAL

1 1 to 500 6382 68.77 1,460,712 0.48

2 501 to 1000 1022 11.01 777,600 0.26

3 1001 to 2000 596 6.42 950,780 0.31

4 2001 to 3000 185 1.99 475,000 0.16

5 3001 to 4000 239 2.58 835,188 0.28

6 4001 to 5000 104 1.12 483,510 0.16

7 5001 to 10000 272 2.94 2,031,400 0.67

8 10001 to ********** 480 5.17 295,787,411 97.68

Total 9280 100.00 302,801,601 100.00

v. Statutory Auditors M/sDeloitteHaskins&Sells(FirmRegistrationNumber117366W/W-100018),CharteredAccountantswere

appointedastheauditortoBrookfieldIndiaREITforaperiodoffiveyearstointeraliacarryouttheactivitiesastheauditorofBrookfieldIndiaREITbytheBoardofDirectorsinitsmeetingheldonSeptember26,2020.

vi. Valuer Mr.ShubhenduSahahasbeenappointedastheregisteredvaluertoBrookfieldIndiaREITbytheBoardof

DirectorsinitsmeetingheldonSeptember26,2020.

1. MANAGER'S BRIEF REPORT OF ACTIVITIES OF BROOKFIELD INDIA REIT AND SUMMARY OF THE AUDITED STANDALONE AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021

BrookfieldIndiaREITwassettledonJuly17,2020atMumbai,Maharashtra,Indiaasacontributory,determinateandirrevocabletrustundertheprovisionsoftheIndianTrustsAct,1882(asamended),pursuanttoatrustdeeddatedJuly17,2020betweentheManager,SponsorandTrustee.BrookfieldIndiaREITwasregisteredwiththeSecuritiesandExchangeBoardofIndiaonSeptember14,2020atMumbaiasarealestateinvestmenttrust,pursuanttotheREITRegulations,havingregistrationnumberIN/REIT/20-21/0004.BSREPIndiaOfficeHoldingsVPte.LtdisthesponsorofBrookfieldIndiaREIT,BrookpropManagementServicesPrivateLimitedhasbeenappointedasthemanagertoBrookfieldIndiaREITandAxisTrusteeServicesLimitedisthetrusteetoBrookfieldIndiaREIT.

BrookfieldIndiaREITownsonehundredpercentoftheequitysharecapitalof(i)CandorKolkata,FestusandSPPLNoida,eachofwhichowntherealestateassets;and(ii)CIOPwhichprovidesservicesincludingpropertymanagement,facilitiesmanagementandsupportservicestoCandorKolkataandSPPLNoida.

BrookfieldIndiaREITowns,operatesandmanagesacombined14MsfPortfoliooffourofficeparksinfourgatewayofficemarketsofIndia–Mumbai,Gurugram,NoidaandKolkata.

BrookfieldIndiaREITwaslistedonBSELimitedandNationalStockExchangeofIndiaLimitedonFebruary16,2021afteraninitialpublicofferingthatwasoversubscribedby8times.

Withrespecttotheupdateontheproperties,performanceandotherdetails,pleaserefertoPageNo.25andPageNo.32toPageNo.47.

TheNAVofBrookfieldIndiaREITfortheperiodendedMarch31,2021is`316.59perUnit.Forcalculation

oftheNAV,pleasereferPageNo.175ofconsolidatedfinancialstatementsofBrookfieldIndiaREIT.

Withrespecttotradingprice,kindlyrefertopage126ofthisreport.

Thedetailedvaluationisattachedaspartofthisreport,pleasereferpage213topage235.

Forthesummaryoftheauditedstandaloneandconsolidatedfinancialstatementspleaserefertopageno140-141andPageno170-171ofthisreport.

2. MANAGEMENT DISCUSSION AND ANALYSIS BY THE DIRECTORS OF THE MANAGER ON ACTIVITIES OF BROOKFIELD INDIA REIT DURING THE YEAR, FORECASTS AND FUTURE COURSE OF ACTION.

Referpage94to115ofthisreport.

3. BRIEF DETAILS OF ALL THE ASSETS OF BROOKFIELD INDIA REIT INCLUDING A BREAK-UP OF REAL ESTATE ASSETS AND OTHER ASSETS, LOCATION OF THE PROPERTIES, AREA OF THE PROPERTIES, CURRENT TENANTS (NOT LESS THAN TOP 10 TENANTS AS PER VALUE OF LEASE), LEASE MATURITY PROFILE, DETAILS OF UNDER-CONSTRUCTION PROPERTIES, IF ANY, ETC.

a. Realestateassets-pleaserefertopageno32to47ofthisreport

Other assets -BrookfieldIndiaREITownsonehundredpercentoftheequitysharecapitalofCIOPwhichprovidesservicesincludingpropertymanagement,facilitiesmanagementandsupportservicestoCandorKolkataandSPPLNoida.

b. Locationoftheproperties-pleaserefertopage25ofthisreport.

c. Areaoftheproperties-pleaserefertopage25ofthisreport.

d. Currenttenants(top10tenantsaspervalueofleasei.e.GrossContractedRentals)andleasematurityprofile.

Statutory SectionCorporateGovernanceReport(contd.)


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Name of the Asset Name of the Occupier

CandorTechSpaceG2 AccentureSolutionsPvt.Ltd.TLGIndiaPvtLtdBAContinuumIndiaPvt.Ltd.RBSServicesIndiaPvt.Ltd.AmdocsDevelopmentCentresIndiaSaxoGroupIndiaPvtLimitedNWMServicesIndiaPvtLtdE&YLLPBTE-ServIndiaPvtLtdEYGBS(India)LLP

Name of the Asset Name of the Occupier

CandorTechSpaceN1 BarclaysGlobalServiceCentrePrivateLimitedAmazonDevelopmentCentre(India)PrivateLimitedLandisGyrLimitedPineLabsPvt.Ltd.TPGSoftwarePrivateLimitedIONTradingIndiaPvt.Ltd.MarkitIndiaServicesPrivateLimitedBarcoElectronicSystemsPrivateLimitedInnovaccerAnalyticsPrivateLimitedSalmonCommercePrivateLimited

Name of the Asset Name of the OccupierCandorTechSpaceK1 CognizantTechnology

SolutionsIndiaPrivateLimitedTataConsultancyServicesLimitedAccentureSolutionsPvt.Ltd.CapgeminiTechnologyServicesIndiaLimitedGenpactIndiaPrivateLimitedHCLTechnologiesLimitedIndoRamaVenturesGlobalSharedServicesConcentrixDaksh(IBMDaksh)SankalpSemiconductorPrivateLimitedSimplifyWorkforceTechnologiesPrivateLimited

Name of the Asset Name of the OccupierKensington TataConsultancyServices

WiproLtdCognizantTechnologySolutionsIndiaPvtLtdGEOil&GasIndiaPvtLtdCrisilLtdApolloIndiaServicesLLPL&THydrocarbonEngineeringHitachiPaymentServicesPvtLtdVodafoneIdeaLimitedBhartiAirtelLimited

LeaseMaturityProfile

ParticularsKensignton,

Powai, Mumbai


Gurgaon


Noida


Kolkatta

Consolidated at Brookfield India

REIT LevelLeasableArea(Msf) 1.5 4.0 2.8 5.7 14.0Leased(Msf) 1.3 3.6 1.3 2.8 9.0WALE(years) 2.5 7.0 7.3 7.3 6.5LeaseMaturityProfile-AreaExpiring(Msf)

Year Area(Msf)2022 0.1 0.7 0.1 0.3 1.12023 0.4 0.1 0.0 0.1 0.62024 0.7 0.0 0.2 0.0 1.02025 0.1 0.2 0.2 0.0 0.6

e. Detailsofunder-constructionproperties-pleaserefertopageno.25andpageno32to47ofthisreport.

4. BRIEF SUMMARY OF THE FULL VALUATION REPORT AS AT THE END OF THE YEAR.

Referpage.213to235ofthisreport.

5. DETAILS OF CHANGES DURING THE YEAR PERTAINING TO:

(a) Additionanddivestmentofassetsincludingtheidentityofthebuyersorsellers,purchase/salepricesandbriefdetailsofvaluationforsuchtransactions.

TherehasbeennoadditionordivestmentofassetsintheyearendedMarch31,2021aftertheacquisitionoftheAssetSPVsandCIOPbyBrookfieldIndiaREITwhichwascompletedpriortolistingoftheUnitswiththeStockExchanges.

(b) Valuationofassets(asperthefullvaluationreports)andNAV.

PleaserefertoPageno.175.

(c) Lettingofassets,occupancy,leasematurity,keytenants,etc.

Pleaserefertopage25to27and32to47ofthisreportwithrespecttothenewleases,occupancy,leasematurityandkeytenantsrespectivelyfortheFinancialYearendedMarch31,2021.AsofMarch31,2021,ourPortfoliohadaCommittedOccupancyof87%,SameStoreCommittedOccupancyof91%andaWALEof6.5years.

(d) Borrowings/repaymentofborrowings(standaloneandconsolidated).

` in M

Name of the Asset SPV Facility Type

Principal outstanding as

on April 01, 2020

Borrowing during the FY 21

Repayment during the FY 21

Outstanding as on

March 31, 2021CandorKolkata LRD 15,296 33,760 36,556 12,500

LOC - 100 - 100NCB 21,000 - 21,000 -Loan - 24,050 - 24,050

SPPLNoida LRD 5,822 2,300 6,122 2,000LOC - 100 - 100Loan - 4,150 - 4,150

Festus LRD 12,410 6,500 12,410 6,500LAP - 1,820 1,820 -LOC - - - -Loan - 7,900 - 7,900

Total 54,528 72,840 77,968 49,400-LRD:LeaseRentalDiscounting,LOC:LineofCredit,NCB:NonConvertibleBond,Loan:LoanfromBrookfieldIndiaREIT

OnStandalonebasis,therearenoborrowingsattheBrookfieldIndiaREITlevel.

(e) Sponsor,manager,trustee,valuer,directorsoftheTrustee/manager/sponsor,etc.

ThereisnochangeintheSponsor,Manager,Trustee,andvaluerduringtheyear.ThereisnochangeinthedirectorofTrusteeandSponsorduringtheFinancialYearendedMarch31,2021.ThedetailsofchangesinthedirectorsofManagerisasfollows.

Sr. No. Name of the Director DIN Nature of change

1 Ms.AkilaKrishnakumar 06629992 Appointment-appointedasadditionalDirectorIndependentonAugust31,2020

2 Mr.ShaileshVishnubhaiHaribhakti 00007347 Appointment-appointedasadditionalDirectorIndependentonAugust31,2020

3 Ms.SwatiMandava 07625343 Resignation-witheffectfromAugust31,2020.

(f) Clausesintrustdeed,investmentmanagementagreementoranyotheragreemententeredintopertainingtoactivitiesofBrookfieldIndiaREIT.

NotApplicable

(g) Anyothermaterialchangeduringtheyear

NotApplicable

StatutorySection(contd.)


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8. DEBT MATURITY PROFILE OVER EACH OF THE NEXT 5 YEARS AND DEBT COVENANTS, IF ANY.

Debtmaturityprofilecoveredinabovepoint.

DEBT COVENANTS LTVRshallnotbegreaterthan40%inthefacilitiesborrowedbytheAssetSPVsotherthanfromBrookfieldIndia

REIT

ForotherDebtCovenants,referpage196to197ofthisreport.

9. THE TOTAL OPERATING EXPENSES OF BROOKFIELD INDIA REIT, INCLUDING ALL FEES AND CHARGES PAID TO THE MANAGER AND ANY OTHER PARTIES, IF ANY DURING THE YEAR.

Referpage141and162ofthisreport.

10. PAST PERFORMANCE OF BROOKFIELD INDIA REIT WITH RESPECT TO UNIT PRICE, DISTRIBUTIONS AND YIELD FOR THE LAST 5 YEARS, AS APPLICABLE.

TheUnitswerelistedonFebruary16,2021,therefore,thepastperformanceandotherdetailsforthelast5yearsarenotavailable.ThedetailsofUnitprice,ismentionedintheCorporateGovernanceReport.Referpageno126ofthisreport.

11. UNIT PRICE QUOTED ON THE DESIGNATED STOCK EXCHANGES AT THE BEGINNING AND END OF THE FINANCIAL YEAR, THE HIGHEST AND LOWEST UNIT PRICE AND THE AVERAGE DAILY VOLUME TRADED DURING THE FINANCIAL YEAR

Particulars BSE NSE

Unit PriceDateofListingandOpening:February16,2021(`) 275.05 281.70ClosingMarch31,2021(`) 223.20 223.2152WeekHigh(`) 280.05 281.7052WeekLow(`) 215.25 215Average Trading Daily Volume (Nos.)NoofUnits(Nos.) 294,040 1,121,393Amount(`) 70,189,945 276,291,025

Source:BSE(Designatedstockexchange)andNSEasofMarch31,2020sincelisting.

12. DETAILS OF ALL RELATED PARTY TRANSACTIONS DURING THE YEAR

(a) value of which exceeds five per cent of value of Brookfield India REIT assets.

(b) Details regarding the monies lent by Brookfield India REIT to the holding company or the special purpose vehicle in which it has investment in.

Refertopageno162to164ofthisreportwhichcontainsdetailsofallrelatedpartytransactionsenteredintobyBrookfieldIndiaREITincludingmonieslentbyBrookfieldIndiaREITtoAssetSPVs.(Standalone)

Refertopageno205to207ofthisreportwhichcontainsdetailsofallrelatedpartytransactionsenteredintobyBrookfieldIndiaREITandtheAssetSPVsduringtheFinancialYearendedMarch31,2021(excludingtransactionswhichareeliminatedonconsolidation).

13. DETAILS OF FUND RAISING DURING THE YEAR, IF ANY.

PursuanttotheinitialpublicofferingoftheUnits,BrookfieldIndiaREITvideitsfinalofferdocumentdatedFebruary9,2021,raised`3,800millionduringtheyear.TheUnitswerelistedonFebruary16,2021ontheStockExchanges.



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14. BRIEF DETAILS OF MATERIAL AND PRICE SENSITIVE INFORMATION

NotApplicable

15. BRIEF DETAILS OF MATERIAL LITIGATIONS AND REGULATORY ACTIONS WHICH ARE PENDING, AGAINST BROOKFIELD INDIA REIT, SPONSOR(S), MANAGER OR ANY OF THEIR ASSOCIATES AND SPONSOR GROUP(S) AND THE TRUSTEE, IF ANY, AS AT THE END OF THE YEAR

ThissectionoftheReportcontainsdisclosures,asonMarch31,2021,onall:

� pendingtitlelitigationandirregularitiespertainingtothePortfolioandpendingcriminalmatters,regulatoryactionsandmaterial(assetoutbelow)civil/commercialmattersagainstBrookfieldIndiaREIT,theSponsor,theManageroranyoftheirAssociates,AssetSPVs,CIOP,theSponsorGroupandtheTrustee(collectively,“RequiredParties”);and

� pendingdirecttax,indirecttaxandpropertytaxmattersagainsttheRequired Partiesinaconsolidatedmanner.

Forthepurposesofidentifying“associates”withrespecttodisclosurestobemadeinthereportundertheREITRegulations,thedefinitionof‘associates’assetoutintheREITRegulationshavebeenreliedonexceptsub-clause(ii)ofRegulation2(1)(b)oftheREITRegulations,whichrequiresanypersonwhocontrols,bothdirectlyandindirectly,thesaidpersontobeidentifiedasanassociate.Withrespecttotheaforesaid,onlyentitieswhichdirectlycontrolBrookfieldIndiaREIT,SponsororManager,asapplicable,havebeenconsidered.

Alldisclosureswithrespecttopendingcivil/commercialmatters,regulatoryactions,criminallitigationandtaxmattersagainstBAMhavebeenmadeinaccordancewiththematerialitythresholdseparatelydisclosedbelow.

Exceptasdisclosedinbelow,thereisnopendingtitlelitigationorirregularity,criminallitigation,regulatoryactionandcivil/commercialmatter(subjecttothematerialitythresholdssetoutbelow)againsttheRequiredParties:

I. Title irregularities (including title litigation) pertaining to the Portfolio

Nil

II. Material litigation, criminal litigation and regulatory actions pending against Brookfield India REIT, its Associates, the Asset SPVs and CIOP

Forthepurposeofdisclosureofpendingcivil/commerciallitigationagainstBrookfieldIndiaREIT,itsAssociates,theAssetSPVsandCIOP,

materialmattersinsuchdisclosuresisbasedonperiodicallyreviewedthresholdsappliedbytheindependentauditorsofBAMinexpressingtheiropiniononthefinancialstatementsandisgenerallylinkedtovariousfinancialmetricsofBAM,includingtotalequity,materialityforrevenueandoperatingexpenseswhichisbasedonfundsfromoperations.Thelatestauditplan,preparedbytheindependentauditorsofBAM,comprisingsuchthresholdhasbeenapprovedbytheauditcommitteeandboardofdirectorsofBAMandsetsuchthresholdatUSD1billion.

AsofMarch31,2021,BAMiscontingentlyliablewithrespecttolitigationandclaimsthatariseinthenormalcourseofbusiness.Itisnotreasonablypossiblethatanyoftheongoinglitigationcouldresultinamaterialsettlementliability.

V. Material litigation, criminal litigation and regulatory actions pending against the Manager and its Associates

Forthepurposeofdisclosureofpendingcivil/commerciallitigationagainsttheManageranditsAssociates,suchmattersexceeding`29.59million(being5%ofthetotalincomeoftheManagerasofMarch31,2021)havebeenconsideredmaterialandproceedingswheretheamountisnotdeterminablebuttheproceedingisconsideredmaterialbytheManagerfromtheperspectiveofBrookfieldIndiaREIT,havealsobeendisclosed.

AsofMarch31,2021,theManageranditsAssociatesdonothaveanycriminallitigation,regulatoryactionormaterialcivil/commerciallitigationpendingagainstthem.

VI. Material litigation, criminal litigation and regulatory actions pending against the Trustee

Forthepurposeofpendingcivil/commerciallitigationagainsttheTrustee,mattersinvolvingamountsexceeding`10.055million(being5%oftheprofitaftertaxoftheTrusteeforFY2021)havebeenconsideredmaterial.

AsofMarch31,2021,theTrusteedoesnothaveanycriminallitigation,regulatoryactionormaterialcivil/commerciallitigationpendingagainstit.

VII. Tax Matters Detailsofalldirecttax,indirecttaxandproperty

taxmatterswithrespecttotheRequiredPartiesasofMarch31,2021issetforth:

ForthepurposesofdisclosureoftaxmattersagainstBAM,seethematerialitythresholdadoptedfordisclosureofcivil/commerciallitigation,regulatoryactions,criminallitigationandtaxlitigationunder“-Materiallitigation,

suchmattersexceeding`87.90million(being1%ofthecombinedtotalincomeofBrookfieldIndiaREITasofMarch31,2021)havebeenconsideredmaterialandproceedingswheretheamountisnotdeterminablebuttheproceedingisconsideredmaterialbytheManagerfromtheperspectiveofBrookfieldIndiaREIT,havealsobeendisclosed.

AsofMarch31,2021,BrookfieldIndiaREIT,itsAssociates,theAssetSPVsandCIOPdonothaveanycriminallitigation,regulatoryactionsormaterialcivil/commerciallitigationpendingagainstthem.

III. Material litigation, criminal litigation and regulatory actions pending against the Sponsor and its Associates

Forthepurposeofdisclosureofpendingcivil/commerciallitigationagainsttheSponsoranditsAssociates,suchmattersexceeding `3.73million(being5%ofthenetworthoftheSponsorasofDecember31,2020)havebeenconsideredmaterialandproceedingswheretheamountisnotdeterminablebuttheproceedingisconsideredmaterialbytheManagerfromtheperspectiveofBrookfieldIndiaREIThavealsobeendisclosed.

AsofMarch31,2021,theSponsoranditsAssociatesdonothaveanycriminallitigation,regulatoryactionoranymaterialcivil/commerciallitigationpendingagainstthem.

IV. Material litigation, criminal litigation and regulatory actions pending against the Sponsor Group

Forthepurposeofdisclosureofpendingcivil/commerciallitigationagainsttheSponsorGroup(excludingtheSponsorandBAM),suchmattersexceeding`87.90million(being1%ofthecombinedtotalincomeofBrookfieldIndiaREITasofMarch31,2021)havebeenconsideredmaterialandproceedingswheretheamountisnotdeterminablebuttheproceedingisconsideredmaterialbytheManagerhavebeendisclosed.

AsofMarch31,2021,theSponsorGroup(excludingtheSponsorandBAM)donothaveanycriminallitigation,regulatoryactionormaterialcivil/commerciallitigationpendingagainstthem.

Withrespecttopendingcivil/commercial,regulatoryactions,criminallitigationandtaxlitigationagainstBAM(whichiscurrentlylistedonNYSEandTSX),thedisclosurebelowhasbeenmadeonthebasisofthepublicfilingsandperiodicdisclosuresmadebyBAMinaccordancewithapplicablesecuritieslawandstockexchangerules.Thethresholdforidentifying

criminallitigationandregulatoryactionspendingagainsttheSponsorGroup”,onthispageabove.

Nature NumberAmount involved

(in ` M)BrookfieldIndiaREIT,AssetSPVsandCIOPDirecttax 30 840.09Indirecttax 4 369.99Propertytax# Nil NilSponsorGroupDirecttax 1 204.79

Notes: #CandorTechSpaceG2,Gurugram,whichsubsequently

mergedwithCandorKolkata,hadreceivedpropertytaxbills fortheyear2020-2021(fortowernos.4A(amenityblock II),6,7,8A,8B,9,and10(MLCP)) levyingpropertytaxattherateapplicabletocommercialbuildings,i.e.`15persq.ft.(“CommercialRate”),includingitsretrospectiveapplication,wherein itwasalsocharged forbasementparking areas which are exempt from Asset propertytax.CandorGurgaon1,an IdentifiedSPV,hadreceivedsimilarpropertytaxbillswithrespectto itstowersandhasmadearepresentation intheofficeofthePrincipalSecretary,UrbanLocalBodies,Haryanaagainstthelevyingofpropertytaxonsuchtowerssubmittingthatthetaxpayableshouldbeattherateapplicabletothecategoryof ‘I.T.Park/CyberCity/Park’ insteadof theCommercialRate.Duringthependencyofthisrepresentation,CandorKolkata(forCandorTechSpaceG2)haspaidthepropertytaxesfortheabovementionedyearonself-assessmentbasisattherateapplicabletoI.T.buildings,i.e.`7.50persq.ft.,afterreceivingapprovalfromtheCommissioneroftheMunicipalCorporationofGurgaon,Haryana.However,CandorKolkata (forCandorTechSpaceG2)wasservedpropertybillsafreshfortheyear2020-2021withrespecttobalancepaymentsamounting to`223.55milliononthebasisoflevyofpropertytaxattheCommercialRate,includingitsretrospectiveapplicationandalsochargingthebasementparkingareas.AsonMarch31,2021,thedecisioninrelationtolevyingofthepropertytaxonsuchtowersattheCommercialRateispendingwiththeofficeofthePrincipalSecretary,UrbanLocalBodies,Haryana.

Thedirecttaxmattersareprimarilyinthenatureofdemandnoticesand/orordersissuedbytheincometaxauthoritiesalleging computationof taxable incomeonaccountofcertainadditions/disallowances,deductionoftaxincentiveandclassificationsofincomeresultinginadditionaldemandofTDS/incometax.Suchmattersarependingbeforetherelevant taxauthorities including incometaxappellatetribunal.Thesealso includematterswherethe income-taxauthoritieshaveinitiatedpenaltyproceedingsbutnotissuedanypenaltyorder/concludedtheproceedings.

The indirect taxmattersareprimarily in thenatureofdemandnoticesand/ororders (excludingshowcausenoticeswherenodemandhasbeenraisedyetandtheorder ispending) issuedbythe indirecttaxauthoritiesallegingnon-paymentofcorrectamountofvalueaddedtaxorinthenatureofex-parteorder.Suchmattersarependingbeforetheindirecttaxauthorities, includingindirecttaxappellatetribunals.

16. COMPLIANCE UNDER FEMA

BrookfieldIndiaREIThascompliedwiththeconditionsprescribedfordownstreaminvestmentinaccordancewiththeapplicableprovisionsoftheForeignExchangeManagement(Non-debtInstruments)Rules,2019,asamended.



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17. RISK FACTORS

TherisksanduncertaintiesdescribedbelowarenottheonlyrisksthatwefaceormayfaceornottheonlyonesrelevanttoBrookfieldIndiaREIT,theAssetSPVs,CIOPorintheindustryweoperate.Additionalrisksanduncertaintiesnotpresentlyknowntousorthatwecurrentlybelievetobeimmaterialmayalsohaveanadverseeffectonourbusiness,resultsofoperationsandfinancialcondition.

Risks Related to our Organization and Structure

1. TheManagerdoesnotprovideanyassuranceorguaranteeofanydistributionstotheUnitholders.TheabilityofourManagertomakedistributionstotheUnitholdersmaybeaffectedbyseveralfactorsmainly

� thecashflowsfromoperationsgeneratedbytheAssetSPVsandCIOP;

� thedebtservicecostsandotherliabilitiesoftheAssetSPVs,includingtermsofthefinancingandagreements;

� theworkingcapitalneedsoftheAssetSPVsandCIOP;

� theextentofleaseconcessions,rentfreeperiods,andincentivesgiventotenantstoattractnewtenantsandretainexistingtenants;

� thetermsofandanypaymentsunderanyagreementsgoverninglandleasedorco-developedbytheAssetSPVs;

� business,resultsofoperationsandfinancialconditionoftheAssetSPVs;

� applicablelawsandregulations,whichmayrestrictthepaymentofdividendsbytheAssetSPVsordistributionsbyus;

2. TheabilityoftheManagertoacquireordisposeofassetsorexplorenewinvestmentopportunitiesoravailadditionaldebtissubjecttoconditionsprovidedintheREITRegulations.Further,theregulatoryframeworkgoverningrealestateinvestmenttrustsinIndiaisnewanduntested.

Risks Related to Our Business and Industry 3. Ourresultsofoperations,profitabilityand

cashflows,thetradingpriceoftheUnitshavebeenandmaycontinuetobeadverselyimpactedbytheoutbreakofandtheresultingdisruptionscausedbythecoronavirusdisease2019(COVID-19)pandemic.TheextenttowhichCOVID-19mayaffectourbusinessandoperationsinthefutureisuncertainandcannotbepredicted.

4. OurbusinessandprofitabilityisdependentontheperformanceofthecommercialrealestatemarketinIndiaaswellasthegeneraleconomic,demographicandpoliticalconditions.Fluctuationsinthegeneraleconomic,marketandotherconditionsmayaffectthecommercialrealestatemarketinIndiaandinturn,ourabilitytoleaseofficeparkstotenantsonfavorableterms.ThecommercialrealestatemarketinIndiamayparticularlybedependentonmarketpricesfordevelopablelandandthedemandforleasingoffinishedoffices,bothofwhichwillcontinuetohaveasignificantimpactonourbusiness,resultsofoperationsandfinancialcondition.

5. Wearedependentonalimitednumberoftenantsandsectorsforoursignificantportionofourrevenueandanyadversedevelopmentsaffectingsuchtenantsorsectorsmayhaveanadverseeffectonourbusiness,resultsofoperationsandfinancialcondition.OnaccountofmajorityofourassetsbeingregisteredasSEZforITandITenabledservices,thetenantsinthetechnologysectoraccountedforapproximatelyhalfoftheleasedareaofourassets.

6. AsignificantportionofourrevenueisderivedfromleasingactivitiesatCandorTechSpaceG2andanyadversedevelopmentrelatingtoCandorTechSpaceG2orthemicro-marketinwhichitislocatedmayadverselyaffectourbusiness,resultsofoperationsandfinancialcondition.

7. TheauditreportoftheStatutoryAuditorontheFinancialStatementsincludesaqualificationandemphasisofmatters.

8. Ourdependenceonrentalincomemayadverselyaffectourprofitability,abilitytomeetdebtandotherfinancialobligationsandtheManager’sabilitytomakedistributionstoUnitholders.

9. TheManagercannotassureyouthatitwillbeabletosuccessfullycompletefutureacquisitionsofincludingtheIdentifiedAssetsandROFOPropertiesonaccountofthembeingsubjecttovarioustermsandconditionsorefficientlymanagetheassetsthatwemayacquireinthefuture.Further,anyfutureacquisitionsmaybesubjecttoacquisitionrelatedrisks.

10. TherecanbenoassurancethattheUnderConstructionAreaorFutureDevelopmentPotentialwillbecompletedinitsentiretyinaccordancewithanticipatedtimelinesorcost,orthatwewillachievetheresultsexpectedfromsuchprojects,whichmayadverselyaffectour

reputation,business,resultsofoperationsandfinancialcondition.

11. TheManagermaybeunabletorenewleaseagreementsorleasevacantareaonfavorabletermsoratall,whichcouldadverselyaffectourbusiness,resultsofoperationsandcashflows.

12. Theactualrentreceivedfortheassetsmaybelessthantheleasingrentorthemarketrentandwemayexperienceadeclineinrealizedrentratesfromtimetotime,whichmayadverselyaffectourbusiness,resultsofoperations,cashflowsanddistributions.

13. BrookfieldIndiaREIT,theAssetSPVs,CIOP,theManagerandtheSponsorhaveenteredintoseveralrelatedpartytransactions,whichcouldpotentiallyposeaconflictofinterest.

14. ThevaluationreportontheassetsinourPortfolioisonlyindicativeinnatureasitisbasedonasetofassumptionsandmaynotberepresentativeofthetruevalueofthePortfolio.Thevaluationreportisbasedoncertainassumptionsrelatingtothenatureoftheproperty,itslocation,leaserentalforecastsandvaluationmethodologiesandtheseassumptionsaddanelementofsubjectivitytothesevaluationsandhencemaynotbeaccurate.Further,valuationsdonotnecessarilyrepresentthepriceatwhicharealestateassetwouldsell,sincemarketpricesofassetscanonlybedeterminedbynegotiationbetweenawillingbuyerandseller.

15. Wemaybesubjecttocertainrestrictivecovenantsunderthefinancingagreementsthatcouldlimitourflexibilityinmanagingourbusinessortousecashorotherassets.

16. Wehavecertaincontingentliabilitiesasgiveninthefinancialstatements,whichiftheymaterialize,mayadverselyaffectourresultsofoperations,financialconditionandcashflows.

17. Non-compliancewith,andchangesin,environmental,healthandsafetylawsandregulationscouldadverselyaffectthedevelopmentofthePortfolio.Ourbusinessandoperationsaresubjecttocompliancewithvariouslaws,andanychangeinlawornon-compliancemayadverselyaffectourbusinessandresultsofoperations.InadditiontocompliancewiththeREITRegulations,wearealsosubjecttocompliancewithapplicableforeignexchangeregulationsduetotheSponsorandManagernotbeingIndianownedandcontrolled.Anychangeinsuchlawsornon-complianceorinabilitytoobtain,maintainorrenewrequiredregulatoryapprovalsandpermitsinatimelymannermayadverselyaffect

ourbusiness,financialconditionandresultsofoperations.

18. CandorTechSpaceN1islocatedonlandleasedfromNOIDAandisrequiredtocomplywiththetermsandconditionsprovidedintheleasedeeds,failingwhichNOIDAmayterminatetheleaseortakeoverthepremises.Also,theManagermaynotbeabletorenewtheleasewithNOIDAuponitsexpiryorprematuretermination.

19. MajorityoftheassetsinthePortfolioarelocatedonlandnotifiedasSEZsandafewareregisteredasprivateITparksandtherelevantAssetSPVsarerequiredtocomplywiththeSEZActandtherulesmadethereunderalongwiththeirrespectiveconditionsofregistrationasprivateITparks.

20. ThetitleanddevelopmentrightsorotherinterestsoverlandonwhichthePortfolioarelocatedmaybesubjecttolegaluncertaintiesanddefectswhichmayhaveanadverseeffectonourabilitytoowntheassetsandresultinusincurringcoststoremedyandcuresuchdefects.

21. TheManagermaynotbeabletocontrolouroperatingcosts,orthedirectexpensesmayremainconstantorincrease,evenifincomefromthePortfoliodecreases,resultinginanadverseeffectonourbusinessandresultsofoperation.

22. TheManagerandCIOPutilizetheservicesofcertainthirdpartyoperatorstomanageandoperatethePortfolio.Anydeficiencyorinterruptionintheirservicesmayadverselyaffectourbusiness.

23. Weareexposedtoavarietyofrisksassociatedwithtechnology,safety,securityandcrisismanagementwhichmaydisruptourbusiness,resultinlossesorlimitourgrowth.

24. Wedonotownthetrademarkorlogoforthe“BrookfieldIndiaRealEstateTrust”or“BrookfieldIndiaREIT”andhenceourinabilitytouseorprotecttheseintellectualpropertyrightsmayhaveanadverseeffectonourbusinessandresultsofoperations.

25. ThereareoutstandinglitigationproceedingsinvolvingourAssetSPVs,whichmayadverselyaffectourfinancialcondition.

26. TheManagermaynotbeabletomaintainadequateinsurancetocoveralllossesthatwemayincur.

27. LeaseagreementswithsomeofthetenantsinthePortfoliomaynotbeadequatelystampedorregistered,andconsequently,theManagermaybeunabletosuccessfullylitigateoversuchdeedsinthefutureandpenaltiesmaybeimposedonus.



28. IftheManagerisunabletomaintainrelationshipswithotherstakeholdersinthePortfolio,ourresultsofoperationandfinancialconditionmaybeadverselyaffected.

29. LandissubjecttocompulsoryacquisitionbytheGovernmentandcompensationinlieuofsuchacquisitionmaybeinadequate.

Risks Related to the Relationships with the Sponsor and the Manager

30. TheSponsormayceasetoactasoursponsorinthefuture.

31. WeandpartiesassociatedwithusarerequiredtoadheretotheeligibilityconditionsspecifiedunderRegulation4oftheREITRegulationsaswellasthecertificateofregistrationonanongoingbasis.WemaynotbeabletoensuresuchongoingcompliancebytheSponsor,theManagerandtheTrustee,whichcouldresultinthecancellationofourregistration.

32. TheSponsorandSponsorGroupwillbeabletoexercisesignificantinfluenceovercertainofouractivitiesandtheinterestsoftheSponsorandSponsorGroupmayconflictwiththeinterestsofotherUnitholders.

33. ConflictsofinterestmayariseoutofcommonbusinessobjectivessharedbytheManager,theSponsor,theSponsorGroupandus.TheManageralsoprovidespropertymanagementservicestootherassetsheldbyBrookfield,whichareofasimilartypeasthoseheldbytheAssetSPVs.Further,wemaybesubjecttopotentialconflictsofinterestarisingoutofourrelationshipwiththeSponsor,SponsorGroupandtheiraffiliatesandtheManager,andmayenterintotransactionswithrelatedpartiesinthefutureandtheManagercannotassureyouthatsuchpotentialconflictsofinterestwillalwaysberesolvedinfavourofBrookfieldIndiaREITandtheUnitholders.

34. WedependontheManageranditspersonnelforoursuccessandtomanageourbusinessandassets.AnyfailurebytheManagertoperformsatisfactorilycouldadverselyaffectourresultsofoperationsandfinancialcondition.Further,wemaynotfindasuitablereplacementfortheManageriftheInvestmentManagement

AgreementisterminatedorifkeypersonnelceasetobeemployedbytheManagerorotherwisebecomeunavailable.

Risks Related to India 35. AnydowngradingofIndia’ssovereigndebtrating

byadomesticorinternationalratingagencycouldadverselyaffectourabilitytoobtainfinancingand,inturn,adverselyaffectourbusiness.

36. Thereportingrequirementsandotherobligationsofrealestateinvestmenttrustspost-listingarestillevolving.Accordingly,thelevelofongoingdisclosuresmadetoandtheprotectionsgrantedtotheUnitholdersmaybemorelimitedthanthosemadetooravailabletotheshareholdersofacompanythathaslisteditsequitysharesuponarecognizedstockexchangeinIndia.

37. GiventherequirementsundertheREITRegulations,itmaybedifficultforpublicUnitholderstoremovetheTrusteeastheSponsorGroupholdsamajorityoftheUnits.

38. InvestorsmaybesubjecttoIndiantaxesarisingoutofcapitalgainsonthesaleofUnits.

39. UnitholderswillnothavetherighttoredeemtheirUnits.

40. TheUnitsmayalsoexperiencepriceandvolumefluctuations.

41. NAVperUnitmaybedilutediffurtherissuesarepricedbelowthecurrentNAVperUnit.

42. AnyfutureissuanceofUnitsbyusorsalesofUnitsbytheSponsorGrouporanyoftheothersignificantUnitholdersmayadverselyaffectthetradingpriceoftheUnits.

43. OurrightsandtherightsofourUnitholderstorecoverclaimsagainsttheManagerorthe Trusteearelimited.

22. INFORMATION OF THE CONTACT PERSON OF BROOKFIELD INDIA REIT

Ms.RuhiGoswami VicePresidentandGeneralCounselattheManager

andComplianceOfficerofBrookfieldIndiaREIT

EmailId:[email protected]


137Brookfield India Real Estate Trust

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Independent Auditor’s Report

To,

The Unitholders of Brookfield India Real Estate Trust

REPORT ON THE AUDIT OF STANDALONE FINANCIAL STATEMENTS

OpinionWe have audited the accompanying standalone financial statements of Brookfield India Real Estate Trust (the ”REIT”), which comprise the Balance Sheet as at March 31, 2021, the Statement of Profit and Loss including Other Comprehensive Income, the Statement of Cash Flows and the Statement of Changes in Unitholders’ Equity for the from period July 17, 2020 to March 31, 2021, Statement of Net Assets at fair value as at March 31, 2021 and Statement of Total Returns at fair value for the period from July 17, 2020 to March 31, 2021, and a summary of significant accounting policies and other explanatory information (hereinafter referred to as “standalone financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 as amended from time to time including any guidelines and circulars issued thereunder read with SEBI Circular No. CIR/IMD/DF/146/2016 dated December 29, 2016 (the “REIT Regulations”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards as defined in Rule 2(1)(a) of the Companies (Indian Accounting Standards) Rules, 2015 (as amended), and other accounting principles generally accepted in India, to the extent not inconsistent with the REIT Regulations, of the state of affairs of the REIT as at March 31, 2021, and its profit including other comprehensive income, cash flows,

its changes in unitholders’ equity, for the period from July 17, 2020 to March 31, 2021, its net assets at fair value as at March 31, 2021 and total returns at fair value of the REIT for the period from July 17, 2020 to March 31, 2021 and other financial information of the REIT.

Basis for OpinionWe conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (“SA”), issued by Institute of Chartered Accountants of India (the “ICAI”). Our responsibilities under those Standards are further described in the ‘Auditor’s Responsibility for the Audit of the Standalone Financial Statements’ section of our report. We are independent of the REIT in accordance with the Code of Ethics issued by the ICAI and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Emphasis of matterWe draw attention to Note 8(a)(i) which describes the presentation of “Unit Capital” as “Equity” to comply with REIT Regulations. Our opinion is not modified in respect of this matter.

Key Audit MatterKey audit matter is the matter that, in our professional judgement, was of most significance in our audit of the standalone financial statements of the current period. This matter was addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on this matter. We have determined the matter described below to be the key audit matter to be communicated in our report.

Key Audit Matter Auditor’s Response

Fair Value of investments in subsidiaries:

In accordance with REIT Regulations, the REIT discloses Statement of Net Assets at Fair Value and Statement of Total Returns at Fair Value, which requires fair valuation of assets and liabilities. As at March 31, 2021, fair value of total assets was ` 97,204.16 million; out of which fair value of investment in subsidiaries is ` 95,538.95 million representing 98% of the fair value of total assets.

The fair value of investments in subsidiaries is primarily determined basis the fair value of the underlying investment property as at March 31, 2021.

The fair value of investment property is determined by an independent valuer using discounted cash flow method.

While there are several assumptions that are required to determine the fair value of investment property; assumptions with the highest degree of estimate, subjectivity and impact on fair values are forecasted market rent, terminal capitalization rate and discount rate. Auditing these assumptions required a high degree of auditor judgment as the estimates made by the independent valuer contains significant measurement uncertainty.

Refer Statement of Net assets at fair value and Statement of total returns at fair value in the standalone financial statements.

Principal Audit Procedures Performed:Our audit procedures related to the forecasted market rent, terminal capitalization rates and discount rate used to determine the fair value of investment property included the following, among others: We obtained the independent valuer’s valuation reports to

obtain an understanding of the source of information used by the independent valuer in determining these assumptions.

We tested the reasonableness of inputs, shared by management with the independent valuer, by comparing it to source information used in preparing the inputs such as rent rolls.

We evaluated the reasonableness of management’s forecasted market rent by comparing it with sample of lease agreements for ongoing rentals, contractual lease escalations and other market information, as applicable.

With the assistance of our fair valuation specialist, we evaluated the reasonableness of forecasted market rent, terminal capitalization rates and discount rate by comparing it with market information such as recent market transactions for comparable properties, market surveys by property consultants and broker quotes, as applicable.

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However,futureeventsorconditionsmaycausetheREITtoceasetocontinueasagoingconcern.

Evaluatetheoverallpresentation,structureandcontentofthestandalonefinancialstatements,includingthedisclosures,andwhetherthestandalonefinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.

ObtainsufficientappropriateauditevidenceregardingthestandalonefinancialstatementsoftheREITtoexpressanopiniononthestandalonefinancialstatements.

Materialityisthemagnitudeofmisstatementsinthestandalonefinancialstatementsthat,individuallyorinaggregate,makesitprobablethattheeconomicdecisionsofareasonablyknowledgeableuserofthestandalonefinancialstatementsmaybeinfluenced.Weconsiderquantitativematerialityandqualitativefactorsin (i)planningthescopeofourauditworkandinevaluatingtheresultsofourwork;and(ii)toevaluatetheeffectofanyidentifiedmisstatementsinthestandalonefinancialstatements.

Wecommunicatewiththosechargedwithgovernanceregarding,amongothermatters,theplannedscopeandtimingoftheauditandsignificantauditfindings,includinganysignificantdeficienciesininternalcontrolthatweidentifyduringouraudit.

Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependence,andtocommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,relatedsafeguards.

Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosemattersthatwereofmostsignificanceintheauditofthestandalonefinancialstatementsofthecurrentperiodandaretherefore

thekeyauditmatters.Wedescribethesemattersinourauditor’sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.

Report on Other Legal and Regulatory RequirementsBasedonourauditandasrequiredbyREITRegulations,wereportthat:

a) Wehaveobtainedalltheinformationandexplanationswhichtothebestofourknowledgeandbeliefwerenecessaryforthepurposesofouraudit.

b) TheBalanceSheet,theStatementofProfitandLossincludingOtherComprehensiveIncome,theStatementofCashFlows,StatementofChangesinUnitholders’Equity,dealtwithbythisReportareinagreementwiththerelevantbooksofaccountofREIT.

c) Inouropinion,theaforesaidstandalonefinancialstatementscomplywiththeIndianAccountingStandardsasdefinedinRule2(1)(a)oftheCompanies(IndianAccountingStandards)Rules,2015(asamended),andotheraccountingprinciplesgenerallyacceptedinIndia,totheextentnotinconsistentwithREITRegulations.

ForDELOITTE HASKINS & SELLSCharteredAccountants

(Firm’sReg.No.015125N)

Anand SubramanianPartner

(MembershipNo.110815)Bengaluru,May20,2021 (UDIN:21110815AAAABR2612)

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR’S REPORT THEREON

BrookpropManagementServicesPrivateLimited(the‘InvestmentManager’)actinginitscapacityasanInvestmentManagerofREITisresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincludedintheannualreport,butdoesnotincludethestandalonefinancialstatements,consolidatedfinancialstatementsandourauditor’sreportthereon.Theannualreportisexpectedtobemadeavailabletousafterthedateofthisauditor’sreport.

Ouropiniononthestandalonefinancialstatementsdoesnotcovertheotherinformationandwedonotexpressanyformofassuranceconclusionthereon.

Inconnectionwithourauditofthestandalonefinancialstatements,ourresponsibilityistoreadtheotherinformationidentifiedabovewhenitbecomesavailableand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththestandalonefinancialstatementsorourknowledgeobtainedduringthecourseofourauditorotherwiseappearstobemateriallymisstated.

Whenwereadtheannualreport,ifweconcludethatthereisamaterialmisstatementtherein,wearerequiredtocommunicatethemattertothosechargedwithgovernanceasrequiredunderSA720‘TheAuditor’sresponsibilitiesRelatingtoOtherInformation’.

MANAGEMENT’S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

TheManagementoftheInvestmentManager(the“Management”)isresponsibleforthepreparationofthesestandalonefinancialstatementsthatgiveatrueandfairviewofthefinancialposition,financialperformanceincludingothercomprehensiveincome,cashflows,changesinunitholders’equity,netassetsatfairvalue,totalreturnsatfairvalueoftheREITandotherfinancialinformationoftheREITinconformitywiththeREITRegulations,theIndianAccountingStandardsasdefinedinRule2(1)(a)oftheCompanies(IndianAccountingStandards)Rules,2015(asamended)andotheraccountingprinciplesgenerallyacceptedinIndia,totheextentnotinconsistentwithREITRegulations.ThisresponsibilityalsoincludesmaintenanceofadequateaccountingrecordsforsafeguardingtheassetsoftheREITandforpreventinganddetectingfraudsandotherirregularities;selectionandapplicationofappropriateaccountingpolicies;makingjudgementsandestimatesthatarereasonableandprudent;anddesign,implementationandmaintenanceofadequateinternalfinancialcontrols,thatwereoperatingeffectivelyforensuringtheaccuracyandcompletenessoftheaccountingrecords,relevanttothepreparationandpresentationofthestandalonefinancialstatementthatgiveatrueandfairviewandarefreefrommaterialmisstatement,whetherduetofraudorerror.

Inpreparingthestandalonefinancialstatements,theInvestmentManagerisresponsibleforassessingthe

REIT’sabilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlesstheManagementeitherintendstoliquidatetheREITortoceaseoperations,orhasnorealisticalternativebuttodoso.

ThoseBoardofDirectorsofInvestmentManagerManagementarealsoresponsibleforoverseeingthefinancialreportingprocessofREIT.

AUDITOR’S RESPONSIBILITY FOR THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

OurobjectivesaretoobtainreasonableassuranceaboutwhetherthestandalonefinancialstatementsfortheperiodfromJuly17,2020toMarch31,2021,asawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithSAswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesestandalonefinancialstatements.

AspartofanauditinaccordancewithSAs,weexerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheaudit.Wealso:

Identifyandassesstherisksofmaterialmisstatementofthestandalonefinancialstatements,whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.

Obtainanunderstandingofinternalfinancialcontrolrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstances,butnotforthepurposeofexpressinganopinionontheeffectivenessoftheREIT’sinternalcontrol.

EvaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebytheManagement.

ConcludeontheappropriatenessofManagement’suseofthegoingconcernbasisofaccountingand,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheREIT’sabilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattentioninourauditor’sreporttotherelateddisclosuresinthestandalonefinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor’sreport.


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Standalone Statement of Profit and Loss(AllamountsareinRupeesmillionunlessotherwisestated)

Particulars NoteFrom

July 17, 2020 to March 31, 2021*

Income and gainsInterest 13 722.40 Total income 722.40 Expenses and lossesValuationexpenses 5.78 Auditfees 14.16 Trusteefees 2.21 Legalandprofessionalexpense 17.79 Otherexpenses 14 56.23 Total expenses 96.17 Profit/(Loss) before Income tax 626.23

Tax expense:Currenttax - Deferredtaxcharge/(credit) - Tax expense for the period - Profit/(Loss) for the period after income tax 626.23 Other comprehensive incomeItemsthatwillnotbereclassifiedtoprofitorloss- Remeasurementofdefinedbenefitobligations - - Incometaxrelatedtoitemsthatwillnotbereclassifiedtoprofitorloss - Other comprehensive income for the period, net of tax - Total comprehensive income for the period 626.23 Earnings per unit 20Basic 10.54 Diluted 10.54

Significantaccountingpolicies 2

Theaccompanyingnotesfrom1to29formanintegralpartoftheseStandalonefinancialstatements.

*SinceBrookfieldIndiaREITwasregisteredpursuanttoatrustdeeddatedJuly17,2020,themanagementhasprovidedtheinformationinStandaloneStatementofProfitandLosswitheffectfromsaidperiodi.e.July17,2020forperiodendedMarch31,2021.Consequently,theinformationforpreviousyearendedMarch31,2020havenotbeenpresented.

AsperourreportofevendateattachedForDELOITTE HASKINS & SELLS ForandonbehalfoftheBoardofDirectorsofCharteredAccountants Brookprop Management Services Private LimitedFirmRegistrationNo.:015125N (asManagertotheBrookfieldIndiaREIT)

Anand Subramanian Ankur Gupta Alok AggarwalPartner Director ChiefexecutiveofficerMembershipNo:110815 DINNo.08687570 DINNo.00009964Place:Bengaluru Place:Mumbai Place:GurugramDate:May20,2021 Date:May20,2021 Date:May20,2021

Sanjeev Kumar SharmaChieffinancialofficerDINNo.00211963Place:GurugramDate:May20,2021

Standalone Balance Sheet (AllamountsareinRupeesmillionunlessotherwisestated)

Particulars Note As at March 31, 2021

ASSETSNon-current assetsFinancialassets- Investments 3 45,044.88 - Loans 4 36,130.00 Non-currenttaxassets(net) 5 16.92 Total non-current assets 81,191.80

Current assetsFinancialassets- Cashandcashequivalents 6 1,618.29 - Otherfinancialassets 7 931.05 Total current assets 2,549.34 TOTAL ASSETS 83,741.14

EQUITY AND LIABILITIESEquity Unitcapital 8 81,774.78 Otherequity 9 626.23 Total equity 82,401.01

LIABILITIESCurrent liabilitiesFinancialliabilities- Tradepayables 10 totaloutstandingduestomicroenterprisesandsmallenterprises - totaloutstandingduestocreditorsotherthanmicroenterprisesandsmallenterprises 21.79 - Otherfinancialliabilities 11 1,248.33 Othercurrentliabilities 12 70.01 Total current liabilities 1,340.13 Total liabilities 1,340.13 TOTAL EQUITY AND LIABILITIES 83,741.14

SinceBrookfieldIndiaREITwasregisteredpursuanttoatrustdeeddatedJuly17,2020,themanagementhasprovidedtheinformationinStandaloneBalanceSheetasatMarch31,2021.Consequently,theinformationasatcorrespondingyearhavenotbeenpresented.







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Standalone Statement of changes in Unitholder’s Equity(AllamountsareinRupeesmillionunlessotherwisestated)

(A) UNIT CAPITAL

Unit in Nos. AmountBalance as on July 17, 2020* - -Add:Unitsissuedduringtheperiod(refernote8) 302,801,601 83,270.44Less:Issueexpenses (1,495.66)Balance as at March 31, 2021 302,801,601 81,774.78

(B) OTHER EQUITY

Particulars Retained earnings

Balance at July 17, 2020* -ProfitfortheperiodendedMarch31,2021 626.23OthercomprehensiveincomefortheperiodendedMarch31,2021 -Balance as at March 31, 2021 626.23

*SinceBrookfieldIndiaREITwasregisteredpursuanttoatrustdeeddatedJuly17,2020,themanagementhasprovidedtheinformationinStandaloneStatementofchangesinUnitholder’sEquitywitheffectfromsaidperiodi.e.,July17,2020forperiodendedMarch31,2021.Consequently,theinformationforpreviousyearhavenotbeenpresented.

Significantaccountingpolicies(refernote2)





Standalone Statement of Cash Flows (AllamountsareinRupeesmillionunlessotherwisestated)

ParticularsFrom

17 July 2020 to 31 March 2021*

Cash flows from operating activities:Profit/(Loss)beforetax 626.23 Adjustments for:Interestincome (722.40)Operating cash flow before working capital changes (96.17)Movements in working capital: (Increase)incurrentandnon-currentfinancialassets-loans (30.00)Increaseincurrentfinancialliabilities-tradepayables 21.79 Increaseincurrentandnoncurrentfinancialliabilities-others 82.93 Increaseinothercurrentandnon-currentliabilities 7.88 Cash flows used in operating activities (13.57)Incometaxespaid(netofrefund) - Net cash flows used in operating activities (A) (13.57)Cash flow from investing activities:LoantoSubsidiaries (36,100.00)Net cash flow used in investing activities (B) (36,100.00)Cash flow from financing activities:Proceedsfromissueofunit 38,000.00 ExpenseincurredtowardsInitialpublicofferings (268.14)Net cash flow generated from financing activities (C) 37,731.86 Net increase in cash and cash equivalents (A+B+C) 1,618.29 Cash and cash equivalents at the beginning of the period - Cash and cash equivalents at the end of the period (refer note 6) 1,618.29 Components of cash and cash equivalents at the end of the periodBalanceswithbanks -incurrentaccount 185.42 -inescrowaccount 1,432.87

1,618.29

1. Thecashflowstatementhasbeenpreparedinaccordancewith“IndirectMethod”assetoutinIndianAccountingStandard-7:“StatementonCashFlows”.

2. TheTrusthasissuedUnitsinexchangeforinvestmentsinSPVsduringtheperiodendedMarch31,2021.ThesamehasnotbeenreflectedinStandaloneStatementofCashFlowssincethesewerenon-cashtransactions.



*SinceBrookfieldIndiaREITwasregisteredpursuanttoatrustdeeddatedJuly17,2020,themanagementhasprovidedtheinformationinStandaloneStatementofcashflowswitheffectfromsaidperiodi.e.July17,2020forperiodendedMarch31,2021.Consequently,theinformationforpreviousyearendedMarch31,2020havenotbeenpresented.





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S. No Particulars

From July 17, 2020 to March 31, 2021

A. TotalcomprehensiveIncome 626.23 B. Add:ChangesinfairvaluenotrecognizedintheothercomprehensiveIncome 148.34 C. (A+B) Total Return 774.57

TheREITacquiredinvestmentsinSPVsonFebruary8,2021asfullydescribedinNote1.ThechangesinfairvaluefortheperiodendedMarch31,2021hasbeencomputedbasedonthechangesinfairvalueoftheunderlyingassetsandliabilitiesofSPVs(includinginvestmentpropertiesandinvestmentpropertyunderdevelopment)asatFebruary8,2021andMarch31,2021afteradjustingchangesinbookvalueofassetsandliabilitiesbetweenthesedates.ThefairvaluesoftheinvestmentpropertiesandinvestmentpropertyunderdevelopmentasatFebruary8,2021andMarch31,2021aresolelybasedonthevaluationreportoftheindependentvaluerappointedundertheREITRegulations.






Statement of Total Return at Fair Value(AllamountsareinRupeesmillionunlessotherwisestated)

AS ON MARCH 31, 2021

S. No. Particulars Book Value Fair value

A. Assets 83,741.14 97,204.16B. Liabilities (1,340.13) (1,340.13)C. Net Assets (A-B) 82,401.01 95,864.03 D. No.ofunits 302,801,601 302,801,601E. NAVperunit(C/D) 272.13 316.59

1. Measurement of fair values ThefairvalueofinvestmentsinSPVsisprimarilydeterminedbasisthefairvalueoftheunderlyinginvestment

property,alongwithfairvalueofotherassetsandliabilitiesoftherespectiveSPV’sasatMarch31,2021.Thefairvalueofinvestmentpropertiesandinvestmentpropertyunderdevelopmenthasbeendeterminedbyindependentexternalpropertyvaluer,havingappropriatelyrecognizedprofessionalqualificationsandrecentexperienceinthelocationandcategoryofthepropertiesbeingvalued.

Valuation technique Thefairvaluemeasurementoftheinvestmentpropertiesandinvestmentpropertyunderdevelopmenthasbeen

categorizedasaLevel3fairvaluebasedontheinputstothevaluationtechniqueused.

ThevaluershavefollowedaDiscountedCashFlowmethod.Thediscountedcashflowmethodconsidersthepresentvalueofnetcashflowstobegeneratedfromtherespectiveproperties,takingintoaccounttheexpectedrentalgrowthrate,vacancyperiod,occupancyrate,averagesq.ft.rentandleaseincentivecosts.Theexpectednetcashflowsarediscountedusingtheriskadjusteddiscountrates.Amongotherfactors,thediscountrateestimationconsidersthequalityofabuildinganditslocation(primevssecondary),tenantcreditquality,leasetermsandinvestorsexpectedreturn.

2. Break up of Net asset value as at March 31, 2021Particulars As at

March 31, 2021FairvalueofinvestmentsinSPVs 95,538.95 Add:Otherassets 1,665.21 Less:Liabilities (1,340.13)Net Assets 95,864.03

3. TheTrustholdsinvestmentinSPVswhichinturnholdtheproperties.Hence,thebreakupofpropertywisefairvalueshasbeendisclosedintheConsolidatedfinancialstatements.






Statement of Net Assets at Fair Value(AllamountsareinRupeesmillionunlessotherwisestated)

Notes to the Standalone Financial Statements(All amounts are in Rupees million unless otherwise stated)



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definedinRule2(1)(a)oftheCompanies(IndianAccountingStandards)Rules,2015(‘IndAS’)totheextentnotinconsistentwiththeREITRegulations(refernote8(a)(i)onpresentationof“UnitCapital”as“Equity”insteadofcompoundinstrumentsunderIndAS32–FinancialInstruments:Presentation),readwithrelevantrulesissuedthereunderandotheraccountingprinciplesgenerallyacceptedinIndia.

TheStandaloneFinancialStatementsarepresentedinIndianRupeesinMillion,exceptwhenotherwiseindicated.

Statement of compliance to Ind AS: TheseStandalonefinancialstatementsforthe

periodendedMarch31,2021havebeenpreparedinaccordancewithIndianAccountingStandardsasdefinedinRule2(1)(a)oftheCompanies(IndianAccountingStandards)Rules,2015(‘IndAS’),totheextentnotinconsistentwiththeREITRegulationsasmorefullydescribedaboveandinNote8(a)(i)totheStandalonefinancialstatements.

2.2 Significant accounting policiesa) Functional and presentation currency TheStandaloneFinancialStatementsarepresented

inIndianrupees,whichisBrookfieldIndiaREIT’sfunctionalcurrencyandthecurrencyoftheprimaryeconomicenvironmentinwhichBrookfieldIndiaREIToperates.AllfinancialinformationpresentedinIndianrupeeshasbeenroundedofftonearestmillionexceptunitandperunitdata.

b) Basis of measurement TheStandaloneFinancialStatementshavebeen

preparedonhistoricalcostbasisexceptforcertainfinancialinstrumentsmeasuredatfairvalueattheendofeachreportingperiodasexplainedintheaccountingpoliciesbelow.

TheStandaloneFinancialStatementshavebeenpreparedonagoingconcernbasis.

c) Use of judgments and estimates ThepreparationofStandaloneFinancialStatements

inconformitywithgenerallyacceptedaccountingprinciplesinIndia(IndAS),totheextentnotinconsistentwiththeREITRegulations,requiresmanagementtomakeestimatesandassumptionsthataffectthereportedamountsofassets,liabilities,incomeandexpenses.Actualresultscoulddifferfromthoseestimates.


Informationaboutsignificantareasofestimationuncertaintyandcriticaljudgmentsinapplying

accountingpoliciesthathavethemostsignificanteffectontheamountsrecognizedintheStandaloneFinancialStatementsisincludedinthefollowingnotes:

(i) Presentationof“UnitCapital”as“Equity”inaccordancewiththeREITRegulationsinsteadofcompoundinstrument(Note8)

(ii) EstimationofuncertaintiesrelatingtotheglobalhealthpandemicfromCOVID-19(Note22)

(iii) Impairmentofinvestmentsandloansinsubsidiaries

(iv) Fairvaluationanddisclosures.

SEBICircularsissuedundertheREITRegulationsrequiredisclosuresrelatingtonetassetsatfairvalueandtotalreturnsatfairvalue(ReferStatementofnetassetsatfairvalueandStatementoftotalreturnsatfairvaluefordetails).

d) Current versus non-current classification BrookfieldIndiaREITpresentsassetsandliabilities

intheStandaloneBalanceSheetbasedoncurrent/non-currentclassification:

Anassetisclassifiedascurrentwhenitsatisfiesanyofthefollowingcriteria:

itisexpectedtoberealizedin,orisintendedforsaleorconsumptionin,thenormaloperatingcycle.

itisheldprimarilyforthepurposeofbeingtraded;

itisexpectedtoberealizedwithin12monthsafterthereportingdate;or

itiscashorcashequivalentunlessitisrestrictedfrombeingexchangedorusedtosettlealiabilityforatleast12monthsafterthereportingdate.

BrookfieldIndiaREITclassifiesallotherassetsasnon-current.

Aliabilityisclassifiedascurrentwhenitsatisfiesanyofthefollowingcriteria:

itisexpectedtobesettledinnormaloperatingcycleofBrookfieldIndiaREIT;


itisduetobesettledwithin12monthsafterthereportingdate;or

theBrookfieldIndiaREITdoesnothaveanunconditionalrighttodefersettlementoftheliabilityforatleast12monthsafterthereportingdate.Termsofaliabilitythatcould,attheoptionofthecounterparty,resultinitssettlementbytheissueofequityinstrumentsdonotaffectitsclassification.

1 TRUST INFORMATION

BrookpropManagementServicesPrivateLimited(the‘Settlor')hassetuptheBrookfieldIndiaRealEstateTrust(BrookfieldIndiaREIT/Trust)onJuly17,2020asanirrevocabletrust,pursuanttotheTrustDeed,undertheprovisionsoftheIndianTrustsAct,1882andtheTrusthasbeenregisteredwithSEBIasaRealEstateInvestmentTrustonSeptember14,2020underRegulation6oftheSecuritiesandExchangeBoardofIndia(RealEstateInvestmentTrusts)Regulations,2014.TheTrusteetoBrookfieldIndiaRealEstateTrustisAxisTrusteeServicesLimited(the‘Trustee’)andtheManagerforBrookfieldIndiaRealEstateTrustisBrookpropManagementServicesPrivateLimited(the‘Manager’).

TheobjectivesofBrookfieldIndiaREITaretoundertakeactivitiesinaccordancewiththeprovisionsoftheSEBIREITRegulationsandtheTrustDeed.TheprincipalactivityofBrookfieldIndiaREITistoownandinvestinrentorincomegeneratingrealestateandrelatedassetsinIndiawiththeobjective

ofproducingstableandsustainabledistributionstoUnitholders.

BrookfieldIndiaREITacquiredthefollowingSpecialPurposeVehicles('SPVs')byacquiringalltheequityinterestheldbytheSponsorandcertainmembersofSponsorGroup(refernote24)onFebruary8,2021.Inexchangefortheseequityinterests,theaboveshareholdershavebeenallotted164,619,801UnitsofBrookfieldIndiaREITvaluedat`275/-each.

BrookfieldIndiaREITwentpublicasperitsplanforInitialPublicOfferofUnitsafterobtainingtherequiredapprovalsfromtherelevantauthorities.TheUnitswereallottedtothesuccessfulapplicantsonFebruary8,2021andFebruary11,2021.

AlltheseUnitsweresubsequentlylistedontheNationalStockExchange(NSE)andBombayStockExchange(BSE)onFebruary16,2021.

ThebriefactivitiesandshareholdingpatternoftheSPVsareprovidedbelow:

Name of SPV Activities Shareholding up to February 8, 2021 (in percentage)

Shareholding from February 8, 2021 (in percentage)

ShantiniketanPropertiesPrivateLimited(‘SPPLNoida’)

DevelopingandleasingofcommercialrealestatepropertyinIndia,primarilyinIT/ITeSsectorinSector62,Noida,UttarPradesh.

BSREPIndiaOfficeHoldingsPte.Ltd.:100% BSREPMoonC1L.P.:0.00%(10Shares)

BrookfieldIndiaREIT:100%CandorIndiaOfficeParksPrivateLimited:0.00%(1shares)(asnomineeofBrookfieldIndiaREIT)

CandorKolkataOneHi-TechStructuresPrivateLimited(‘CandorKolkata’)

DevelopingandleasingofcommercialrealestatepropertyinIndia,primarilyinIT/ITeSSpecialEconomicZone(SEZ)inNewTown,Rajarhat,KolkataandSector21,DundaheraGurugram

BSREPIndiaOfficeHoldingsVPte.Ltd.:99.97% BSREPIndiaOfficeHoldingsPte.Ltd.:0.03%


CandorIndiaOfficeParksPrivateLimited(‘CIOP’)

Providingmanagementrelatedserviceincludingfacilitiesmanagementserviceandpropertymanagementservices.

BSREPMoonC1L.P.:99.99% BSREPMoonC2L.P.:0.01%

BrookfieldIndiaREIT:100%CandorKolkataOneHi-TechStructuresPrivateLimited:0.00%(1shares)(asnomineeofBrookfieldIndiaREIT)

FestusPropertiesPrivateLimited(‘Festus’)

DevelopingandleasingofcommercialrealestatepropertyinIndia,primarilyinIT/ITeSSpecialEconomicZone(SEZ)inPowai,Mumbai.

KairosPropertyManagersPvt.Ltd.:10.76% BSREPIIIndiaOfficeHoldingsIIPte.Ltd.:89.24%


2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of preparation of Standalone financial statements

TheStandaloneFinancialStatementsofBrookfieldIndiaREITcomprisestheStandaloneBalanceSheetasatMarch31,2021;theStandaloneStatementofProfitandLoss,theStandaloneStatementofCashFlowsandtheStandaloneStatementofChangesinUnitholders’EquityfortheperiodJuly17,2020toMarch31,2021andasummaryofsignificantaccountingpoliciesandotherexplanatoryinformation.Additionally,itincludestheStatementofNetAssetsatFairValueasatMarch31,2021,

theStatementofTotalReturnsatFairValuefortheperiodthenendedandotheradditionalfinancialdisclosuresasrequiredundertheSEBI(RealEstateInvestmentTrusts)Regulations,2014.TheStandaloneFinancialStatementswereauthorizedforissueinaccordancewithresolutionspassedbytheBoardofDirectorsoftheManageronbehalfoftheBrookfieldIndiaREITonMay20,2021.TheStandaloneFinancialStatementshavebeenpreparedinaccordancewiththerequirementsofSEBI(RealEstateInvestmentTrusts)Regulations,2014,asamendedfromtimetotimereadwiththeSEBIcircularnumberCIR/IMD/DF/146/2016datedDecember29,2016(“REITRegulations”);IndianAccountingStandardsas




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changesincircumstancesindicatethatcarryingamountmaynotberecoverable,suchcircumstancesinclude,thougharenotlimitedto,significantorsustaineddeclineinrevenuesorearningsandmaterialadversechangesintheeconomicenvironment.

h) Foreign currency transactions Itemsincludedinthefinancialstatementsofthe

BrookfieldIndiaREITaremeasuredusingthecurrencyoftheprimaryeconomicenvironmentinwhichtheBrookfieldIndiaREIToperates(‘thefunctionalcurrency’).ThefinancialstatementsarepresentedinIndianrupee(INR),whichistheBrookfieldIndiaREITfunctionalandpresentationcurrency.

Foreigncurrencytransactionsincurrenciesotherthanthefunctionalcurrencyaretranslatedintothefunctionalcurrencyusingtheexchangeratesatthedatesofthetransactions.ForeignexchangegainsorlossesresultingfromthesettlementofsuchtransactionsandfromthetranslationofmonetaryassetsandliabilitiesdenominatedinforeigncurrenciesatreportingperiodendexchangeratesaregenerallyrecognizedintheStatementofprofitandloss.

i) Errors, estimates and change in accounting policy TheBrookfieldIndiaREITrevisesitsaccounting

policiesifthechangeisrequiredduetoachangeinIndASorifthechangewillprovidemorerelevantandreliableinformationtotheusersoftheStandaloneFinancialStatements.Changesinaccountingpoliciesareappliedretrospectively,whereapplicable.

Achangeinanaccountingestimatethatresultsinchangesinthecarryingamountsofrecognizedassetsorliabilitiesortoprofitorlossisappliedprospectivelyintheperiod(s)ofchange.Discoveryoferrorsresultsinrevisionsretrospectivelybyrestatingthecomparativeamountsofassets,liabilitiesandequityoftheearliestpriorperiodinwhichtheerrorisdiscovered.Theopeningbalancesoftheearliestperiodpresentedarealsorestated.

j) Financial instruments Afinancialinstrumentisanycontractthatgives

risetoafinancialassetofoneentityandafinancialliabilityorequityinstrumentofanotherentity.

(i) Financial Assets-Recognition Allfinancialassetsarerecognizedinitiallyatfair

value(exceptfortradereceivableswhichareinitiallymeasuredattransactionprice)plus,inthecaseoffinancialassetsnotrecordedatfairvaluethroughprofitorloss,transactioncoststhatareattributabletotheacquisitionofthefinancialasset.

Classification and subsequent measurement Forpurposesofsubsequentmeasurement,

financialassetsareclassifiedinfourcategories:

Debt instruments at amortized cost

A‘debtinstrument’ismeasuredattheamortizedcostifboththefollowingconditionsaremet:

a) Theassetisheldwithinabusinessmodelwhoseobjectiveistoholdassetsforcollectingcontractualcashflows,and

b) Contractualtermsoftheassetgiveriseonspecifieddatestocashflowsthataresolelypaymentsofprincipalandinterest(SPPI)ontheprincipalamountoutstanding.

Afterinitialmeasurement,suchfinancialassetsaresubsequentlymeasuredatamortizedcostusingtheeffectiveinterestrate(EIR)method.AmortizedcostiscalculatedbytakingintoaccountanydiscountorpremiumonacquisitionandfeesorcoststhatareanintegralpartoftheEIR.TheEIRamortizationisincludedininterestincomeinthestatementofprofitandloss.Thelossesarisingfromimpairmentarerecognizedinthestatementofprofitandloss.

Debt instruments at fair value through other comprehensive income (FVOCI)

A‘debtinstrument’isclassifiedasattheFVOCIifbothofthefollowingcriteriaaremet:

a) Theobjectiveofthebusinessmodelisachievedbothbycollectingcontractualcashflowsandsellingthefinancialassets,and

b) Theasset’scontractualcashflowsrepresentSPPI.

DebtinstrumentsincludedwithintheFVOCIcategoryaremeasuredinitiallyaswellasateachreportingdateatfairvalue.Fairvaluemovementsarerecognizedintheothercomprehensiveincome(OCI).However,interestincome,impairmentlossesandreversalsandforeignexchangegainorlossisrecognizedinstatementofprofitandloss.Onderecognitionoftheasset,cumulativegainsorlossespreviouslyrecognizedinOCIisreclassifiedfromtheequitytostatementofprofitandloss.InterestearnedwhilstholdingFVOCIdebtinstrumentisreportedasinterestincomeusingtheEIRmethod.

Debt instruments at fair value through profit or loss (FVTPL)

BrookfieldIndiaREITclassifiesallotherliabilitiesasnon-current.

Currentassets/liabilitiesincludecurrentportionofnon-currentfinancialassets/liabilitiesrespectively.Deferredtaxassetsandliabilitiesareclassifiedasnon-currentassetsandliabilities.

e) Fair value measurement Fairvalueisthepricethatwouldbereceivedtosell

anassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate,regardlessofwhetherthatpriceisdirectlyobservableorestimatedusinganothervaluationtechnique.Inestimatingthefairvalueofanassetoraliability,BrookfieldIndiaREITtakesintoaccountthecharacteristicsoftheassetorliabilityandhowmarketparticipantswouldtakethosecharacteristicsintoaccountwhenpricingtheassetorliabilityatthemeasurementdate.

Inputstofairvaluemeasurementtechniquesaredisaggregatedintothreehierarchicallevels,whicharedirectlybasedonthedegreetowhichinputstofairvaluemeasurementtechniquesareobservablebymarketparticipants:

Level1:Inputsareunadjusted,quotedpricesinactivemarketsforidenticalassetsorliabilitiesatthemeasurementdate.

Level2:Inputs(otherthanquotedpricesincludedinLevel1)areeitherdirectlyorindirectlyobservablefortheassetorliabilitythroughcorrelationwithmarketdataatthemeasurementdateandforthedurationoftheasset’sorliability’santicipatedlife.

Level3:Inputsareunobservableandreflectmanagement’sbestestimateofwhatmarketparticipantswoulduseinpricingtheassetorliabilityatthemeasurementdate.Considerationisgiventotheriskinherentinthevaluationtechniqueandtheriskinherentintheinputsindeterminingtheestimate.

FairvaluemeasurementsareadoptedbyBrookfieldIndiaREITtocalculatethecarryingamountsofvariousassetsandliabilities.

f) Impairment of non-financial assets BrookfieldIndiaREITassesses,ateachreporting

date,whetherthereisanindicationthatanon-financialassetotherthandeferredtaxassetsmaybeimpaired.Ifanyindicationexists,orwhenannualimpairmenttestingforanassetisrequired,theBrookfieldIndiaREITestimatestheasset’srecoverableamount.Goodwillistestedannuallyforimpairment.

AnimpairmentlossisrecognizedintheStandaloneStatementofProfitandLossifthecarryingamountofanassetoritscash-generatingunit(CGU)exceedsitsrecoverableamount.ImpairmentlossrecognizedinrespectofaCGUisallocatedfirsttoreducethecarryingamountofanygoodwillallocatedtotheCGU,andthentoreducethecarryingamountsoftheotherassetsoftheCGUonaproratabasis.ACGUisthesmallestidentifiableassetgroupthatgeneratescashflowsthatarelargelyindependentfromotherassetsandgroups.

ImpairmentlossesarerecognizedintheStandaloneStatementofProfitandLoss,unlessitreversespreviousrevaluationcreditedtoequity,inwhichcaseitischargedtoequity.

Goodwill(ifany)arisingfromabusinesscombinationisallocatedtoCGUsorgroupofCGUsthatareexpectedtobenefitfromthesynergiesofthecombination.

Anasset’srecoverableamountisthehigherofanasset’sorCGU’sfairvaluelesscostsofdisposalanditsvalueinuse.Inestimatingvalueinuse,theestimatedfuturecashflowsarediscountedtotheirpresentvalueusingapre-taxdiscountratethatreflectscurrentmarketassessmentsofthetimevalueofmoneyandtherisksspecifictotheasset.Indeterminingfairvaluelesscostsofdisposal,recentmarkettransactionsaretakenintoaccount.Forthepurposeofimpairmenttesting,assetsthatcannotbetestedindividuallyaregroupedtogetherintothesmallestgroupofassetsthatgeneratescashinflowsfromcontinuingusethatarelargelyindependentofthecashinflowsofotherassetsorCGU.

Impairmentlossesrecognizedinpriorperiodsareassessedateachreportingdateforanyindicationsthatthelosshasdecreasedornolongerexists.Animpairmentlossisreversediftherehasbeenachangeintheestimatesusedtodeterminetherecoverableamount.Animpairmentlossinrespectofgoodwillisnotsubsequentlyreversed.Inrespectofotherassets,suchareversalismadeonlytotheextentthattheasset’scarryingamountdoesnotexceedthecarryingamountthatwouldhavebeendetermined,netofdepreciation,ifnoimpairmentlosshadbeenrecognized.

g) Investment in SPV’s TheTrusthaselectedtorecognizeitsinvestmentsin

SPVsatcostinaccordancewiththeoptionavailableinIndAS27,‘SeparateFinancialStatements.’

Thedetailsofsuchinvestmentaregiveninnote3.

AssetsrepresentinginvestmentsinSPVsarereviewedforimpairment,whenevereventsor




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repurchasinginthenearterm.ThiscategoryalsoincludesderivativefinancialinstrumentsenteredintobytheBrookfieldIndiaREITthatarenotdesignatedashedginginstrumentsinhedgerelationshipsasdefinedbyIndAS109.Separatedembeddedderivativesarealsoclassifiedasheldfortradingunlesstheyaredesignatedaseffectivehedginginstruments.

GainsorlossesonliabilitiesheldfortradingarerecognizedinStatementofprofitandloss.

FinancialliabilitiesdesignateduponinitialrecognitionatfairvaluethroughStatementofprofitorlossaredesignatedassuchattheinitialdateofrecognition,andonlyifthecriteriainIndAS109aresatisfied.ForliabilitiesdesignatedasFVTPL,fairvaluegains/lossesattributabletochangesinowncreditriskarerecognizedinOCI.Thesegainsorlossesarenotsubsequentlytransferredtostatementofprofitandloss.However,theBrookfieldIndiaREITmaytransferthecumulativegainsorlosseswithinequity.AllotherchangesinfairvalueofsuchliabilityarerecognizedinStatementofprofitandloss.TheBrookfieldIndiaREIThasnotdesignatedanyfinancialliabilityasatfairvaluethroughprofitorloss.

Financial liabilities at amortized cost

Financialliabilitiesthatarenotheldfortrading,ordesignatedasatFVTPL,aremeasuredsubsequentlyatamortizedcostusingtheeffectiveinterestmethod.

Theeffectiveinterestmethodisamethodofcalculatingtheamortizedcostofafinancialliabilityandofallocatinginterestexpenseovertherelevantperiod.Theeffectiveinterestrateistheratethatexactlydiscountsestimatedfuturecashpayments(includingallfeesandpointspaidorreceivedthatformanintegralpartoftheeffectiveinterestrate,transactioncostsandotherpremiumsordiscounts)throughtheexpectedlifeofthefinancialliability,or(whereappropriate)ashorterperiod,totheamortizedcostofafinancialliability.

(v) Financial liabilities-Derecognition Afinancialliabilityisderecognizedwhenthe

obligationundertheliabilityisdischargedorcancelledorexpires.Whenanexistingfinancialliabilityisreplacedbyanotherfromthesamelenderonsubstantiallydifferentterms,orthetermsofanexistingliabilityaresubstantiallymodified,suchanexchangeormodification

istreatedasthederecognitionoftheoriginalliabilityandtherecognitionofanewliability.Thedifferencebetweenthecarryingamountofafinancialliabilitythathasbeenextinguishedortransferredtoanotherpartyandtheconsiderationpaid,includinganynon-cashassetstransferredorliabilitiesassumed,isrecognizedintheStatementofprofitandlossasothergains/(losses).

(vi) Income/loss recognition Interest income

Interestincomefromdebtinstrumentsisrecognizedusingtheeffectiveinterestratemethod.Theeffectiveinterestrateistheratethatexactlydiscountsestimatedfuturecashreceiptsthroughtheexpectedlifeofthefinancialassettothegrosscarryingamountofafinancialasset.Whilecalculatingtheeffectiveinterestrate,theBrookfieldIndiaREITestimatestheexpectedcashflowsbyconsideringallthecontractualtermsofthefinancialinstrument(forexample,prepayment,extension,callandsimilaroptions)butdoesnotconsidertheexpectedcreditlosses.

k) Leases Atinceptionofacontract,theBrookfieldIndiaREIT

assesseswhetheracontractis,orcontains,alease.Acontractis,orcontains,aleaseifthecontractconveystherighttocontroltheuseofanidentifiedassetforaperiodoftimeinexchangeforconsideration.Toassesswhetheracontractconveystherighttocontroltheuseofanidentifiedasset,theBrookfieldIndiaREITassesseswhether:

thecontractinvolvestheuseofanidentifiedasset–thismaybespecifiedexplicitlyorimplicitly,andshouldbephysicallydistinctorrepresentsubstantiallyallofthecapacityofaphysicallydistinctasset.Ifthesupplierhasasubstantivesubstitutionright,thentheassetisnotidentified;

theBrookfieldIndiaREIThastherighttoobtainsubstantiallyalloftheeconomicbenefitsfromuseoftheassetthroughouttheperiodofuse;and

theBrookfieldIndiaREIThastherighttodirecttheuseoftheasset.TheBrookfieldIndiaREIThasthisrightwhenithasthedecisionmakingrightsthataremostrelevanttochanginghowandforwhatpurposetheassetisused.Inrarecaseswherethedecisionabouthowandforwhatpurposetheassetisusedispredetermined,theBrookfieldIndiaREIThastherighttodirecttheuseoftheassetifeither:

FVTPLisaresidualcategoryfordebtinstruments.Anydebtinstrument,whichdoesnotmeetthecriteriaforcategorizationasatamortizedcostorasFVOCI,isclassifiedasatFVTPL.

Inaddition,theBrookfieldIndiaREITmayelecttodesignateadebtinstrument,whichotherwisemeetsamortizedcostorFVOCIcriteria,asatFVTPL.However,suchelectionisallowedonlyifdoingsoreducesoreliminatesameasurementorrecognitioninconsistency(referredtoas‘accountingmismatch’).TheBrookfieldIndiaREIThasnotdesignatedanydebtinstrumentasatFVTPL.

DebtinstrumentsincludedwithintheFVTPLcategoryaremeasuredatfairvaluewithallchangesrecognizedinStatementofprofitorloss.

Equity instruments measured at fair value through other comprehensive income (FVOCI)

AllequityinvestmentsinscopeofIndAS109aremeasuredatfairvalue.EquityinstrumentswhichareheldfortradingareclassifiedasatFVTPL.Forallotherequityinstruments,theBrookfieldIndiaREITmaymakeanirrevocableelectiontopresentinothercomprehensiveincomesubsequentchangesinthefairvalue.TheBrookfieldIndiaREITmakessuchelectiononaninstrument-by-instrumentbasis.Theclassificationismadeoninitialrecognitionandisirrevocable.

IftheBrookfieldIndiaREITdecidestoclassifyanequityinstrumentasatFVOCI,thenallfairvaluechangesontheinstrument,excludingdividends,arerecognizedintheOCI.ThereisnorecyclingoftheamountsfromOCItostatementofprofitandloss,evenonsaleofinvestment.However,theBrookfieldIndiaREITmaytransferthecumulativegainorlosswithinequity.

EquityinstrumentsincludedwithintheFVTPLcategoryaremeasuredatfairvaluewithallchangesrecognizedinStatementofprofitandloss.

(ii) Financial Assets-Derecognition Afinancialasset(or,whereapplicable,apart

ofafinancialassetorpartofagroupofsimilarfinancialassets)isderecognized(i.e.,removedfromtheBrookfieldIndiaREITbalancesheet)when:

Therightstoreceivecashflowsfromtheassethaveexpired,or

TheBrookfieldIndiaREIThastransferreditsrightstoreceivecashflowsfromtheassetorhasassumedanobligationtopaythereceivedcashflowsinfullwithoutmaterialdelaytoathirdpartyundera‘pass-through’arrangement;andeither(a)theBrookfieldIndiaREIThastransferredsubstantiallyalltherisksandrewardsoftheasset,or(b)theBrookfieldIndiaREIThasneithertransferrednorretainedsubstantiallyalltherisksandrewardsoftheasset,buthastransferredcontroloftheasset.

(iii) Impairment of financial assets BrookfieldIndiaREITrecognizeslossallowance

usingtheexpectedcreditloss(ECL)modelforthefinancialassetswhicharenotfairvaluedthroughprofitorloss.LossallowancefortradereceivableswithnosignificantfinancingcomponentandleasereceivablesismeasuredatanamountequaltolifetimeECL.Forallfinancialassetswithcontractualcashflowsotherthantradereceivableandleasereceivables,ECLsaremeasuredatanamountequaltothe12-monthECL,unlesstherehasbeenasignificantincreaseincreditriskfrominitialrecognitioninwhichcasethosearemeasuredatlifetimeECL.TheamountofECLs(orreversal)thatisrequiredtoadjustthelossallowanceatthereportingdate,isrecognizedasanimpairmentgainorlossintheStatementofProfitandLoss.

(iv) Financial liabilities – Recognition and Subsequent measurement

BrookfieldIndiaREITfinancialliabilitiesareinitiallymeasuredatfairvaluelessanyattributabletransactioncosts.Subsequenttoinitialmeasurement,thesearemeasuredatamortizedcostusingtheeffectiveinterestrate(‘EIR’)methodoratfairvaluethroughprofitorloss(FVTPL).

BrookfieldIndiaREITfinancialliabilitiesincludetradeandotherpayables,Loansandborrowingsincludingbankoverdrafts.

Themeasurementoffinancialliabilitiesdependsontheirclassification,asdescribedbelow:

Financial liabilities at fair value through profit or loss

FinancialliabilitiesatfairvaluethroughStatementofprofitorlossincludefinancialliabilitiesheldfortradingandfinancialliabilitiesdesignateduponinitialrecognitionasatfairvaluethroughStatementofprofitorloss.Financialliabilitiesareclassifiedasheldfortradingiftheyareincurredforthepurposeof




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returnontheBrookfieldIndiaREITnetinvestmentoutstandinginrespectoftheleases.

Whenacontractincludesbothleaseandnon-leasecomponents,theBrookfieldIndiaREITappliesIndAS115toallocatetheconsiderationunderthecontracttoeachcomponent.

l) Revenue recognition Revenueismeasuredatthefairvalueofthe

considerationreceivedorreceivable.Thisinteralia involvesdiscountingoftheconsiderationduetothepresentvalueifpaymentextendsbeyondnormalcreditterms.

Revenueisrecognizedwhenrecoveryoftheconsiderationisprobableandtheamountofrevenuecanbemeasuredreliably.

Recognition of dividend income, interest income Dividendincomeisrecognizedinprofitorlosson

thedateonwhichtheBrookfieldIndiaREIT’srighttoreceivepaymentisestablished.

Interestincomeisrecognizedusingtheeffectiveinterestmethod.The‘effectiveinterestrate’istheratethatexactlydiscountsestimatedfuturecashreceiptsthroughtheexpectedlifeofthefinancialinstrumenttothegrosscarryingamountofthefinancialasset.Incalculatinginterestincome,theeffectiveinterestrateisappliedtothegrosscarryingamountoftheasset(whentheassetisnotcreditimpaired).However,forfinancialassetsthathavebecomecredit-impairedsubsequenttoinitialrecognition,interestincomeiscalculatedbyapplyingtheeffectiveinterestratetotheamortizedcostofthefinancialasset.Iftheassetisnolongercredit-impaired,thenthecalculationofinterestincomerevertstothegrossbasis.

m) Taxation Incometaxexpensecomprisescurrentanddeferred

tax.ItisrecognizedinStatementofprofitandlossexcepttotheextentthatitrelatestoitemsrecognizeddirectlyinequityorothercomprehensiveincome,inwhichcaseitisrecognizedinequityorinothercomprehensiveincome.

(i) Current tax Currenttaxcomprisestheexpectedtaxpayable

orreceivableonthetaxableincomeorlossfortheyearandanyadjustmenttothetaxpayableorreceivableinrespectofpreviousyears.Theamountofcurrenttaxreflectsthebestestimateofthetaxamountexpectedtobepaidorreceivedafterconsideringtheuncertainty,ifany,relatedtoincometaxes.Itismeasuredusingtaxrates(andtaxlaws)enactedorsubstantivelyenactedbythereportingdate.

Currenttaxassetsandliabilitiesareoffsetonlyifthereisalegallyenforceablerighttosetofftherecognizedamounts,anditisintendedtorealisetheassetandsettletheliabilityonanetbasisorsimultaneously.

MinimumAlternativeTax(‘MAT’)undertheprovisionsoftheIncomeTax,1961isrecognizedascurrenttaxintheStandaloneStatementofProfitandLoss.ThecreditavailableundertheActinrespectofMATpaidisrecognizedasadeferredtaxassetonlywhenandtotheextentthereisconvincingevidencethattheBrookfieldIndiaREITwillpaynormalincometaxduringtheperiodforwhichMATcreditcanbecarriedforwardforset-offagainstnormaltaxliability.MATcreditrecognizedasanassetisreviewedateachbalancesheetdateandwrittendowntotheextenttheaforesaidconvincingevidencenolongerexists.

(ii) Deferred tax Deferredtaxisrecognizedinrespectof

temporarydifferencesbetweenthecarryingamountsofassetsandliabilitiesforfinancialreportingpurposesandthecorrespondingamountsusedfortaxationpurposes.Deferredtaxisalsorecognizedinrespectofcarriedforwardtaxlossesandtaxcredits.Deferredtaxisnotrecognizedfor:

Temporarydifferencesarisingontheinitialrecognitionofassetsandliabilitiesinatransactionthatisnotabusinesscombinationandthataffectsneitheraccountingnortaxableprofitorlossatthetimeofthetransaction;

Temporarydifferencesrelatedtoinvestmentsinsubsidiaries,associates,andjointarrangementstotheextentthattheBrookfieldIndiaREITisabletocontrolthetimingofthereversalofthetemporarydifferencesanditisprobablethattheywillnotreverseintheforeseeablefuture;and

Taxabletemporarydifferencesarisingoninitialrecognitionofgoodwill.

Deferredincometaxassetsarerecognizedtotheextentthatitisprobablethatfuturetaxableprofitswillbeavailableagainstwhichtheycanbeused.Theexistenceofunusedtaxlossesisstrongevidencethatfuturetaxableprofitmaynotbeavailable.Therefore,incaseofahistoryofrecentlosses,BrookfieldIndiaREITrecognisesadeferredtaxassetonlytotheextentthatithassufficienttaxabletemporarydifferencesorthereisconvincingotherevidence

o theBrookfieldIndiaREIThastherighttooperatetheasset;or

o theBrookfieldIndiaREITdesignedtheassetinawaythatpredetermineshowandforwhatpurposeitwillbeused.

As a lessee TheBrookfieldIndiaREITrecognizesaright-of-use

assetandaleaseliabilityattheleasecommencementdate.Therightofuseassetisinitiallymeasuredatcost,whichcomprisestheinitialamountoftheleaseliabilityadjustedforanyleasepaymentsmadeatorbeforethecommencementdate,plusanyinitialdirectcostsincurredandanestimateofcoststodismantleandremovetheunderlyingassetortorestoretheunderlyingassetorthesiteonwhichitislocated,lessanyleaseincentivesreceived.

Theright-of-useassetissubsequentlydepreciatedusingthestraight-linemethodfromthecommencementdatetotheearlieroftheendoftheusefullifeoftheright-of-useassetortheendoftheleaseterm.Theestimatedusefullivesofright-of-useassetsaredeterminedonthesamebasisasthoseofproperty,plantandequipment.Inaddition,theright-of-useassetisperiodicallyreducedbyimpairmentlosses,ifany,andadjustedforcertain remeasurementsoftheleaseliability.

Theleaseliabilityisinitiallymeasuredatthepresentvalueoftheleasepaymentsthatarenotpaidatthecommencementdate,discountedusingtheinterestrateimplicitintheleaseor,ifthatratecannotbereadilydetermined,theBrookfieldIndiaREITincrementalborrowingrate.Generally,theBrookfieldIndiaREITusesitsincrementalborrowingrateasthediscountrate.

Leasepaymentsincludedinthemeasurementoftheleaseliabilitycomprisethefollowing:

fixedpayments,includingin-substancefixedpayments;

variableleasepaymentsthatdependonanindexorarate,initiallymeasuredusingtheindexorrateasatthecommencementdate;

amountsexpectedtobepayableunderaresidualvalueguarantee;and

theexercisepriceunderapurchaseoptionthattheBrookfieldIndiaREITisreasonablycertaintoexercise,leasepaymentsinanoptionalrenewalperiodiftheBrookfieldIndiaREITisreasonablycertaintoexerciseanextensionoption,andpenaltiesforearlyterminationofaleaseunlesstheBrookfieldIndiaREITisreasonablycertainnottoterminateearly.

Theleaseliabilityismeasuredatamortizedcostusingtheeffectiveinterestmethod.Itisremeasuredwhenthereisachangeinfutureleasepaymentsarisingfromachangeinanindexorrate,ifthereisachangeintheBrookfieldIndiaREITestimateoftheamountexpectedtobepayableunderaresidualvalueguarantee,oriftheBrookfieldIndiaREITchangesitsassessmentofwhetheritwillexerciseapurchase,extensionorterminationoption.

Whentheleaseliabilityisremeasuredinthisway,acorrespondingadjustmentismadetothecarryingamountoftheright-of-useasset,orisrecordedinprofitorlossifthecarryingamountoftheright-of-useassethasbeenreducedtozero.

TheBrookfieldIndiaREITpresentsright-of-useassetsthatdonotmeetthedefinitionofinvestmentpropertyin‘property,plantandequipment’andleaseliabilitiesin‘otherfinancialliabilities(currentandnon-current)’inthestatementoffinancialposition.

TheBrookfieldIndiaREIThaselectednottorecognizeright-of-useassetsandleaseliabilitiesforshort-termleasesofmachinerythathavealeasetermof12monthsorlessandleasesoflow-valueassets.TheBrookfieldIndiaREITrecognizestheleasepaymentsassociatedwiththeseleasesasanexpenseonastraight-linebasisovertheleaseterm.

As a Lessor TheBrookfieldIndiaREITentersintolease

agreementsasalessorwithrespecttoitsinvestmentproperties.

LeasesforwhichtheBrookfieldIndiaREITisalessorareclassifiedasfinanceoroperatingleases.Wheneverthetermsoftheleasetransfersubstantiallyalltherisksandrewardsofownershiptothelessee,thecontractisclassifiedasafinancelease.Allotherleasesareclassifiedasoperatingleases.

WhentheBrookfieldIndiaREITisanintermediatelessor,itaccountsfortheheadleaseandthesub-leaseastwoseparatecontracts.Thesub-leaseisclassifiedasafinanceoroperatingleasebyreferencetotheright-of-useassetarisingfromtheheadlease.

Rentalincomefromoperatingleasesisrecognizedonastraight-linebasisoverthetermoftherelevantlease.Initialdirectcostsincurredinnegotiatingandarranginganoperatingleaseareaddedtothecarryingamountoftheleasedassetandrecognizedonastraight-linebasisovertheleaseterm.

AmountsduefromlesseesunderfinanceleasesarerecognizedasreceivablesattheamountoftheBrookfieldIndiaREITnetinvestmentintheleases.Financeleaseincomeisallocatedtoaccountingperiodssoastoreflectaconstantperiodicrateof




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Forthepurposeofcalculatingdilutedearningsperunit,theprofitorlossfortheperiodattributabletounitholdersoftheBrookfieldIndiaREITandtheweightedaveragenumberofunitsoutstandingduringtheperiodareadjustedfortheeffectsofalldilutivepotentialunits.

Dilutivepotentialunitsaredeemedconvertedasofthebeginningofthereportingdate,unlesstheyhavebeenissuedatalaterdate.Incomputingdilutedearningsperunit,onlypotentialequityunitsthataredilutiveandwhicheitherreducesearningsperunitorincreaselossperunitsareincluded.

s) Offsetting Financialassetsandfinancialliabilitiesareoffsetand

thenetamountpresentedintheStandaloneBalanceSheetwhen,andonlywhen,theBrookfieldIndiaREITcurrentlyhasalegallyenforceablerighttosetofftheamountsanditintendseithertosettlethemonanetbasisortorealizetheassetandsettletheliabilitysimultaneously.

t) Cash flow statement Cashflowsarereportedusingtheindirectmethod,

wherebynetprofitbeforetaxisadjustedfortheeffectsoftransactionsofanon-cashnatureandanydeferralsoraccrualsofpastorfuturecashreceiptsorpayments.Thecashflowsfromoperating,investingandfinancingactivitiesoftheBrookfieldIndiaREITaresegregated.ForthepurposeoftheStatementofCashFlow,cashandcashequivalentsconsistofcashandshort-termdeposits.

u) Cash distribution to Unitholders TheBrookfieldIndiaREITrecognizesaliabilityto

makecashdistributionstoUnitholderswhenthedistributionisauthorizedandalegalobligationhasbeencreated.AspertheREITRegulations,adistributionisauthorizedwhenitisapprovedbytheBoardofDirectorsoftheManager.Acorrespondingamountisrecognizeddirectlyinequity.(Refernote8(a)(i)).

thatsufficienttaxableprofitwillbeavailableagainstwhichsuchdeferredtaxassetcanberealized.Deferredtaxassets—unrecognizedorrecognized,arereviewedateachreportingdateandarerecognized/reducedtotheextentthatitisprobable/nolongerprobablerespectivelythattherelatedtaxbenefitwillberealized.Further,nodeferredtaxasset/liabilitiesarerecognizedinrespectoftemporarydifferencesthatreversewithintaxholidayperiod.

Deferredtaxismeasuredatthetaxratesthatareexpectedtoapplytotheperiodwhentheassetisrealizedortheliabilityissettled,basedonthelawsthathavebeenenactedorsubstantivelyenactedatthereportingdate.

ThemeasurementofdeferredtaxreflectsthetaxconsequencesthatwouldfollowfromthemannerinwhichtheBrookfieldIndiaREITexpects,atthereportingdate,torecoverorsettlethecarryingamountofitsassetsandliabilities.

Deferredtaxassetsandliabilitiesareoffsetifthereisalegallyenforceablerighttooffsetcurrenttaxassetsandliabilities,andtheyrelatetoincometaxesleviedbythesametaxauthorityonthesametaxableentity,orondifferenttaxentities,buttheyintendtosettlecurrenttaxliabilitiesandassetsonanetbasisortheirtaxassetsandliabilitieswillberealizedsimultaneously.

n) Provisions and contingencies AprovisionisrecognizedwhentheBrookfield

IndiaREIThasapresentobligationasaresultofpasteventanditisprobablethatanoutflowofresourcesembodyingeconomicbenefitswillberequiredtosettletheobligation,inrespectofwhichareliableestimatecanbemadeoftheamountoftheobligation.

Acontingentliabilityisapossibleobligationthatarisesfrompasteventswhoseexistencewillbeconfirmedbytheoccurrenceornon-occurrenceofoneormoreuncertainfutureeventsbeyondthecontroloftheBrookfieldIndiaREITorapresentobligationthatisnotrecognizedbecauseitisnotprobablethatanoutflowofresourceswillberequiredtosettletheobligation.Acontingentliabilityalsoarisesinextremelyrarecaseswherethereisaliabilitythatcannotberecognizedbecauseitcannotbemeasuredreliably.TheBrookfieldIndiaREITdoesnotrecognizeacontingentliabilitybutdisclosesitsexistenceinthefinancialstatements.

o) Operating segments Operatingsegmentsarereportedinamanner

consistentwiththeinternalreportingprovidedtothechiefoperatingdecisionmaker.

Identification of segments: InaccordancewithIndAS108-OperatingSegment,

theoperatingsegmentsusedtopresentsegmentinformationareidentifiedonthebasisofinformationreviewedbytheChiefOperatingDecisionMaker(‘CODM’)toallocateresourcestothesegmentsandassesstheirperformance.AnoperatingsegmentisacomponentoftheBrookfieldIndiaREITthatengagesinbusinessactivitiesfromwhichitearnsrevenuesandincursexpenses,includingrevenuesandexpensesthatrelatetotransactionswithanyoftheBrookfieldIndiaREITothercomponents.

BasedonananalysisofBrookfieldIndiaREITstructureandpowersconferredtotheManagerbyBrookfieldIndiaREIT,theGoverningBoardoftheManager(BrookpropManagementServicesPrivateLimited)hasbeenidentifiedastheChiefOperatingDecisionMaker(‘CODM’),sincetheyareempoweredforallmajordecisionsw.r.t.themanagement,administration,investment,disinvestment,etc.

AstheBrookfieldIndiaREITisprimarilyengagedinthebusinessofdevelopingandmaintainingcommercialrealestatepropertiesinIndia,CODMreviewstheentirebusinessasasingleoperatingsegmentandaccordinglydisclosurerequirementsofIndAS108“OperatingSegments”inrespectofreportablesegmentsarenotapplicable.

p) Subsequent events TheStandaloneFinancialStatementsareprepared

afterreflectingadjustingandnon-adjustingeventsthatoccurafterthereportingperiodbutbeforetheStandaloneFinancialStatementsareauthorizedforissue.

q) Cash and cash equivalents Cashandcashequivalentscomprisecashatbank

andonhandandshort-termmoneymarketdepositswithoriginalmaturitiesofthreemonthsorlessthatarereadilyconvertibletoknownamountsofcashandwhicharesubjecttoaninsignificantriskofchangesinvalue.

r) Earnings per unit Basicearningsperunitarecalculatedbydividingthe

netprofit/(loss)fortheperiodattributabletounitholdersoftheBrookfieldIndiaREITbytheweightedaveragenumberofunitsoutstandingduringtheperiod.




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6. CURRENT FINANCIAL ASSETS-CASH AND CASH EQUIVALENTS

As at March 31, 2021

Balancewithbanks:-incurrentaccount 185.42 -inescrowaccount* 1,432.87

1,618.29

*Representsthebalance`1432.87millionfromproceedsofinitialpublicofferofBrookfieldIndiaREITUnits(Totalproceeds`38,000.00million).Theseamountsareheldintheescrowaccountcanbewithdrawnforcertainspecificpurposes.

7. CURRENT FINANCIAL ASSETS-OTHER


(Unsecuredandconsideredgood)To related parties (refer note 24) InterestaccruedbutnotdueonInvestmentinDebentures 387.08 InterestaccruedbutnotdueonLoantoSubsidiaries 543.97

931.05

8. UNIT CAPITAL

Particulars No. of Units Amount As at July 17, 2020 - -Unitsissuedduringtheperiod-pursuanttotheinitialpublicoffer,issued,subscribedandfullypaid-upincash (refernoteiibelow)

138,181,800 38,000.00

-inexchangeforequityinterestinSPVs(refernoteiiibelow) 127,892,403 35,170.41-inexchangefor12%CompulsorilyConvertibleDebentureinCandorKolkata 36,727,398 10,100.03Less:Issueexpenses(refernotebelow) (1,495.66)Closing balance as at March 31, 2021 302,801,601 81,774.78

Note:IssueexpensespertainingtotheInitialPublicOffering(IPO)andlistingoftheUnitsontheNationalStockExchangeandBombayStockExchangehavebeenreducedfromtheUnitholderscapitalasatMarch31,2021inaccordancewithIndAS32-FinancialInstruments:Presentation.

(a) Terms/rights attached to Units and accounting thereof (i) TheTrusthasonlyoneclassofUnits.EachUnitrepresentsanundividedbeneficialinterestintheTrust.

EachholderofUnitsisentitledtoonevoteperunit.TheUnitholdershavetherighttoreceiveatleast90%oftheNetDistributableCashFlowsoftheTrustatleastonceineverysixmonthsineachfinancialyearinaccordancewiththeREITRegulations.TheBoardofDirectorsoftheInvestmentManagerapprovesdividenddistributions.ThedistributionwillbeinproportiontothenumberofUnitsheldbytheUnitholders.TheTrustdeclaresandpaysdividendsinIndianRupees.

UndertheprovisionsoftheREITRegulations,BrookfieldIndiaREITisrequiredtodistributetoUnitholdersnotlessthan90%ofthenetdistributablecashflowsofBrookfieldIndiaREITforeachfinancialyear.Accordingly,aportionoftheUnitCapitalcontainsacontractualobligationoftheBrookfieldIndiaREITtopaytoitsUnitholderscashdistributions.Hence,theUnitCapitalisacompoundfinancialinstrumentwhichcontainbothequityandliabilitycomponentsinaccordancewithIndAS32-FinancialInstruments:Presentation.However,inaccordancewithSEBICirculars(No.CIR/IMD/DF/146/2016datedDecember29,2016andNo.CIR/IMD/DF/141/2016datedDecember26,2016)issuedundertheREITRegulations,theUnitCapitalhavebeenpresentedas“Equity”inordertocomplywiththerequirementsofSectionHofAnnexure AtotheSEBICirculardatedDecember26,2016dealingwiththeminimumpresentationanddisclosurerequirementsforkeyfinancialstatements.ConsistentwithUnitCapitalbeingclassifiedasequity,thedistributionstoUnitholdersisalsopresentedinStatementofChangesinUnitholders’EquitywhenthedistributionsareapprovedbytheBoardofDirectorsofInvestmentManager.

(ii) InitialPublicOfferingof138,181,800Unitsforcashatpriceof`275perUnitaggregatingto `38,000.00million.

3. NON-CURRENT FINANCIAL ASSETS-INVESTMENTS


Trade, unquoted, Investments in Subsidiaries (at cost) (refer note below) 59,545EquitysharesofCandorKolkataOneHi-TechStructuresPrivateLimitedof`10each,fullypaid-up 14,661.39 143,865,096EquitysharesofShantiniketanPropertiesPrivateLimitedof`10each,fullypaidup 11,407.83 464,641,121EquitysharesofFestusPropertiesPrivateLimitedof`10each,fullypaidup 8,655.46 9,999EquitysharesofCandorIndiaOfficeParksPrivateLimitedof`10each,fullypaidup 220.20

34,944.88 Investmentsin12%CompulsorilyConvertibleDebentures(Debentures)* 10,100.00

45,044.88

TheTrusthasissued164,619,801UnitsasconsiderationtoacquiretheseinvestmentswhereinthetradableREITUnitshavebeenvaluedat`275each,aggregatingamountingto`45,270.44million.

*IssuedbyCandorKolkataOneHi-TechStructuresPrivateLimited.

Note:

Details of % shareholding in the subsidiaries, held by Trust is as under:

Name of Subsidiary As at March 31, 2021

-CandorKolkataOneHi-TechStructuresPrivateLimited 100%-FestusPropertiesPrivateLimited 100%-ShantiniketanPropertiesPrivateLimited 100%-CandorIndiaOfficeParksPrivateLimited 100%

4. NON CURRENT FINANCIAL ASSETS-LOANS


(Unsecuredandconsideredgood)LoantoSubsidiaries-refernote24 36,100.00 Securitydeposit 30.00

36,130.00

Terms for Loan to Subsidiaries Security:Unsecured

Interest:12.50%perannum(compoundedquarterly).

Repayment: (a) Bulletrepaymentonthedatefallingattheendof15(fifteen)yearsfromthefirstdisbursementdate.

(b) Earlyrepaymentoption(whollyorpartially)isavailabletotheborrower(SPVs).

(c) Theinterestontheseloantosubsidiariesisreceivableonthelastdateofeveryfinancialquarter.Notwithstandinganythingtothecontrary,theinterestwithrespecttotheloansunderthefacility,shallaccrueandbecomedueandreceivableonlyonavailabilityoffreecashflowontheinterestpaymentdate.IntheeventonanyInterestpaymentdate,thefreecashflowsarelowerthanthecalculatedinterest(includinganyshortfallofpastinterestperiods),theshortfallbetweenthefreecashflowsandthecalculatedinterestshallbeaccumulatedandbecomedueandreceivablefromandtotheextentoffreecashflowsavailableonthesubsequentinterestpaymentdates.

5. NON-CURRENT TAX ASSETS (NET)


Advanceincometax 16.92 16.92




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12. OTHER CURRENT LIABILITIES


Statutoryduespayable 70.01 70.01

13. INTEREST INCOME From

July 17, 2020 to March 31, 2021

InterestIncome*-onDebentures(representingFVTPLgainon12%CompulsorilyConvertibleDebentures) 178.43 -onLoanstosubsidiaries 543.97

722.40

*Refernote24

14. OTHER EXPENSES From

July 17, 2020 to March 31, 2021

Marketingandadvertisementexpenses 56.00 Miscellaneousexpenses 0.23

56.23

15. CONTINGENT LIABILITIES

TherearenocontingentliabilitiesasatMarch31,2021.

16. CAPITAL COMMITMENTS

TherearenocapitalcommitmentsasatMarch31,2021.

17. FINANCIAL INSTRUMENTS – FAIR VALUES AND RISK MANAGEMENT

i) Financial instruments by category and fair value Thebelowtablesummarizesthejudgementsandestimatesmadeindeterminingthefairvaluesofthe

financialinstrumentsthatare(a)recognizedandmeasuredatfairvalueand(b)measuredatamortizedcostandforwhichfairvaluesaredisclosedinthefinancialstatements.TheBrookfieldIndiaREIThasclassifieditsfinancialinstruments,whicharemeasuredatfairvalue,intothreelevelsinaccordancewithIndAS.

Carrying value Fair valueAs at

March 31, 2021As at

March 31, 2021At Amortized CostFinancial assets Cashandcashequivalents# 1,618.29 1,618.29 Loans# 36,130.00 36,130.00 Otherfinancialassets# 931.05 931.05 At FVTPLFinancial Assets 12%CompulsorilyConvertibleDebentures(CCD)** 10,100.00 10,100.00 Total financial assets 48,779.34 48,779.34 At Amortized CostFinancial liabilities Tradepayables# 21.79 21.79 Otherfinancialliabilities# 1,248.33 1,248.33 Total financial liabilities 1,270.12 1,270.12

#fairvalueoffinancialassetsandfinancialliabilitieswhicharerecognizedatamortizedcosthasbeendisclosedtobesameascarryingvalueasthecarryingvalueapproximatelyequalstotheirfairvalue.

**Fairvalueofinvestmentsin12%CompulsorilyConvertibleDebentures(CCD)areclassifiedaslevel3inthefairvaluehierarchyduetotheinclusionofunobservableinputs.Subsequenttothebalancesheetdate,onApril1,2021,thesedebentureshavebeenconvertedintoequitysharesofCandorKolkataatconversionprice

(iii) BrookfieldIndiaREITacquiredtheSPVsbyacquiringalltheequityinterestheldbyourSponsorandcertainmembersofourSponsorGroup.TheacquisitionofequityinterestintheSPVshasbeendonebyissueof127,892,403Unitsof`275eachasperthetablebelow.

Name of SPV

Number of Units allotted for acquiring all the equity interest held in the SPVs

Sponsor Sponsor Group

(excluding Sponsor)

Total

CandorKolkata 54,117,888 16,364 54,134,252Festus - 31,474,412 31,474,412SPPLNoida - 41,483,012 41,483,012CIOP - 800,727 800,727Total number of Units issued 54,117,888 73,774,515 127,892,403

(b) Unitholders holding more than 5 percent Units in the TrustName of Unitholders No. of Units % of holdings BSREPIndiaOfficeHoldingsVPte.Ltd. 54,117,888.00 17.87%BSREPIndiaOfficeHoldingsPteLtd. 41,499,373.00 13.71%BSREPIndiaOfficeHoldingsIIIPte.Ltd. 36,727,398.00 12.13%BSREPIIIndiaOfficeHoldingsIIPte.Ltd. 28,086,775.00 9.28%

(c) TheTrusthasnotallottedanyfullypaid-upunitsbywayofbonusunitsnorhasitboughtbackanyclassofunitsfromthedateofregistrationtillthebalancesheetdate.Further,theTrusthasnotissuedanyunitsforconsiderationotherthancashfromthedateofregistrationtillthebalancesheetdate,exceptasdisclosedabove.

9. OTHER EQUITY*


Reserves and Surplus Retainedearnings 626.23

626.23

*Refer Standalone Statement of Changes in Unitholders’ Equity for detailed movement in other equity balances. Retained earnings Thecumulativegainorlossarisingfromtheoperationswhichisretainedandisrecognizedandaccumulated

undertheheadingofretainedearnings.Attheendoftheperiod,theprofit/(loss)aftertaxistransferredfromtheStatementofProfitandLosstotheretainedearningsaccount.

10. CURRENT FINANCIAL LIABILITIES-TRADE PAYABLES


Totaloutstandingduestomicroenterprisesandsmallenterprises - Totaloutstandingduestocreditorsotherthanmicroenterprisesandsmallenterprises* 21.79

21.79

*Forbalancepayabletorelatedparties,refernote24

11. CURRENT-OTHER FINANCIAL LIABILITIES


Otherpayables* 1,248.33 1,248.33

*Forbalancepayabletorelatedparties,refernote24.




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theyaredue,underbothnormalandstressedconditions,withoutincurringunacceptablelossesorriskingdamagetotheTrust’sreputation.

TheTrust’sprimarysourcesofliquidityincludecash,undrawnborrowings,constructionfacilitiesandcashflowfromoperatingactivities.TheTrustseekstoincreaseincomefromitsexistingpropertiesbymaintainingqualitystandardsforitspropertiesthatpromotehighoccupancyratesandsupportincreasesinrentalrateswhilereducingtenantturnoverandrelatedcosts,andbycontrollingoperatingexpenses.

Consequently,theTrustbelievesitsrevenue,alongwithproceedsfromfinancingactivitieswillcontinuetoprovidethenecessaryfundstocoveritsshorttermliquidityneeds.Inaddition,theTrustprojectscashflowsandconsideringthelevelofliquidassetsnecessarytomeetliquidityrequirement.

Exposure to liquidity risk Thefollowingaretheremainingcontractualmaturitiesoffinancialliabilitiesatthereportingdate.Theamounts

aregrossandundiscounted,andincludeestimatedinterestpaymentsandexcludetheimpactofnettingagreements.

March 31, 2021` M

Carrying amount

Contractual cash flows

Total 0 -1 years 1 -5 years Above 5 years

Tradepayables 21.79 21.79 21.79 - - Otherfinancialliabilities 1,248.33 1,248.33 1,248.33 - - Total 1,270.12 1,270.12 1,270.12 - -

iv. Market risk Marketriskistheriskthatchangesinmarketprices,suchasforeignexchangerates,interestratesandequity

priceswhichwillaffecttheTrust’sincomeorthevalueofitsholdingsoffinancialinstruments.Theobjectiveofmarketriskmanagementistomanageandcontrolmarketriskexposureswithinacceptableparameterswhileoptimisingthereturn.

a) Currency risk MajorityoftransitionsenteredintobytheTrustaredenominatedinIndianRupees.AccordinglytheTrust

doesnothaveanycurrencyrisk.

b) Interest rate risk ThereisnodebtattheTrustlevel.AccordinglytheTrustdoesnothaveanyinterestraterisk.

19. SEGMENT REPORTING

TheTrustdoesnothaveanyOperatingsegmentsasatMarch31,2021andhence,disclosureunderIndAS108,OperatingsegmentshasnotbeenprovidedintheStandalonefinancialstatements.

20. EARNINGS PER UNIT (EPU)

BasicEPUamountsarecalculatedbydividingtheprofitfortheperiod/yearattributabletoUnitholdersbytheweightedaveragenumberofunitsoutstandingduringtheperiod/year.DilutedEPUamountsarecalculatedbydividingtheprofitattributabletoUnitholdersbytheweightedaveragenumberofunitsoutstandingduringtheyearplustheweightedaveragenumberofunitsthatwouldbeissuedonconversionofallthedilutivepotentialunitsintounitcapital.TheUnitsoftheTrustwereallottedonFebruary8,2021andFebruary11,2021.

Particulars From

July 17, 2020 to March 31, 2021

Profit/(Loss)aftertaxforcalculatingbasicanddilutedEPU 626.23 WeightedaveragenumberofUnits(Nos.) 59,423,015EarningsPerUnit- Basic(Rupees/unit) 10.54 - Diluted(Rupees/unit)* 10.54

*TheTrustdoesnothaveanyoutstandingdilutiveunits

whichisequaltothefairmarketvalueoftheequitysharesofK1atthetimeofconversioninaccordancewiththetermsoftheseCCD.Accordingly,thefairvalueoftheseCCDsasatMarch31,2021issameasthefacevalueofCCD(`10,100.00million).

ii) Measurement of fair values Thedifferentlevelsoffairvaluehavebeendefinedbelow:

Level1:Level1hierarchyincludesfinancialinstrumentsmeasuredusingquotedpricesforinstancelistedequityinstruments,tradedbondsandmutualfundsthathavequotedprice.

Level2:Thefairvalueoffinancialinstrumentsthatarenottradedinanactivemarket(forexample,tradedbonds,over-thecounterderivatives)isdeterminedusingvaluationtechniqueswhichmaximizetheuseofobservablemarketdataandrelyaslittleaspossibleonentity-specificestimates.Ifallsignificantinputsrequiredtofairvalueaninstrumentareobservable,theinstrumentisincludedinlevel2.

Level3:Ifoneormoreofthesignificantinputsisnotbasedonobservablemarketdata,theinstrumentisincludedinlevel3.

TherehavebeennovaluationunderLevel1andLevel2.TherehasbeennotransfersintooroutofLevel3ofthefairvaluehierarchyfortheperiodendedMarch31,2021.

TheBrookfieldIndiaREITpolicyistorecognizetransfersintoandtransfersoutoffairvaluehierarchylevelsasattheendofthereportingperiod.

18. FINANCIAL RISK MANAGEMENT

i. Risk management framework TheBoardofdirectorsoftheManageroftheTrusthasoverallresponsibilityfortheestablishmentand

oversightoftheTrust’sriskmanagementframework.TheTrust’sriskmanagementframeworkareestablishedtoidentifyandanalysethekeyrisksfacedbytheTrust,tosetappropriaterisklimitsandcontrolsandtomonitorrisksandadherencetolimits.RiskmanagementframeworkandsystemsarereviewedregularlytoreflectchangesinmarketconditionsandtheTrust’sactivities.

TheBoardofdirectorsoftheManageroftheTrust,overseescompliancewiththeTrust’sriskmanagementframeworkandprocedures,andreviewstheadequacyoftheriskmanagementframeworkinrelationtotherisksfacedbytheTrust.TheAuditcommitteeisassistedinitsoversightrolebyinternalaudit.Internalauditundertakesbothregularandadhocreviewsofriskmanagementcontrolsandprocedures,theresultsofwhicharereportedtoTheAuditCommittee.

TheTrustfinancialriskmanagementiscarriedoutbyatreasurydepartment(Trusttreasury).TheTrusttreasuryidentifies,evaluatesandhedgesfinancialrisks.

ii. Credit risk CreditriskistheriskoffinanciallosstotheTrustifacounterpartytoafinancialinstrumentfailstomeetits

contractualobligationsandarisesprincipallyfromtheTrust’sreceivablesfromloansgiventoitsSPVsandcashandcashequivalents.Thecarryingamountoffinancialassetsrepresentsthemaximumcreditexposure.

TheTrustestablishesanallowanceaccountforimpairmentthatrepresentsitsestimateoflossesinrespectofitsfinancialassets.Themaincomponentofthisallowanceisestimatedlossesthatrelatetospecifictenantsorcounterparties.Theallowanceaccountisusedtoprovideforimpairmentlosses.SubsequentlywhentheTrustissatisfiedthatnorecoveryofsuchlossesispossible,thefinancialassetisconsideredirrecoverableandtheamountchargedtotheallowanceaccountisthenwrittenoffagainstthecarryingamountoftheimpairedfinancialasset.

Cashatbankareplacedwithfinancialinstitutionswhichareregulatedandhavelowrisk.

Asatthereportingdate,thereisnosignificantconcentrationsofcreditrisk.ThemaximumexposuretocreditriskisrepresentedbythecarryingvalueofeachfinancialassetontheBalanceSheet.

iii. Liquidity risk LiquidityriskistheriskthattheTrustwillencounterdifficultyinmeetingtheobligationsassociatedwith

itsfinancialliabilitiesthataresettledbydeliveringcashoranotherfinancialasset.TheTrust’sapproachtomanagingliquidityistoensure,asfaraspossible,thatitwillhavesufficientliquiditytomeetitsliabilitieswhen




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Directors & Key personnel of the Investment Manager (Brookprop Management Services Private Limited) Directors AkilaKrishnakumar(IndependentDirector)

ShaileshVishnubhaiHaribhakti(IndependentDirector)

AnujRanjan(Non-executiveDirector)

AnkurGupta(Non-ExecutiveDirector)

Key Personnel AlokAggarwal–ManagingDirectorandChiefExecutiveOfficer–Indiaofficebusiness

SanjeevKumarSharma–ExecutiveVice-presidentandChiefFinancialOfficer–Indiaofficebusiness

Subsidiary (SPV) (w.e.f. February 8, 2021) CandorKolkataOneHi-TechStructuresPrivateLimited

FestusPropertiesPrivateLimited

ShantiniketanPropertiesPrivateLimited

CandorIndiaOfficeParksPrivateLimited

B. Related party transactions

Nature of transaction/Entity's Name From

July 17, 2020 to March 31, 2021

Unsecured loan given to - CandorKolkataOneHi-TechStructuresPrivateLimited 24,050.00 - FestusPropertiesPrivateLimited 7,900.00 - ShantiniketanPropertiesPrivateLimited 4,150.00 Total 36,100.00 Investment in Debentures - CandorKolkataOneHi-TechStructuresPrivateLimited 10,100.03 Total 10,100.03 Investment in Equity shares of SPV- CandorKolkataOneHi-TechStructuresPrivateLimited 14,661.39 - FestusPropertiesPrivateLimited 8,655.46 - ShantiniketanPropertiesPrivateLimited 11,407.83 - CandorIndiaOfficeParksPrivateLimited 220.20 Total 34,944.88 Trustee Fee Expense - AxisTrusteeServicesLimited 2.21 Total 2.21 Interest Income on Investment in SPV- CandorKolkataOneHi-TechStructuresPrivateLimited 362.40 - FestusPropertiesPrivateLimited 119.04 - ShantiniketanPropertiesPrivateLimited 62.53 Total 543.97 Interest Income on Debentures- CandorKolkataOneHi-TechStructuresPrivateLimited 178.43 Total 178.43 Reimbursement of expense incurred by (excluding GST)- BrookpropManagementServicesPrivateLimited 252.29 - CandorIndiaOfficeParksPrivateLimited 66.55 - BSREPIndiaOfficeHoldingsVPteLtd 168.07 Total 486.91 Issue of Unit Capital- BSREPIndiaOfficeHoldingsVPte.Ltd. 14,882.42 - BSREPIndiaOfficeHoldingsPteLtd. 11,412.33 - BSREPIndiaOfficeHoldingsIIIPte.Ltd. 10,100.03 - BSREPIIIndiaOfficeHoldingsIIPte.Ltd. 7,723.86 - KairosPropertyManagersPvtLtd 931.60 - BSREPMoonC1LP 220.18 - BSREPMoonC2LP 0.02 Total 45,270.44

21. CAPITALIZATION STATEMENT

TheTrust’spolicyistomaintainastrongcapitalbasesoastomaintaininvestor,creditorandmarketconfidenceandtosustainfuturedevelopmentofthebusiness.TheTrust’scapitalstructuremainlyconstitutesequityintheformofunitcapital.TheprojectsofSPVsareinitiallyfundedthroughconstructionfinancingarrangements.Oncompletion,theseloansarerestructuredintolease-rentaldiscountingarrangements.TheTrust’scapitalstructureisinfluencedbythechangesinregulatoryframework,governmentpolicies,availableoptionsoffinancingandtheimpactofthesameontheliquidityposition.

TheTrustmonitorsCapitalbyacarefulscrutinyofthecashandbankbalances,andaregularassessmentofanydebtrequirements.Intheabsenceofanyinterestbearingdebt,themaintenanceofNetdebttoGAVratiomaynotbeofanyrelevancetotheTrustasatMarch31,2021.

22. UNCERTAINTY RELATING TO THE GLOBAL HEALTH PANDEMIC ON COVID-19

BrookfieldIndiaREIThasconsideredpossibleeffectsthatmayresultfromthepandemicrelatingtoCOVID-19onthecarryingamountsandfairvalueofInvestmentsinSubsidiaries.ThefairvalueofinvestmentsinsubsidiariesisprimarilydeterminedbasisthefairvalueoftheunderlyinginvestmentpropertiesasatMarch31,2021.IndevelopingassumptionsrelatingtopossiblefutureuncertaintiesintheIndianeconomicconditionsbecauseofthispandemic;BrookfieldIndiaREIT,asatthedateofapprovaloftheseStandaloneFinancialStatements,hasusedinternalandexternalsourcesofinformationincludingreportsonfairvaluationofinvestmentpropertiesfrompropertyconsultants,economicforecastandotherinformationfrommarketsourcesontheexpectedfutureperformanceofBrookfieldIndiaREIT.Basedonthisanalysis,BrookfieldIndiaREIThasconcludedthatthereisnoimpairmenttothecarryingamountofinvestmentsinsubsidiariesandthefairvalueofinvestmentsinsubsidiariesdisclosedintheStandaloneFinancialStatementsrepresentsthebestestimatebasedoninternalandexternalsourcesofinformationonthereportingdate.

TheimpactofCOVID-19onBrookfieldIndiaREITStandaloneFinancialStatementsmaydifferfromthatestimatedasatthedateofapprovaloftheseStandaloneFinancialStatements.

23. INVESTMENT MANAGEMENT FEE

REIT Management Fees PursuanttotheInvestmentManagementAgreementdatedJuly17,2020,InvestmentManagerisentitledtofees

@1%ofNDCF,exclusiveofapplicabletaxes(alsoreferNote26).ThefeeshasbeendeterminedforundertakingmanagementoftheREITanditsinvestments.

24. RELATED PARTY DISCLOSURES

A. Parties to Brookfield India REIT as at March 31, 2021 BSREPIndiaOfficeHoldingsVPte.Ltd.–Sponsor

BrookpropManagementServicesPrivateLimited–InvestmentManager

AxisTrusteeServicesLimited–Trustee

The Ultimate parent entity and sponsor groups, with whom the group has related party transactions during the period, consist of the below entities:

BSREPIndiaOfficeHoldingsVPte.Ltd.–Sponsor

a) BSREPIIIndiaOfficeHoldingsIIPte.Ltd.(BSREPIIIndia)

b) BrookfieldAssetManagementInc.(BAM),ultimateparententityandcontrollingparty

c) KairosPropertyManagersPrivateLimited(Kairos)

d) BSREPMoonC1L.P

e) BSREPMoonC2L.P

f) BSREPIndiaOfficeHoldingsIIIPte.Ltd.(BSREPIndiaOfficeIII)

g) BSREPIndiaOfficeHoldingsPte.Ltd.(BSREPIndiaHoldings)




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27. SUBSEQUENT EVENTS

Subsequenttothebalancesheetdate,12%CompulsorilyConvertibleDebenturesissuedbyCandorKolkataandheldbyBrookfieldIndiaREIT(45,535numbersof12%CompulsorilyConvertibleDebentures)havebeenconvertedinto37,981numberofequityshareseachof`10atapremiumof`265,912.43onApril1,2021.

28. TAX EXPENSE

Reconciliationofeffectivetaxrate(taxexpenseandtheaccountingprofitmultipliedbyIndia’sdomestictaxrate)

Particulars From

July 17, 2020 to March 31, 2021

Profit before tax 626.23 [email protected]% 267.68 Tax effect ofEffectofexemptincome (308.78)Effectofnon-deductibleexpenses 41.10 Tax expense for the period -

29. “0”Representsvaluelessthan`0.01million.

ForandonbehalfoftheBoardofDirectorsofBrookprop Management Services Private Limited(asManagertotheBrookfieldIndiaREIT)

Ankur Gupta Alok AggarwalDirector ChiefexecutiveofficerDINNo.08687570 DINNo.00009964Place:Mumbai Place:GurugramDate:May20,2021 Date:May20,2021


Outstanding balances at the period end As at March 31, 2021

Unsecured loans receivable (Non-current)- CandorKolkataOneHi-TechStructuresPrivateLimited 24,050.00 - FestusPropertiesPrivateLimited 7,900.00 - ShantiniketanPropertiesPrivateLimited 4,150.00 Total 36,100.00 Investment in equity shares of SPV - CandorKolkataOneHi-TechStructuresPrivateLimited 14,661.39 - FestusPropertiesPrivateLimited 8,655.46 - ShantiniketanPropertiesPrivateLimited 11,407.83 - CandorIndiaOfficeParksPrivateLimited 220.20 Total 34,944.88 Investment in Debentures - CandorKolkataOneHi-TechStructuresPrivateLimited 10,100.00 Total 10,100.00 Interest accrued but not due on Loan to Subsidiaries - CandorKolkataOneHi-TechStructuresPrivateLimited 362.40 - FestusPropertiesPrivateLimited 119.04 - ShantiniketanPropertiesPrivateLimited 62.53 Total 543.97 Interest accrued but not due on Investment in Debentures - CandorKolkataOneHi-TechStructuresPrivateLimited 387.08 Total 387.08 Trade Payable (excluding GST)- AxisTrusteeServicesLtd 1.88 Total 1.88 Other Payable (excluding GST)- BrookpropManagementServicesPrivateLimited 55.35 - BSREPIndiaOfficeHoldingsVPteLtd. 168.07 - CandorIndiaOfficeParksPrivateLimited 44.71 Total 268.13

25. DETAILS OF UTILIZATION OF PROCEEDS OF IPO ARE AS FOLLOWS:

Objects of the issue as per the prospectus Proposed utilization

Actual utilization up to

March 31, 2021

Unutilized amount as at

March 31, 2021Partialorfullpre-paymentorscheduledrepaymentoftheexistingindebtednessofourAssetSPVs

35,750.00 35,750.00 -

Generalpurposes 350.00 350.00 - Issueexpenses 1,900.00 288.13 1,611.87 Total 38,000.00 36,388.13 1,611.87

26. DISTRIBUTION POLICY

IntermsoftheDistributionpolicyandREITRegulations,notlessthan90%oftheNDCFsofourAssetSPVsarerequiredtobedistributedtoBrookfieldREIT,inproportionofitsshareholdinginourAssetSPVs,subjecttoapplicableprovisionsoftheCompaniesAct.ThecashflowsreceivablebyBrookfieldREITmaybeintheformofdividends,interestincome,principalloanrepayment,proceedsofanycapitalreductionorbuybackfromourAssetSPVs/CIOP,saleproceedsoutofdisposalofinvestmentsofanyorassetsdirectly/indirectlyheldbyBrookfieldREITorasspecificallypermittedundertheTrustDeedorinsuchotherformasmaybepermissibleunderthe applicablelaws.

Atleast90%oftheNDCFsofBrookfieldREIT(“REITDistributions”)shallbedeclaredandmadeonceeveryquarterofaFinancialYearbyourManager.ThefirstdistributionshallbemadeuponcompletionofthefirstfullquarterafterthelistingofourUnitsontheStockExchanges.Further,inaccordancewiththeREITRegulations,REITDistributionsshallbemadenolaterthan15daysfromthedateofsuchdeclarations.TheREITDistributions,whenmade,shallbemadeinIndianRupees.

TheNDCFsshallbecalculatedinaccordancewiththeREITRegulationsandanycircular,notificationorguidelinesissuedthereunderincludingtheSEBIGuidelines.

StatementofNetDistributableCashFlowshavenotbeendisclosedsincethefirstdistributionoftheREITasstatedintheFinalOfferDocumentwillbemadeuponcompletionofthefirstfullquarterafterthelistingoftheUnitsontheStockExchangesi.e.June30,2021.


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Independent Auditor’s Report

To

TheUnitholdersofBrookfield India Real Estate Trust

REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS

Qualified OpinionWehaveauditedtheaccompanyingconsolidatedfinancialstatementsofBrookfieldIndiaRealEstateTrust (the”REIT”)anditssubsidiaries(togetherreferredtoas the“Group”)whichcomprisetheConsolidatedBalanceSheetasatMarch31,2021,andtheConsolidatedStatementofProfitandLossincludingOtherComprehensiveIncome,theConsolidatedStatementofCashFlowsandtheConsolidatedStatementofChangesinUnitholders’Equity,fortheperiodJuly17,2020toMarch31,2021,StatementofNetAssetsatfairvalueasatMarch31,2021,StatementofTotalReturnsatfairvaluefortheperiodJuly17,2020toMarch31,2021andasummaryofsignificantaccountingpoliciesandotherexplanatoryinformation(hereinafterreferredtoas“consolidatedfinancialstatements”).

Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous,exceptforthepossibleeffectsofthematterdescribedintheBasisforQualifiedOpinionparagraphbelow,theaforesaidconsolidatedfinancialstatementsgivestheinformationrequiredbytheSecuritiesandExchangeBoardofIndia(RealEstateInvestmentTrusts)Regulations,2014asamendedfromtimetotimeincludinganyguidelinesandcircularsissuedthereunderreadwithSEBICircularNo.CIR/IMD/DF/146/2016datedDecember29,2016(the“REITRegulations”)inthemannersorequiredandgivesatrueandfairviewinconformitywiththeIndianAccountingStandardsasdefinedinRule2(1)(a)oftheCompanies(IndianAccountingStandards)Rules,2015(asamended),andtheaccountingprinciplesgenerallyacceptedinIndia,totheextentnotinconsistentwithREITRegulations,oftheconsolidatedstateofaffairsoftheGroupasatMarch31,2021,itsconsolidatedprofitincludingothercomprehensiveincome,itsconsolidatedcashflows,itsconsolidatedstatementofchangesinUnitholders’equity,fortheperiodJuly17,2020toMarch31,2021,itsconsolidatednetassetsatfairvalueasatMarch31,2021,itsconsolidatedtotalreturnsatfairvalueoftheREITandeachofitssubsidiariesfortheperiodJuly17,2020toMarch31,2021andotherfinancialinformationoftheGroup.

Basis for Qualified OpinionThefollowingmatterrelatestocertainsubsidiariesoftheREIT:

Paragraph8(4)oftheUnlistedPublicCompanies(PreferentialAllotment)AmendmentRules,2011(theRules),requirethatanyallotmentofsecuritiesagainstshareapplicationmoneyreceivedbyaCompany,shallbe

completedwithinsixtydaysfromthereceiptofapplicationmoneyandincasetheCompanyisnotabletoallotthesecuritieswithinthesaidperiodofsixtydays,itshallrepaytheapplicationmoneywithinfifteendaysthereafter,failingwhichitwillberequiredtobere-paidwithinterestattherateoftwelvepercentperannum.Themoniesreceivedonsuchapplicationshallbekeptinaseparatebankaccountandshallnotbeutilizedforanypurposeotherthan(i)foradjustmentagainstallotmentofsecurities;or(ii)fortherepaymentofmonieswheretheCompanyisunabletoallotsecurities.

Priorto31March2014,ShantiniketanPropertiesPrivateLimited(SPPLNoida),subsidiaryoftheREIThadreceivedcertainamountsasshareapplicationmoney(“ShareApplicationMoney”),againstwhichSPPLNoidahadneitherallottedsharesnorrefundedsuchShareApplicationMoney.ThesegregationandmaintenanceofsuchShareApplicationMoneyinaseparatebankaccount,andtheutilizationofsuchShareApplicationMoneyforgeneralcorporatepurposes,wasnotinaccordancewiththeRules.Priorto31March2014,(i)SPPLNoidahadaccruedinterestontheShareApplicationMoneyinaccordancewiththerequirementsofthesaidRules;and(ii)theShareApplicationMoney(includingaccruedinterest)wasconvertedinfull,tointercorporatedeposits,basedonlegaladviceobtainedbySPPLNoida.Asofdate,allsuchintercorporatedepositshavebeenrepaidinfull,andtherearenooutstandingduespayablebySPPLNoidainlieuofhavingreceivedtheShareApplicationMoney.DuringtheperiodfromJuly17,2020toMarch31,2021,SPPLNoidahasfiledpetitionunderCompaniesAct,2013forcompoundingofoffence.Theimpact,ifany,ofsuchnon-compliancescannotbeascertained.

Priorto31March2014,CandorKolkataOneHi-TechStructuresPrivateLimited(“CandorKolkata”),subsidiaryoftheREIThadreceivedcertainamountsasShareApplicationMoney,againstwhichCandorKolkatahadnotallottedshares.ThesegregationandmaintenanceofsuchShareApplicationMoneyinaseparatebankaccount,andtheutilizationofsuchShareApplicationMoneyforgeneralcorporatepurposes,wasnotinaccordancewiththeRules.Priorto31March2014,(i)CandorKolkatahadaccruedinterestontheShareApplicationMoneyinaccordancewiththerequirementsofthesaidRulesandrefundedtheshareapplicationmoney;and(ii)theaccruedinterestonshareapplicationmoneywasconvertedinfull,tointercorporatedeposits,basedonlegaladviceobtainedbyCandorKolkata.Asofdate,allsuchintercorporatedepositshavebeenrepaidinfull,andtherearenooutstandingduespayablebyCandorKolkatainlieuofhavingreceivedtheShareApplicationMoney.DuringtheperiodfromJuly17,2020toMarch31,2021,CandorKolkatahasfiledpetitionunderCompaniesAct,2013forcompoundingofoffence.

Theimpact,ifany,ofsuchnon-compliancescannot beascertained.

WeconductedourauditoftheconsolidatedfinancialstatementsinaccordancewiththeStandardsonAuditing(SA)issuedbyInstituteofCharteredAccountantsofIndia(ICAI).OurresponsibilitiesunderthoseStandardsarefurtherdescribedinthe‘Auditor’sResponsibilityfortheAuditoftheConsolidatedFinancialStatementssectionofourreport.WeareindependentoftheGroupinaccordancewiththeCodeofEthicsissuedbytheICAIandwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirementsandtheICAI’sCodeofEthics.Webelievethattheauditevidenceobtainedbyusissufficientandappropriatetoprovideabasisforourqualifiedauditopinionontheconsolidated financialstatements.

Emphasis of matterWedrawattentiontoNote15(a)(i)whichdescribesthepresentationof“UnitCapital”as“Equity”tocomplywithREITRegulations.Ouropinionisnotmodifiedinrespectofthismatter.

Key Audit MatterKeyauditmatteristhemattersthat,inourprofessionaljudgement,wasofmostsignificanceinourauditoftheconsolidatedfinancialstatementsofthecurrentperiod.Thismatterwasaddressedinthecontextofourauditoftheconsolidatedfinancialstatementsasawhole,andinformingouropinionthereon,andwedonotprovideaseparateopiniononthismatter.Wehavedeterminedthemattersdescribedbelowtobethekeyauditmattertobecommunicatedinourreport.

Key Audit Matter Auditor’s Response

FairValueofinvestmentproperties:

InaccordancewithREITRegulations,theREITdisclosesStatementofNetAssetsatFairValueandStatementofTotalReturnsatFairValuewhichrequiresfairvaluationofassetsandliabilities.AsatMarch31,2021,fairvalueoftotalassetswas`123,626.13million;outofwhichfairvalueofinvestmentpropertyis `114,808.00millionrepresenting93%ofthefairvalueof totalassets.

Thefairvalueofinvestmentpropertyisdeterminedbyanindependentvaluerusingdiscountedcashflowmethod.

Whilethereareseveralassumptionsthatarerequiredtodeterminethefairvalueofinvestmentproperty;assumptionswiththehighestdegreeofestimate,subjectivityandimpactonfairvaluesareforecastedmarketrent,terminalcapitalizationrateanddiscountrate.Auditingtheseassumptionsrequiredahighdegreeofauditorjudgementastheestimatesmadebytheindependentvaluercontainssignificantmeasurementuncertainty.

ReferStatementofNetassetsatfairvalueandStatementoftotalreturnsatfairvalueintheconsolidatedfinancialstatements.

PrincipalAuditProceduresPerformed:Ourauditproceduresrelatedtotheforecastedmarketrent,terminalcapitalizationratesanddiscountrateusedtodeterminethefairvalueofinvestmentpropertyincludedthefollowing,amongothers: Weobtainedtheindependentvaluer’svaluationreportsto

obtainanunderstandingofthesourceofinformationusedbytheindependentvaluerindeterminingtheseassumptions.

Wetestedthereasonablenessofinputs,sharedbymanagementwiththeindependentvaluerbycomparingittosourceinformationusedinpreparingtheinputssuchasrentrolls.

Weevaluatedthereasonablenessofmanagement’sforecastedmarketrentbycomparingitwithsampleofleaseagreementsforongoingrentals,contractualleaseescalationsandothermarketinformation,asapplicable.

Withtheassistanceofourfairvaluationspecialist,weevaluatedthereasonablenessofforecastedmarketrent,terminalcapitalizationratesanddiscountratebycomparingitwithmarketinformationsuchasrecentmarkettransactionsforcomparableproperties,marketsurveysbypropertyconsultantsandbrokerquotes,asapplicable.

Information Other than the Financial Statements and Auditor’s Report Thereon

BrookpropManagementServicesPrivateLimited(the“InvestmentManager”)initscapacityasanInvestmentManagerisresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincludedintheannualreport,butdoesnotincludethestandalonefinancialstatements,consolidatedfinancialstatementsandourauditor’sreportthereon.Theannualreportisexpectedtobemadeavailabletousafterthedateofthisauditor’sreport.

Ouropinionontheconsolidatedfinancialstatementsdoesnotcovertheotherinformationandwedonotexpressanyformofassuranceconclusionthereon.

Inconnectionwithourauditoftheconsolidatedfinancialstatements,ourresponsibilityistoreadtheotherinformationidentifiedabovewhenitbecomesavailableand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththeconsolidatedfinancialstatementsorourknowledgeobtainedduringthecourseofourauditorotherwiseappearstobemateriallymisstated.

Whenwereadtheannualreport,ifweconcludethatthereisamaterialmisstatementtherein,wearerequiredtocommunicatethemattertothosechargedwithgovernanceasrequiredunderSA720‘TheAuditor’sresponsibilitiesRelatingtoOtherInformation’.

Management’s Responsibility for the Consolidated Financial StatementsTheManagementoftheInvestmentManager(the“Management”)isresponsibleforthepreparationoftheseconsolidatedfinancialstatementsthatgiveatrueandfairviewoftheconsolidatedfinancialposition,consolidatedfinancialperformanceincludingothercomprehensiveincome,consolidatedcashflows,consolidatedchangesinunitholders’equityoftheGroup,netassetsatfairvalueandtotalreturnsatfairvalueoftheGroupandotherfinancialinformationoftheGroupinconformitywiththeREITRegulations,theIndianAccountingStandardsasdefinedinRule2(1)(a)oftheCompanies(IndianAccountingStandards)Rules,2015(asamended)andotheraccountingprinciplesgenerallyacceptedinIndia,totheextentnotinconsistentwithREITRegulations.TherespectiveBoardofDirectorsofthecompaniesincludedintheGroupareresponsibleformaintenanceofadequateaccounting


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recordsforsafeguardingtheassetsoftheGroupandforpreventinganddetectingfraudsandotherirregularities;selectionandapplicationofappropriateaccountingpolicies;makingjudgementsandestimatesthatarereasonableandprudent;anddesign,implementationandmaintenanceofadequateinternalfinancialcontrols,thatwereoperatingeffectivelyforensuringtheaccuracyandcompletenessoftheaccountingrecords,relevanttothepreparationandpresentationoftheconsolidatedfinancialstatementthatgiveatrueandfairviewandarefreefrommaterialmisstatement,whetherduetofraudorerrorwhichhavebeenusedforthepurposeofpreparationoftheconsolidatedfinancialstatementsbytheInvestmentManageroftheREIT,asaforesaid.

Inpreparingtheconsolidatedfinancialstatements,theBoardofDirectorsoftheInvestmentManagerandtherespectiveBoardofDirectorsofthecompaniesincludedintheGroupareresponsibleforassessingtheabilityoftheREITandrespectiveentitiestocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlesstheBoardofDirectorsoftheInvestmentManageralongwithrespectiveBoardofDirectorseitherintendstoliquidatetheirrespectiveentitiesortoceaseoperations,orhasnorealisticalternativebuttodoso.

TheBoardofDirectorsoftheInvestmentManagerandtherespectiveBoardofDirectorsofthecompaniesincludedintheGrouparealsoresponsibleforoverseeingthefinancialreportingprocessoftheGroup.

Auditor’s Responsibility for the Audit of the Consolidated Financial StatementsOurobjectivesaretoobtainreasonableassuranceaboutwhethertheconsolidatedfinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithSAswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisoftheseconsolidated financialstatements.

AspartofanauditinaccordancewiththeSAs,weexerciseprofessionaljudgementandmaintainprofessionalskepticismthroughouttheaudit.Wealso:

Identifyandassesstherisksofmaterialmisstatementoftheconsolidatedfinancialstatements,whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.

Obtainanunderstandingofinternalfinancialcontrolrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstancesbutnotforthepurposeofexpressinganopinionontheeffectivenessoftheentity’sinternalcontrol.

EvaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebytheManagement.

ConcludeontheappropriatenessofManagement’suseofthegoingconcernbasisofaccountingand,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheabilityoftheGrouptocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattentioninourauditor’sreporttotherelateddisclosuresintheconsolidatedfinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor’sreport.However,futureeventsorconditionsmaycausetheGrouptoceasetocontinueasagoingconcern.

Evaluatetheoverallpresentation,structureandcontentoftheconsolidatedfinancialstatements,includingthedisclosures,andwhethertheconsolidatedfinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.

ObtainsufficientappropriateauditevidenceregardingthefinancialinformationoftheentitieswithintheGrouptoexpressanopinionontheconsolidatedfinancialstatements.Weareresponsibleforthedirection,supervisionandperformanceoftheauditoffinancialinformationofsuchentitiesincludedinthecondensedconsolidatedfinancialstatementsofwhichwearetheindependentauditors.

Materialityisthemagnitudeofmisstatementsintheconsolidatedfinancialstatementsthat,individuallyorinaggregate,makesitprobablethattheeconomicdecisionsofareasonablyknowledgeableuseroftheconsolidatedfinancialstatementsmaybeinfluenced.Weconsiderquantitativematerialityandqualitativefactorsin(i)planningthescopeofourauditworkandinevaluatingtheresultsofourwork;and(ii)toevaluatetheeffectofanyidentifiedmisstatementsintheconsolidated financialstatements.

WecommunicatewiththosechargedwithgovernanceoftheREITandsuchotherentitiesincludedintheconsolidatedfinancialstatementsofwhichwearetheindependentauditorsregarding,amongothermatters,theplannedscopeandtimingoftheauditandsignificantauditfindings,includinganysignificantdeficienciesininternalcontrolthatweidentifyduringouraudit.

Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependence,andto

communicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,relatedsafeguards.

Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosemattersthatwereofmostsignificanceintheauditoftheconsolidatedfinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor’sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsof suchcommunication.

Report on Other Legal and Regulatory RequirementsBasedonourauditandasrequiredbyREITRegulations,wereportthat:

a) ExceptforthematterdescribedintheBasisforQualifiedOpinionsectionabove,obtainedalltheinformationandexplanationswhichtothebestofourknowledgeandbeliefwerenecessaryforthepurposesofouraudit.

b) TheConsolidatedBalanceSheet,theConsolidatedStatementofProfitandLossincludingOtherComprehensiveIncome,theConsolidatedStatementofCashFlows,theConsolidatedStatementofChangesinUnitholders’EquitydealtwithbythisReportareinagreementwiththebooksofaccountmaintainedforthepurposeofpreparationofconsolidatedfinancialstatements.

c) Inouropinion,exceptforthematterdescribedintheBasisforQualifiedOpinionsectionabove,theaforesaidconsolidatedfinancialstatementscomplywiththeIndianAccountingStandardsasdefinedinRule2(1)(a)oftheCompanies(IndianAccountingStandards)Rules,2015(asamended),andotheraccountingprinciplesgenerallyacceptedinIndia,totheextentnotinconsistentwithREITRegulations.

ForDELOITTE HASKINS & SELLSCharteredAccountants

(Firm’sReg.No.015125N)

Anand SubramanianPartner

(MembershipNo.110815)Bengaluru,May20,2021 (UDIN:21110815AAAABS5515)


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Consolidated Balance Sheet (AllamountsareinRupeesmillionunlessotherwisestated)

Particulars Note As at March 31, 2021

ASSETSNon-Current assetsProperty,plantandequipment 3 101.17 Investmentproperty 4 100,179.76 Investmentpropertyunderdevelopment 4 791.74 Intangibleassets 3 0.42 Financialassets- Loans 5 517.38 - Otherfinancialassets 6 281.83 Deferredtaxassets(net) 43 2,641.23 Non-currenttaxassets(net) 7 1,407.42 Othernon-currentassets 8 38.04 Total non-current assets 105,958.99

Current assetsFinancialassets- Tradereceivables 9 204.35 - Cashandcashequivalents 10 3,155.19 - Otherbankbalances 11 150.65 - Loans 12 0.01 - Otherfinancialassets 13 163.13 Othercurrentassets 14 157.31 Total current assets 3,830.64 TOTAL ASSETS 109,789.63

EQUITY AND LIABILITIESEquity UnitCapital 15 81,774.78 Otherequity 16 252.75 Total equity 82,027.53

LIABILITIESNon current liabilitiesFinancialliabilities- Borrowings 17 21,015.17 - Otherfinancialliabilities(includingleaseliabilities) 18 1,499.39 Longtermprovisions 19 10.86 Othernon-currentliabilities 20 386.47 Total non-current liabilities 22,911.89 Current liabilitiesFinancialliabilities- Tradepayables 21 Totaloutstandingduestomicroenterprisesandsmallenterprises 1.09 Totaloutstandingduestocreditorsotherthanmicroenterprisesandsmallenterprises 444.41 - Otherfinancialliabilities(includingleaseliabilities) 22 4,004.21 Shorttermprovisions 23 4.49 Othercurrentliabilities 24 396.01 Total current liabilities 4,850.21 Total liabilities 27,762.10 TOTAL EQUITY AND LIABILITIES 109,789.63

SinceBrookfieldIndiaREITwasregisteredpursuanttoatrustdeeddatedJuly17,2020,themanagementhasprovidedtheinformationinConsolidatedBalanceSheetasatMarch31,2021.Consequently,theinformationforcorrespondingyearhavenotbeenpresented.


Theaccompanyingnotesfrom1to49formanintegralpartoftheseconsolidatedfinancialstatements.




Consolidated Statement of Profit and Loss(AllamountsareinRupeesmillionunlessotherwisestated)

Particulars NoteFrom

July 17, 2020 to March 31, 2021*

Income and gainsRevenuefromoperations 25 1,309.42 Otherincome 26 51.65 Total income 1,361.07 Expenses and lossesCostofmaterialconsumed 27 2.48 Employeebenefitsexpenses 28 28.10 Financecosts 29 410.77 Depreciationandamortizationexpenses 30 316.75 ValuationExpenses 5.78 TrusteeFees 2.21 Otherexpenses 31 445.55 Total expenses 1,211.64 Profit/(Loss) before income tax 149.43

Tax expense: 32Currenttax- forcurrentperiod 0.44 - forearlieryears 18.89 Deferredtaxcharge/(credit) (122.93)Tax expense for the period (103.60)Profit/(Loss) for the period after income tax 253.03 Other comprehensive incomeItemsthatwillnotbereclassifiedtoprofitorloss- Remeasurementofdefinedbenefitobligations (0.35)- Incometaxrelatedtoitemsthatwillnotbereclassifiedtoprofitorloss 0.07 Other comprehensive income for the period, net of tax (0.28)Total comprehensive income/(loss) for the period 252.75 Earnings per unit 39Basic 4.26 Diluted 4.26



*SinceBrookfieldIndiaREITwasregisteredpursuanttoatrustdeeddatedJuly17,2020,themanagementhasprovidedtheinformationinConsolidatedStatementofProfitandLosswitheffectfromsaidperiodi.e.July17,2020forperiodendedMarch31,2021.Consequently,theinformationforpreviousyearendedMarch31,2020havenotbeenpresented.





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Consolidated Statement of Cash Flows(AllamountsareinRupeesmillionunlessotherwisestated)

Consolidated Statement of Cash Flows(AllamountsareinRupeesmillionunlessotherwisestated)

ParticularsFrom

July 17, 2020 to March 31, 2021*

Cash flows from operating activities :Profit/(Loss)beforetax 149.43 Adjustments for :Depreciationandamortizationexpense 316.75 Gratuityexpense 1.08 Compensatedabsences 0.29 Allowanceforcreditloss 0.05 Interestincomeonfixeddeposit (3.21)DeferredIncomeamortization (21.01)Advanceswrittenoff 1.27 Creditimpaired 23.32 Property,plantandequipmentwrittenoff 0.15 Financecost 410.77 Otherinterest (2.49)Operating cash flow before working capital changes 876.40 Movement in working capital: Decreaseinothercurrentandnoncurrentassets 55.20 Decreaseincurrentandnoncurrentfianancialassets 302.32 Increase/(Decrease)incurrentandnoncurrentfianancialliabilities (118.35)(Decrease)inothercurrentandnoncurrentliabilities (292.85)Cash flows generated from operating activities 822.72 Incometaxrefundreceived(net) 573.50 Net cash flows generated from operating activities (A) 1,396.22 Cash flow from investing activities :Expenditureincurredoninvestmentproperty (132.59)Purchaseofproperty,plantandequipment (4.52)Fixeddepositsmade# (347.40)Interestreceivedonfixeddeposits 1.11 Interestreceived 2.49 Net cash flow generated from / (used in) investing activities (B) (480.91)Cash flow from financing activities : ##Financecostspaid (592.85)Proceedsfromlong-termborrowings 21,200.00 Repaymentofnonconvertiblebonds (256.00)Repaymentoflong-termborrowings (56,620.43)ProceedsfromissueofUnits 38,000.00 ExpenseincurredtowardsInitialpublicofferings (268.14)Net cash flow (used in) / generated from financing activities (C) 1,462.58 Net increase/(decrease) in cash and cash equivalents (A+B+C) 2,377.89 Cash and cash equivalents at the beginning of the period - Cash and cash equivalents acquired due to asset acquisition: Bankbalance- incurrentaccount 447.30 - indepositaccount 330.00

777.30 Cash and cash equivalents at the end of the period (refer note 10) 3,155.19

ParticularsFrom

July 17, 2020 to March 31, 2021*

Components of cash and cash equivalents at the end of the periodBalanceswithbanks- incurrentaccount 1,132.32 - indepositaccount 590.00 - inescrowaccount 1,432.87

3,155.19

#Representsfixeddepositswithoriginalmaturityofmorethan3months.

##Refernote17forchangesinliabilitiesarisingfromfinancingactivities.

Notes:

1. Thecashflowstatementhasbeenpreparedinaccordancewith“IndirectMethod”assetoutinIndianAccountingStandard-7:“StatementonCashFlows”.

2. TheTrusthasissuedUnitsinexchangeforinvestmentsinSPVsduringtheyearendedMarch31,2021.ThesamehasnotbeenreflectedinConsolidatedStatementofCashFlowssincethesewerenon-cashtransactions.



*SinceBrookfieldIndiaREITwasregisteredpursuanttoatrustdeeddatedJuly17,2020,themanagementhasprovidedtheinformationinCondensedConsolidatedStatementofcashflowswitheffectfromsaidperiodi.e.July17,2020forperiodendedMarch31,2021.Consequently,theinformationforpreviousyearendedMarch31,2020havenotbeenpresented.





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Consolidated Statement of Changes in Unitholder’s Equity(AllamountsareinRupeesmillionunlessotherwisestated)

Statement of Net Assets at Fair Value(AllamountsareinRupeesmillionunlessotherwisestated)

(A) UNIT CAPITAL

Unit in Nos. AmountBalance as on July 17, 2020* - -Add:Unitsissuedduringtheyear(refernote15) 302,801,601 83,270.44Less:Issueexpenses (1,495.66)Balance as at March 31, 2021 302,801,601 81,774.78

(B) OTHER EQUITY

Particulars Retained earnings

Balance at July 17, 2020* -ProfitfortheperiodendedMarch31,2021 253.03OthercomprehensiveincomefortheperiodendedMarch31,2021 (0.28)Balance as at March 31, 2021 252.75

*SinceBrookfieldIndiaREITwasregisteredpursuanttoatrustdeeddatedJuly17,2020,themanagementhasprovidedtheinformationinConsolidatedStatementofchangesinUnitholder’sEquitywitheffectfromsaidperiodi.e.July17,2020forperiodendedMarch31,2021.Consequently,theinformationforcorrespondingperiodhavenotbeenpresented.






AS ON MARCH 31, 2021S. No Particulars Book Value Fair value

A Assets 109,789.63 123,626.13*B Liabilities (27,762.10) (27,762.10)C Net Assets ( A-B) 82,027.53 95,864.03 D No.ofunits 302,801,601 302,801,601E NAVperunit(C/D) 270.90 316.59

*(refernote2below)

Measurement of fair valuesThefairvalueofinvestmentpropertiesandinvestmentpropertyunderdevelopmenthasbeendeterminedbyindependentexternalpropertyvaluers,havingappropriatelyrecognizedprofessionalqualificationsandrecentexperienceinthelocationandcategoryofthepropertiesbeingvalued.

Valuation techniqueThefairvaluemeasurementoftheinvestmentpropertiesandinvestmentpropertyunderdevelopmenthasbeencategorizedasaLevel3fairvaluebasedontheinputstothevaluationtechniqueused.

ThevaluershavefollowedaDiscountedCashFlowmethod.Thediscountedcashflowmethodconsidersthepresentvalueofnetcashflowstobegeneratedfromtherespectiveproperties,takingintoaccounttheexpectedrentalgrowthrate,vacancyperiod,occupancyrate,averagesq.ft.rentandleaseincentivecosts.Theexpectednetcashflowsarediscountedusingtheriskadjusteddiscountrates.Amongotherfactors,thediscountrateestimationconsidersthequalityofabuildinganditslocation(primevssecondary),tenantcreditquality,leasetermsandinvestorsexpectedreturn.

Forfairvaluationoffinancialassetsandfinancialliabilitiesrefernote35.

Notes

1. CandorKolkatahasplanstode-notifyaportionofitsSEZintononSEZ.Thedenotificationwillbetakenuppriortotheconstructioncommencementandisproceduralinnature.Hence,thefairvaluationofsuchSEZportionhasbeencomputedbythevaluersassumingnonITuse.

2. ProjectwisebreakupofFairvalueofAssetsasatMarch31,2021isasfollows:

Entity and Property nameFair value of Investment

property and Investment property under development

Other assets at book value Total assets

CandorKolkataOneHi-TechStructuresPrivateLimited 69,195.00 4,245.24 73,440.24ShantiniketanPropertiesPrivateLimited 20,121.00 787.97 20,908.97FestusPropertiesPrivateLimited 25,492.00 1,907.93 27,399.93CandorIndiaOfficeParksPrivateLimited - 211.78 211.78BrookfieldIndiaRealEstateTrust - 1,665.21 1,665.21

114,808.00 8,818.13 123,626.13

a. FairvaluesofassetsasdisclosedabovearethefairvaluesofthetotalassetsofallSPVsasincludedintheConsolidatedFinancialStatements.

b. FairvaluesofinvestmentpropertyandinvestmentpropertyunderdevelopmentasatMarch31,2021asdisclosedabovearesolelybasedonthefairvaluationreportoftheindependentvaluerappointedundertheREITRegulations.






Notes to the Consolidated Financial Statements(All amounts are in Rupees million unless otherwise stated)

177Brookfield India Real Estate Trust

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176 ANNUAL REPORT 2020-21

S. No Particulars


A. TotalcomprehensiveIncome 252.75 B. Add/(Less):Changesinfairvaluenotrecognized-InvestmentProperty 521.82 C. (A+B) Total Return 774.57

Intheabovestatement,changesinfairvaluefortheperiodendedMarch31,2021hasbeencomputedbasedonthedifferenceinfairvaluesofinvestmentpropertiesandinvestmentpropertyunderdevelopmentasatMarch31,2021and08February2021afteradjustingchangeinbookvalueofinvestmentpropertiesandinvestmentpropertyunderdevelopment.ThefairvaluesoftheaforementionedassetsasatMarch31,2021and08February2021aresolelybasedonthevaluationreportoftheindependentvaluerappointedundertheREITRegulations.






1 ORGANIZATION STRUCTURE

Theconsolidatedfinancialstatements(‘ConsolidatedFinancialStatements’)comprisefinancialstatementsofBrookfieldIndiaRealEstateTrust(‘BrookfieldIndiaREIT’or‘Trust’)anditssubsidiariesnamelyShantiniketanPropertiesPrivateLimited(‘SPPLNoida’),CandorKolkataOneHi-TechStructuresPrivateLimited(‘CandorKolkata’),FestusPropertiesPrivateLimited(‘Festus’)andCandorIndiaOfficeParksPrivateLimited(‘CIOP’)(individuallyreferredtoas‘SpecialPurposeVehicle’or‘SPV’andtogetherreferredtoas‘BrookfieldIndiaREITPortfoliocompanies’or‘Group’).TheSPVsarecompaniesdomiciledinIndia.

BrookpropManagementServicesPrivateLimited(the‘Settlor’)hassetuptheBrookfieldIndiaRealEstateTrustonJuly17,2020,asanirrevocabletrust,pursuanttotheTrustDeed,undertheprovisionsoftheIndianTrustsAct,1882andtheTrusthasbeenregisteredwithSEBIasaRealEstateInvestmentTrustonSeptember14,2020underRegulation6oftheSecuritiesandExchangeBoardofIndia(RealEstateInvestmentTrusts)Regulations,2014.TheTrusteetoBrookfieldIndiaRealEstateTrustisAxisTrusteeServicesLimited(the‘Trustee’)andtheManagerforBrookfieldIndiaRealEstateTrustisBrookpropManagementServicesPrivateLimited(the‘Manager’).

TheobjectivesofBrookfieldIndiaREITaretoundertakeactivitiesinaccordancewiththeprovisionsoftheSEBIREITRegulationsandtheTrustDeed.TheprincipalactivityofBrookfieldIndiaREITistoownandinvestinrentorincomegeneratingrealestateandrelatedassetsinIndiawiththeobjectiveofproducingstableandsustainabledistributionstoUnitholders.

BrookfieldIndiaREITacquiredthefollowingSPVsbyacquiringalltheequityinterestheldbytheSponsorandcertainmembersofSponsorGroup(refernote41)onFebruary08,2021.Inexchangefortheseequityinterests,theaboveshareholdershavebeenallotted127,892,403UnitsofBrookfieldIndiaREITvaluedat`275/-each.

BrookfieldIndiaREITwentpublicasperitsplanforInitialPublicOfferofUnitsafterobtainingtherequiredapprovalsfromtherelevantauthorities.TheUnitswereallottedtothesuccessfulapplicantsonFebruary08,2021andFebruary11,2021.

AlltheseUnitsweresubsequentlylistedontheNationalStockExchange(NSE)andBombayStockExchange(BSE)onFebruary16,2021.

ThebriefactivitiesandshareholdingpatternoftheSPVsareprovidedbelow:

Name of SPV Activities Shareholding up to 08 February 2021 (in percentage)

Shareholding from 08 February 2021 (in percentage)

SPPLNoida DevelopingandleasingofcommercialrealestatepropertyinIndia,primarilyinIT/ITeSsectorinSector62,Noida,UttarPradesh.

BSREPIndiaOfficeHoldingsPte.Ltd.:100% BSREPMoonC1L.P.:0.00%(10Shares)


CandorKolkata DevelopingandleasingofcommercialrealestatepropertyinIndia,primarilyinIT/ITeSSpecialEconomicZone(SEZ)inNewTown,Rajarhat,KolkataandSector21,DundaheraGurugram

BSREPIndiaOfficeHoldingsVPte.Ltd.:99.97% BSREPIndiaOfficeHoldingsPte.Ltd.:0.03%


CIOP Providingmanagementrelatedserviceincludingfacilitiesmanagementserviceandpropertymanagementservices.

BSREPMoonC1L.P.:99.99% BSREPMoonC2L.P.:0.01%

BrookfieldIndiaREIT:100%CandorKolkataOneHi-TechStructuresPrivateLimited:0.00%(1shares)(asnomineeofBrookfieldIndiaREIT)

Festus DevelopingandleasingofcommercialrealestatepropertyinIndia,primarilyinIT/ITeSSpecialEconomicZone(SEZ)inPowai,Mumbai.

KairosPropertyManagersPvt.Ltd.:10.76% BSREPIIIndiaOfficeHoldingsIIPte.Ltd.:89.24%


2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of preparation of Consolidated financial statements

TheConsolidatedFinancialStatementsofBrookfieldIndiaREITcomprisestheConsolidatedBalanceSheetasatMarch31,2021;theConsolidatedStatementofProfitandLoss,theConsolidatedStatementofCashFlowsandtheConsolidatedStatement

ofChangesinUnitholders’EquityfortheperiodJuly17,2020toMarch31,2021andasummaryofsignificantaccountingpoliciesandotherexplanatoryinformation.Additionally,itincludestheStatementofNetAssetsatFairValueasatMarch31,2021,theStatementofTotalReturnsatFairValuefortheperiodthenendedandotheradditionalfinancialdisclosuresasrequiredundertheSEBI(RealEstateInvestmentTrusts)Regulations,2014.TheConsolidatedFinancial

Statement of Total Return at Fair Value(AllamountsareinRupeesmillionunlessotherwisestated)




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StatementswereauthorizedforissueinaccordancewithresolutionspassedbytheBoardofDirectorsoftheManageronbehalfoftheBrookfieldIndiaREITonMay20,2021.TheConsolidatedFinancialStatementshavebeenpreparedinaccordancewiththerequirementsofSEBI(RealEstateInvestmentTrusts)Regulations,2014,asamendedfromtimetotimereadwiththeSEBIcircularnumberCIR/IMD/DF/146/2016datedDecember29,2016(“REITRegulations”);IndianAccountingStandardsasdefinedinRule2(1)(a)oftheCompanies(IndianAccountingStandards)Rules,2015(‘IndAS’)totheextentnotinconsistentwiththeREITRegulations(refernote15(a)(i)onpresentationof“UnitCapital”as“Equity”insteadofcompoundinstrumentsunderIndAS32–FinancialInstruments:Presentation),readwithrelevantrulesissuedthereunderandotheraccountingprinciplesgenerallyacceptedinIndia.

TheConsolidatedFinancialStatementsarepresentedinIndianRupeesinMillion,exceptwhenotherwiseindicated.

Statement of compliance to Ind AS: TheseConsolidatedfinancialstatementsforthe

periodendedMarch31,2021havebeenpreparedinaccordancewithIndianAccountingStandardsasdefinedinRule2(1)(a)oftheCompanies(IndianAccountingStandards)Rules,2015(‘IndAS’),totheextentnotinconsistentwiththeREITRegulationsasmorefullydescribedaboveandinNote15(a)(i)totheconsolidatedfinancialstatements.

2.2 Significant accounting policiesa) Basis of Consolidation TheBrookfieldIndiaREITconsolidatesentitieswhich

itownsorcontrols.TheCondensedConsolidatedFinancialStatementscomprisethefinancialstatementsoftheBrookfieldIndiaREITanditssubsidiarySPVsasdisclosedinNote1.Controlexistswhentheparenthaspowerovertheentity,isexposed,orhasrights,tovariablereturnsfromitsinvolvementwiththeentityandhastheabilitytoaffectthosereturnsbyusingitspowerovertheentity.Powerisdemonstratedthroughexistingrightsthatgivetheabilitytodirectrelevantactivities,thosewhichsignificantlyaffecttheentity’sreturns.Subsidiariesareconsolidatedfromthedatecontrolcommencesuntilthedatecontrolceases.

TheprocedureadoptedforpreparingCondensedConsolidatedFinancialStatementsofBrookfieldIndiaREITarestatedbelow:

i) TheCondensedConsolidatedFinancialStatementshavebeenpreparedusingtheprinciplesofconsolidationasperIndAS110-ConsolidatedFinancialStatements.

ii) ThefinancialstatementsoftheBrookfieldIndiaREITwereConsolidatedbycombining/addinglikeitemsofassets,liabilities,equity,income,expensesandcashflows.

iii) Intragroupassetsandliabilities,equity,income,expensesandcashflowsrelatingtotransactionsbetweenentitiesofBrookfieldIndiaREITareeliminatedinfull;

iv) ThefiguresinthenotestoaccountsanddisclosureshavebeenConsolidatedlinebylineandInter-Companytransactionsandbalancesincludingunrealizedprofitareeliminatedinfullonconsolidation.

b) Functional and presentation currency TheConsolidatedFinancialStatementsarepresented

inIndianrupees,whichisBrookfieldIndiaREIT’sfunctionalcurrencyandthecurrencyoftheprimaryeconomicenvironmentinwhichBrookfieldIndiaREIToperates.AllfinancialinformationpresentedinIndianrupeeshasbeenroundedofftonearestmillionexceptunitandperunitdata.

c) Basis of measurement TheConsolidatedFinancialStatementshavebeen

preparedonhistoricalcostbasisexceptforcertainfinancialinstrumentsmeasuredatfairvalueattheendofeachreportingperiodasexplainedintheaccountingpoliciesbelow.

TheConsolidatedFinancialStatementshavebeenpreparedonagoingconcernbasis.

d) Use of judgements and estimates ThepreparationofConsolidatedFinancial

StatementsinconformitywithgenerallyacceptedaccountingprinciplesinIndia(IndAS),totheextentnotinconsistentwiththeREITRegulations,requiresmanagementtomakeestimatesandassumptionsthataffectthereportedamountsofassets,liabilities,incomeandexpenses.Actualresultscoulddifferfromthoseestimates.


InformationaboutsignificantareasofestimationuncertaintyandcriticaljudgementsinapplyingaccountingpoliciesthathavethemostsignificanteffectontheamountsrecognizedintheConsolidatedFinancialStatementsisincludedinthefollowingnotes:

(i) Presentationof“UnitCapital”as“Equity”inaccordancewiththeREITRegulationsinsteadofcompoundinstrument(Note15)

(ii) determinationofusefullifeandresidualvaluesofinvestmentpropertyandproperty,plantandequipment(Note2.2(g)and(h))

(iii) classificationofassetsasinvestmentpropertyorasproperty,plantandequipment(Note2.2(g)and(h))

(iv) determinationofrecoverableamount/fairvalueofinvestmentproperty(Note2.2(g),StatementofNetAssetsatFairValue,StatementofTotalReturnatFairValueandNote44)

(v) impairmentoffinancialassets,property,plantandequipmentandintangibleassets(Note2.2(i)and(l))

(vi) recognitionandmeasurementofprovisionsforcontingenciesanddisclosureofcontingentliabilities(Note2.2(q)andNote33)

(vii) determinationofleaseterm(Note2.2(n))

(viii) recognition/recoverabilityofdeferredtaxassets(Note2.2(p))

e) Current versus non-current classification BrookfieldIndiaREITpresentsassetsandliabilities

intheConsolidatedBalanceSheetbasedoncurrent/non-currentclassification:

Anassetisclassifiedascurrentwhenitsatisfiesanyofthefollowingcriteria:

itisexpectedtoberealizedin,orisintendedforsaleorconsumptionin,thenormaloperatingcycle.


itisexpectedtoberealizedwithin12monthsafterthereportingdate;or

itiscashorcashequivalentunlessitisrestrictedfrombeingexchangedorusedtosettlealiabilityforatleast12monthsafterthereportingdate.

BrookfieldIndiaREITclassifiesallotherassetsasnon-current.

Aliabilityisclassifiedascurrentwhenitsatisfiesanyofthefollowingcriteria:

itisexpectedtobesettledinnormaloperatingcycleofBrookfieldIndiaREIT;


itisduetobesettledwithin12monthsafterthereportingdate;or

theBrookfieldIndiaREITdoesnothaveanunconditionalrighttodefersettlementoftheliabilityforatleast12monthsafterthereportingdate.Termsofaliabilitythatcould,attheoption

ofthecounterparty,resultinitssettlementbytheissueofequityinstrumentsdonotaffectitsclassification.

BrookfieldIndiaREITclassifiesallotherliabilitiesasnon-current.

Currentassets/liabilitiesincludecurrentportionofnon-currentfinancialassets/liabilitiesrespectively.Deferredtaxassetsandliabilitiesareclassifiedasnon-currentassetsandliabilities.

f) Fair value measurement Fairvalueisthepricethatwouldbereceivedtosell

anassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate,regardlessofwhetherthatpriceisdirectlyobservableorestimatedusinganothervaluationtechnique.Inestimatingthefairvalueofanassetoraliability,BrookfieldIndiaREITtakesintoaccountthecharacteristicsoftheassetorliabilityandhowmarketparticipantswouldtakethosecharacteristicsintoaccountwhenpricingtheassetorliabilityatthemeasurementdate.

Inputstofairvaluemeasurementtechniquesaredisaggregatedintothreehierarchicallevels,whicharedirectlybasedonthedegreetowhichinputstofairvaluemeasurementtechniquesareobservablebymarketparticipants:

Level1:Inputsareunadjusted,quotedpricesinactivemarketsforidenticalassetsorliabilitiesatthemeasurementdate.

Level2:Inputs(otherthanquotedpricesincludedinLevel1)areeitherdirectlyorindirectlyobservablefortheassetorliabilitythroughcorrelationwithmarketdataatthemeasurementdateandforthedurationoftheasset’sorliability’santicipatedlife.

Level3:Inputsareunobservableandreflectmanagement’sbestestimateofwhatmarketparticipantswoulduseinpricingtheassetorliabilityatthemeasurementdate.Considerationisgiventotheriskinherentinthevaluationtechniqueandtheriskinherentintheinputsindeterminingtheestimate.

FairvaluemeasurementsareadoptedbyBrookfieldIndiaREITtocalculatethecarryingamountsofvariousassetsandliabilities.

g) Investment properties Recognition and measurement Investmentpropertyconsistsofcommercial

propertieswhichareprimarilyheldtoearnrentalincomeandcommercialdevelopmentsthatarebeingconstructedordevelopedforfutureuseas




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commercialproperties.Thecostofcommercialdevelopmentpropertiesincludesdirectdevelopmentcosts,realtytaxesandborrowingcostsdirectlyattributabletothedevelopment.Subsequenttoinitialrecognition,investmentpropertyismeasuredatcostlessaccumulateddepreciationandimpairmentlosses,ifany.

Equipmentandfurnishingsphysicallyattachedandintegraltoabuildingareconsideredtobepartoftheinvestmentproperty.

Subsequent expenditure and disposal Subsequentexpenditureiscapitalizedtothe

investmentproperty’scarryingamountonlywhenitisprobablethatfutureeconomicbenefitsassociatedwiththeexpenditurewillflowtotheBrookfieldIndiaREITandthecostoftheitemcanbemeasuredreliably.Thecostoftheassetsnotreadyforitsintendedusebeforesuchdate,aredisclosedasinvestmentpropertyunderdevelopment.Allotherrepairsandmaintenancecostsareexpensedwhenincurred.Whenpartofaninvestmentpropertyisreplaced,thecarryingamountofthereplacedpartisderecognized.

AnygainorlossfromdisposalofaninvestmentpropertyisrecognizedinStatementofprofitandloss.

Depreciation Investmentpropertyaredepreciatedusingthe

straight-linemethodovertheirestimatedusefullives.Theusefullivesoftheassetshavebeendeterminedbymanagementafterconsideringnatureofassets,theestimatedusageoftheassets,theoperatingconditionsoftheassets,pasthistoryofreplacementandmaintenancesupport.

Theasset’sresidualvaluesandusefullivesarereviewed,andadjustedifappropriate,attheendofeachreportingperiod.

Theusefullivesoftheinvestmentpropertyaretabulatedasbelow:

Particulars Useful Life (Years)Buildings 60PlantandMachinery 4–15FurnitureandFixtures 10–12Electricalfittings 4–15

Dieselgeneratorsets 15–25

Airconditioners 5–15

OfficeEquipment 5–12KitchenEquipment 5Computers 3–6RightofUse(LeaseholdLand) Asperleaseterm

Thefairvalueofinvestmentpropertyisdisclosedinthestatementofnetassetsatfairvalue.Fairvaluesaredeterminedbyanindependentvaluerwhoholdsarecognizedandrelevantprofessionalqualificationandhasrecentexperienceinthelocationandcategoryoftheinvestmentpropertybeingvalued.

h) Property, plant and equipment and intangible assets

Recognition and measurement Property,plantandequipmentaremeasuredatcost

lessaccumulateddepreciationandaccumulatedimpairmentlosses,ifany.

Costofanitemofproperty,plantandequipmentcomprisesthepurchaseprice,includingimportdutiesandothernon-refundablepurchasetaxesandanydirectlyattributablecostofbringingtheassettoitsworkingconditionforitsintendeduse.Anytradediscountsandrebatesaredeductedinarrivingatthepurchaseprice.

Ifsignificantpartsofanitemofproperty,plantandequipmenthavedifferentusefullives,thentheyareaccountedforasseparateitems(majorcomponents)ofproperty,plantandequipment.Likewise,oninitialrecognitionexpendituretobeincurredtowardsmajorinspectionsandoverhaulsarerequiredtobeidentifiedasaseparatecomponentanddepreciatedovertheexpectedperiodtillthenextoverhaulexpenditure.

Subsequent expenditure and disposal Subsequentexpenditureiscapitalizedtothe

property,plantandequipment’scarryingamountonlywhenitisprobablethatfutureeconomicbenefitsassociatedwiththeexpenditurewillflowtotheBrookfieldIndiaREITandthecostoftheitemcanbemeasuredreliably.Allotherrepairsandmaintenancecostsareexpensedwhenincurred.Whenpartofaproperty,plantandequipmentisreplaced,thecarryingamountofthereplacedpartisderecognized.

Anygainorlossfromdisposalofaproperty,plantandequipmentisrecognizedinStatementofprofitandloss.

Depreciation Property,plantandequipmentaredepreciated

usingthestraight-linemethodovertheirestimatedusefullives.Theusefullivesoftheassetshavebeendeterminedbymanagementafterconsideringnatureofassets,theestimatedusageoftheassets,theoperatingconditionsoftheassets,pasthistoryofreplacementandmaintenancesupport.

Theasset’sresidualvaluesandusefullivesarereviewed,andadjustedifappropriate,attheendofeachreportingperiod.

Depreciationonadditions(disposals)isprovidedonpro-ratabasisi.e.from(upto)thedateonwhichassetisreadyforuse(disposedoff).

Leaseholdimprovementsaredepreciatedoverprimaryperiodofleaseortheusefullifeoftheasset,whicheverislower.

Estimatedusefullivesofitemsofproperty,plantandequipmentaretabulatedasfollows:-

Particulars Useful Life (Years)Buildings 60PlantandMachinery 5–20FurnitureandFixtures 5–14Electricalfittings 10Airconditioners 5–15OfficeEquipment 4–15KitchenEquipment 5Vehicle 8Computers 3–14ComputerSoftware 5

Intangibleassetscomprisepurchaseofsoftware.Intangibleassetsarecarriedatcostandamortizedoveraperiodof5years,whichrepresentstheperiodoverwhichtheBrookfieldIndiaREITexpectstoderiveeconomicbenefitsfromtheuseoftheassets.

Theestimatedusefullifeoftheintangibleassetsandtheamortizationperiodarereviewedattheendofeachreportingperiodandtheamortizationperiodisrevisedtoreflectthechangedpattern,ifany.

i) Impairment of non-financial assets BrookfieldIndiaREITassesses,ateachreportingdate,

whetherthereisanindicationthatanon-financialassetotherthandeferredtaxassetsmaybeimpaired.Ifanyindicationexists,orwhenannualimpairmenttestingforanassetisrequired,theBrookfieldIndiaREITestimatestheasset’srecoverableamount.Goodwillistestedannuallyforimpairment.

AnimpairmentlossisrecognizedintheConsolidatedStatementofProfitandLossifthecarryingamountofanassetoritscash-generatingunit(CGU)exceedsitsrecoverableamount.ImpairmentlossrecognizedinrespectofaCGUisallocatedfirsttoreducethecarryingamountofanygoodwillallocatedtotheCGU,andthentoreducethecarryingamountsoftheotherassetsoftheCGUonaproratabasis.ACGUisthesmallestidentifiableassetgroupthatgeneratescashflowsthatarelargelyindependentfromotherassetsandgroups.

ImpairmentlossesarerecognizedintheConsolidatedStatementofProfitandLoss,unlessitreverses

previousrevaluationcreditedtoequity,inwhichcaseitischargedtoequity.

Goodwill(ifany)arisingfromabusinesscombinationisallocatedtoCGUsorgroupofCGUsthatareexpectedtobenefitfromthesynergiesofthecombination.

Anasset’srecoverableamountisthehigherofanasset’sorCGU’sfairvaluelesscostsofdisposalanditsvalueinuse.Inestimatingvalueinuse,theestimatedfuturecashflowsarediscountedtotheirpresentvalueusingapre-taxdiscountratethatreflectscurrentmarketassessmentsofthetimevalueofmoneyandtherisksspecifictotheasset.Indeterminingfairvaluelesscostsofdisposal,recentmarkettransactionsaretakenintoaccount.Forthepurposeofimpairmenttesting,assetsthatcannotbetestedindividuallyaregroupedtogetherintothesmallestgroupofassetsthatgeneratescashinflowsfromcontinuingusethatarelargelyindependentofthecashinflowsofotherassetsorCGU.

Impairmentlossesrecognizedinpriorperiodsareassessedateachreportingdateforanyindicationsthatthelosshasdecreasedornolongerexists.Animpairmentlossisreversediftherehasbeenachangeintheestimatesusedtodeterminetherecoverableamount.Animpairmentlossinrespectofgoodwillisnotsubsequentlyreversed.Inrespectofotherassets,suchareversalismadeonlytotheextentthattheasset’scarryingamountdoesnotexceedthecarryingamountthatwouldhavebeendetermined,netofdepreciation,ifnoimpairmentlosshadbeenrecognized.

j) Foreign currency transactions Itemsincludedinthefinancialstatementsofthe

BrookfieldIndiaREITaremeasuredusingthecurrencyoftheprimaryeconomicenvironmentinwhichtheBrookfieldIndiaREIToperates(‘thefunctionalcurrency’).ThefinancialstatementsarepresentedinIndianrupee(INR),whichistheBrookfieldIndiaREITfunctionalandpresentationcurrency.

Foreigncurrencytransactionsincurrenciesotherthanthefunctionalcurrencyaretranslatedintothefunctionalcurrencyusingtheexchangeratesatthedatesofthetransactions.ForeignexchangegainsorlossesresultingfromthesettlementofsuchtransactionsandfromthetranslationofmonetaryassetsandliabilitiesdenominatedinforeigncurrenciesatreportingperiodendexchangeratesaregenerallyrecognizedintheStatementofprofitandloss.




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k) Errors, estimates and change in accounting policy TheBrookfieldIndiaREITrevisesitsaccounting

policiesifthechangeisrequiredduetoachangeinIndASorifthechangewillprovidemorerelevantandreliableinformationtotheusersoftheConsolidatedFinancialStatements.Changesinaccountingpoliciesareappliedretrospectively,whereapplicable.

Achangeinanaccountingestimatethatresultsinchangesinthecarryingamountsofrecognizedassetsorliabilitiesortoprofitorlossisappliedprospectivelyintheperiod(s)ofchange.Discoveryoferrorsresultsinrevisionsretrospectivelybyrestatingthecomparativeamountsofassets,liabilitiesandequityoftheearliestpriorperiodinwhichtheerrorisdiscovered.Theopeningbalancesoftheearliestperiodpresentedarealsorestated.

l) Financial instruments Afinancialinstrumentisanycontractthatgives

risetoafinancialassetofoneentityandafinancialliabilityorequityinstrumentofanotherentity.

(i) Financial Assets - Recognition Allfinancialassetsarerecognizedinitiallyatfair

value(exceptfortradereceivableswhichareinitiallymeasuredattransactionprice)plus,inthecaseoffinancialassetsnotrecordedatfairvaluethroughprofitorloss,transactioncoststhatareattributabletotheacquisitionofthefinancialasset.

Classification and subsequent measurement Forpurposesofsubsequentmeasurement,

financialassetsareclassifiedinfourcategories:

Debt instruments at amortized cost

A‘debtinstrument’ismeasuredattheamortizedcostifboththefollowingconditionsaremet:

a) Theassetisheldwithinabusinessmodelwhoseobjectiveistoholdassetsforcollectingcontractualcashflows,and

b) Contractualtermsoftheassetgiveriseonspecifieddatestocashflowsthataresolelypaymentsofprincipalandinterest(SPPI)ontheprincipalamountoutstanding.

Afterinitialmeasurement,suchfinancialassetsaresubsequentlymeasuredatamortizedcostusingtheeffectiveinterestrate(EIR)method.AmortizedcostiscalculatedbytakingintoaccountanydiscountorpremiumonacquisitionandfeesorcoststhatareanintegralpartoftheEIR.TheEIRamortizationisincludedininterestincomeinthestatementofprofitandloss.Thelossesarisingfromimpairmentarerecognizedinthestatementofprofitandloss.

Debt instruments at fair value through other comprehensive income (FVOCI)

A‘debtinstrument’isclassifiedasattheFVOCIifbothofthefollowingcriteriaaremet:

a) Theobjectiveofthebusinessmodelisachievedbothbycollectingcontractualcashflowsandsellingthefinancialassets,and

b) Theasset’scontractualcashflowsrepresentSPPI.

DebtinstrumentsincludedwithintheFVOCIcategoryaremeasuredinitiallyaswellasateachreportingdateatfairvalue.Fairvaluemovementsarerecognizedintheothercomprehensiveincome(OCI).However,interestincome,impairmentlossesandreversalsandforeignexchangegainorlossisrecognizedinstatementofprofitandloss.Onderecognitionoftheasset,cumulativegainsorlossespreviouslyrecognizedinOCIisreclassifiedfromtheequitytostatementofprofitandloss.InterestearnedwhilstholdingFVOCIdebtinstrumentisreportedasinterestincomeusingtheEIRmethod.

Debt instruments at fair value through profit or loss (FVTPL)

FVTPLisaresidualcategoryfordebtinstruments.Anydebtinstrument,whichdoesnotmeetthecriteriaforcategorizationasatamortizedcostorasFVOCI,isclassifiedasatFVTPL.

Inaddition,theBrookfieldIndiaREITmayelecttodesignateadebtinstrument,whichotherwisemeetsamortizedcostorFVOCIcriteria,asatFVTPL.However,suchelectionisallowedonlyifdoingsoreducesoreliminatesameasurementorrecognitioninconsistency(referredtoas‘accountingmismatch’).TheBrookfieldIndiaREIThasnotdesignatedanydebtinstrumentasatFVTPL.

DebtinstrumentsincludedwithintheFVTPLcategoryaremeasuredatfairvaluewithallchangesrecognizedinStatementofprofitorloss.

Equity instruments measured at fair value through other comprehensive income (FVOCI)

AllequityinvestmentsinscopeofIndAS109aremeasuredatfairvalue.EquityinstrumentswhichareheldfortradingareclassifiedasatFVTPL.Forallotherequityinstruments,theBrookfieldIndiaREITmaymakeanirrevocableelectiontopresentinothercomprehensive

incomesubsequentchangesinthefairvalue.TheBrookfieldIndiaREITmakessuchelectiononaninstrument-by-instrumentbasis.Theclassificationismadeoninitialrecognitionandisirrevocable.

IftheBrookfieldIndiaREITdecidestoclassifyanequityinstrumentasatFVOCI,thenallfairvaluechangesontheinstrument,excludingdividends,arerecognizedintheOCI.ThereisnorecyclingoftheamountsfromOCItostatementofprofitandloss,evenonsaleofinvestment.However,theBrookfieldIndiaREITmaytransferthecumulativegainorlosswithinequity.

EquityinstrumentsincludedwithintheFVTPLcategoryaremeasuredatfairvaluewithallchangesrecognizedinStatementofprofitandloss.

(ii) Financial Assets - Derecognition Afinancialasset(or,whereapplicable,apart

ofafinancialassetorpartofagroupofsimilarfinancialassets)isderecognized(i.e.,removedfromtheBrookfieldIndiaREITbalancesheet)when:

Therightstoreceivecashflowsfromtheassethaveexpired,or

TheBrookfieldIndiaREIThastransferreditsrightstoreceivecashflowsfromtheassetorhasassumedanobligationtopaythereceivedcashflowsinfullwithoutmaterialdelaytoathirdpartyundera‘pass-through’arrangement;andeither(a)theBrookfieldIndiaREIThastransferredsubstantiallyalltherisksandrewardsoftheasset,or(b)theBrookfieldIndiaREIThasneithertransferrednorretainedsubstantiallyalltherisksandrewardsoftheasset,buthastransferredcontroloftheasset.

(iii) Impairment of financial assets BrookfieldIndiaREITrecognizeslossallowance

usingtheexpectedcreditloss(ECL)modelforthefinancialassetswhicharenotfairvaluedthroughprofitorloss.LossallowancefortradereceivableswithnosignificantfinancingcomponentandleasereceivablesismeasuredatanamountequaltolifetimeECL.Forallfinancialassetswithcontractualcashflowsotherthantradereceivableandleasereceivables,ECLsaremeasuredatanamountequaltothe12-monthECL,unlesstherehasbeenasignificantincreaseincreditriskfrominitialrecognitioninwhichcasethosearemeasuredatlifetimeECL.TheamountofECLs(orreversal)thatisrequiredtoadjustthelossallowanceatthereportingdate,is

recognizedasanimpairmentgainorlossintheStatementofProfitandLoss.

(iv) Financial liabilities – Recognition and Subsequent measurement

BrookfieldIndiaREITfinancialliabilitiesareinitiallymeasuredatfairvaluelessanyattributabletransactioncosts.Subsequenttoinitialmeasurement,thesearemeasuredatamortizedcostusingtheeffectiveinterestrate(‘EIR’)methodoratfairvaluethroughprofitorloss(FVTPL).

BrookfieldIndiaREITfinancialliabilitiesincludetradeandotherpayables,Loansandborrowingsincludingbankoverdrafts.

Themeasurementoffinancialliabilitiesdependsontheirclassification,asdescribedbelow:

Financial liabilities at fair value through profit or loss

FinancialliabilitiesatfairvaluethroughStatementofprofitorlossincludefinancialliabilitiesheldfortradingandfinancialliabilitiesdesignateduponinitialrecognitionasatfairvaluethroughStatementofprofitorloss.Financialliabilitiesareclassifiedasheldfortradingiftheyareincurredforthepurposeofrepurchasinginthenearterm.ThiscategoryalsoincludesderivativefinancialinstrumentsenteredintobytheBrookfieldIndiaREITthatarenotdesignatedashedginginstrumentsinhedgerelationshipsasdefinedbyIndAS109.Separatedembeddedderivativesarealsoclassifiedasheldfortradingunlesstheyaredesignatedaseffectivehedginginstruments.

GainsorlossesonliabilitiesheldfortradingarerecognizedinStatementofprofitandloss.

FinancialliabilitiesdesignateduponinitialrecognitionatfairvaluethroughStatementofprofitorlossaredesignatedassuchattheinitialdateofrecognition,andonlyifthecriteriainIndAS109aresatisfied.ForliabilitiesdesignatedasFVTPL,fairvaluegains/lossesattributabletochangesinowncreditriskarerecognizedinOCI.Thesegainsorlossesarenotsubsequentlytransferredtostatementofprofitandloss.However,theBrookfieldIndiaREITmaytransferthecumulativegainsorlosseswithinequity.AllotherchangesinfairvalueofsuchliabilityarerecognizedinStatementofprofitandloss.TheBrookfieldIndiaREIThasnotdesignatedanyfinancialliabilityasatfairvaluethroughprofitorloss.




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Financial liabilities at amortized cost

Financialliabilitiesthatarenotheldfortrading,ordesignatedasatFVTPL,aremeasuredsubsequentlyatamortizedcostusingtheeffectiveinterestmethod.

Theeffectiveinterestmethodisamethodofcalculatingtheamortizedcostofafinancialliabilityandofallocatinginterestexpenseovertherelevantperiod.Theeffectiveinterestrateistheratethatexactlydiscountsestimatedfuturecashpayments(includingallfeesandpointspaidorreceivedthatformanintegralpartoftheeffectiveinterestrate,transactioncostsandotherpremiumsordiscounts)throughtheexpectedlifeofthefinancialliability,or(whereappropriate)ashorterperiod,totheamortizedcostofafinancialliability.

(v) Financial liabilities - Derecognition Afinancialliabilityisderecognizedwhenthe

obligationundertheliabilityisdischargedorcancelledorexpires.Whenanexistingfinancialliabilityisreplacedbyanotherfromthesamelenderonsubstantiallydifferentterms,orthetermsofanexistingliabilityaresubstantiallymodified,suchanexchangeormodificationistreatedasthederecognitionoftheoriginalliabilityandtherecognitionofanewliability.Thedifferencebetweenthecarryingamountofafinancialliabilitythathasbeenextinguishedortransferredtoanotherpartyandtheconsiderationpaid,includinganynon-cashassetstransferredorliabilitiesassumed,isrecognizedintheStatementofprofitandlossasothergains/(losses).

(vi) Income/loss recognition Interest income

Interestincomefromdebtinstrumentsisrecognizedusingtheeffectiveinterestratemethod.Theeffectiveinterestrateistheratethatexactlydiscountsestimatedfuturecashreceiptsthroughtheexpectedlifeofthefinancialassettothegrosscarryingamountofafinancialasset.Whilecalculatingtheeffectiveinterestrate,theBrookfieldIndiaREITestimatestheexpectedcashflowsbyconsideringallthecontractualtermsofthefinancialinstrument(forexample,prepayment,extension,callandsimilaroptions)butdoesnotconsidertheexpectedcreditlosses.

Borrowing costs

Borrowingcostincludesinterestexpenseaspereffectiveinterestrate(EIR)andexchange

differencesarisingfromforeigncurrencyborrowingstotheextenttheyareregardedasanadjustmenttotheinterestcost.

Borrowingcostsassociatedwithdirectexpendituresonpropertiesunderdevelopmentorredevelopmentorproperty,plantandequipmentarecapitalized.Theamountofborrowingcostscapitalizedisdeterminedfirstbyborrowingsspecifictoapropertywhererelevant,andthenbyaweightedaveragecostofborrowingstoeligibleexpendituresafteradjustingforborrowingsassociatedwithotherspecificdevelopments.Whereborrowingsareassociatedwithspecificdevelopments,theamountcapitalizedisthegrossborrowingcostsincurredlessanyincidentalinvestmentincome.Borrowingcostsarecapitalizedfromthecommencementofthedevelopmentuntilthedateofpracticalcompletion.TheBrookfieldIndiaREITconsiderspracticalcompletiontohaveoccurredwhenthephysicalconstructionofpropertyiscompletedandthepropertyissubstantiallyreadyforitsintendeduseandiscapableofoperatinginthemannerintendedbymanagement.CapitalizationofborrowingcostsissuspendedandchargedtotheStatementofprofitandlossduringtheextendedperiodswhentheactivedevelopmentonthequalifyingassetsisinterrupted.

(vii) Embedded derivatives Derivativesembeddedinahostcontractthat

isanassetwithinthescopeofIndAS109arenotseparated.Financialassetswithembeddedderivativesareconsideredintheirentiretywhendeterminingwhethertheircashflowsaresolelypaymentofprincipalandinterest.

Embeddedderivativescloselyrelatedtothehostcontractsarenotseparated.Derivativesembeddedinallotherhostcontractareseparatedonlyiftheeconomiccharacteristicsandrisksoftheembeddedderivativearenotcloselyrelatedtotheeconomiccharacteristicsandrisksofthehostandaremeasuredatfairvaluethroughprofitorloss.

m) Leases Atinceptionofacontract,theBrookfieldIndia

REITassesseswhetheracontractis,orcontains,alease.Acontractis,orcontains,aleaseifthecontractconveystherighttocontroltheuseofanidentifiedassetforaperiodoftimeinexchangeforconsideration.Toassesswhetheracontractconveystherighttocontroltheuseofanidentifiedasset,theBrookfieldIndiaREITassesseswhether:

thecontractinvolvestheuseofanidentifiedasset–thismaybespecifiedexplicitlyorimplicitly,andshouldbephysicallydistinctorrepresentsubstantiallyallofthecapacityofaphysicallydistinctasset.Ifthesupplierhasasubstantivesubstitutionright,thentheassetisnotidentified;

theBrookfieldIndiaREIThastherighttoobtainsubstantiallyalloftheeconomicbenefitsfromuseoftheassetthroughouttheperiodofuse;and

theBrookfieldIndiaREIThastherighttodirecttheuseoftheasset.TheBrookfieldIndiaREIThasthisrightwhenithasthedecisionmakingrightsthataremostrelevanttochanginghowandforwhatpurposetheassetisused.Inrarecaseswherethedecisionabouthowandforwhatpurposetheassetisusedispredetermined,theBrookfieldIndiaREIThastherighttodirecttheuseoftheassetifeither:

o theBrookfieldIndiaREIThastherighttooperatetheasset;or

o theBrookfieldIndiaREITdesignedtheassetinawaythatpredetermineshowandforwhatpurposeitwillbeused.

As a lessee TheBrookfieldIndiaREITrecognizesaright-of-use

assetandaleaseliabilityattheleasecommencementdate.Therightofuseassetisinitiallymeasuredatcost,whichcomprisestheinitialamountoftheleaseliabilityadjustedforanyleasepaymentsmadeatorbeforethecommencementdate,plusanyinitialdirectcostsincurredandanestimateofcoststodismantleandremovetheunderlyingassetortorestoretheunderlyingassetorthesiteonwhichitislocated,lessanyleaseincentivesreceived.

Theright-of-useassetissubsequentlydepreciatedusingthestraight-linemethodfromthecommencementdatetotheearlieroftheendoftheusefullifeoftheright-of-useassetortheendoftheleaseterm.Theestimatedusefullivesofright-of-useassetsaredeterminedonthesamebasisasthoseofproperty,plantandequipment.Inaddition,theright-of-useassetisperiodicallyreducedbyimpairmentlosses,ifany,andadjustedforcertainre-measurementsoftheleaseliability.

Theleaseliabilityisinitiallymeasuredatthepresentvalueoftheleasepaymentsthatarenotpaidatthecommencementdate,discountedusingtheinterestrateimplicitintheleaseor,ifthatratecannotbereadilydetermined,theBrookfieldIndiaREITincrementalborrowingrate.Generally,theBrookfieldIndiaREITusesitsincrementalborrowingrateasthediscountrate.

Leasepaymentsincludedinthemeasurementoftheleaseliabilitycomprisethefollowing:

fixedpayments,includingin-substancefixedpayments;

variableleasepaymentsthatdependonanindexorarate,initiallymeasuredusingtheindexorrateasatthecommencementdate;

amountsexpectedtobepayableunderaresidualvalueguarantee;and

theexercisepriceunderapurchaseoptionthattheBrookfieldIndiaREITisreasonablycertaintoexercise,leasepaymentsinanoptionalrenewalperiodiftheBrookfieldIndiaREITisreasonablycertaintoexerciseanextensionoption,andpenaltiesforearlyterminationofaleaseunlesstheBrookfieldIndiaREITisreasonablycertainnottoterminateearly.

Theleaseliabilityismeasuredatamortizedcostusingtheeffectiveinterestmethod.Itisremeasuredwhenthereisachangeinfutureleasepaymentsarisingfromachangeinanindexorrate,ifthereisachangeintheBrookfieldIndiaREITestimateoftheamountexpectedtobepayableunderaresidualvalueguarantee,oriftheBrookfieldIndiaREITchangesitsassessmentofwhetheritwillexerciseapurchase,extensionorterminationoption.

Whentheleaseliabilityisremeasuredinthisway,acorrespondingadjustmentismadetothecarryingamountoftheright-of-useasset,orisrecordedinprofitorlossifthecarryingamountoftheright-of-useassethasbeenreducedtozero.

TheBrookfieldIndiaREITpresentsright-of-useassetsthatdonotmeetthedefinitionofinvestmentpropertyin‘property,plantandequipment’andleaseliabilitiesin‘otherfinancialliabilities(currentandnon-current)’inthestatementoffinancialposition.

TheBrookfieldIndiaREIThaselectednottorecognizeright-of-useassetsandleaseliabilitiesforshort-termleasesofmachinerythathavealeasetermof12monthsorlessandleasesoflow-valueassets.TheBrookfieldIndiaREITrecognizestheleasepaymentsassociatedwiththeseleasesasanexpenseonastraight-linebasisovertheleaseterm.

As a Lessor TheBrookfieldIndiaREITentersintolease

agreementsasalessorwithrespecttoitsinvestmentproperties.

LeasesforwhichtheBrookfieldIndiaREITisalessorareclassifiedasfinanceoroperatingleases.Wheneverthetermsoftheleasetransfersubstantiallyalltherisksandrewardsofownershipto




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thelessee,thecontractisclassifiedasafinancelease.Allotherleasesareclassifiedasoperatingleases.

WhentheBrookfieldIndiaREITisanintermediatelessor,itaccountsfortheheadleaseandthesub-leaseastwoseparatecontracts.Thesub-leaseisclassifiedasafinanceoroperatingleasebyreferencetotheright-of-useassetarisingfromtheheadlease.

Rentalincomefromoperatingleasesisrecognizedonastraight-linebasisoverthetermoftherelevantlease.Initialdirectcostsincurredinnegotiatingandarranginganoperatingleaseareaddedtothecarryingamountoftheleasedassetandrecognizedonastraight-linebasisovertheleaseterm.

AmountsduefromlesseesunderfinanceleasesarerecognizedasreceivablesattheamountoftheBrookfieldIndiaREITnetinvestmentintheleases.FinanceleaseincomeisallocatedtoaccountingperiodssoastoreflectaconstantperiodicrateofreturnontheBrookfieldIndiaREITnetinvestmentoutstandinginrespectoftheleases.

Whenacontractincludesbothleaseandnon-leasecomponents,theBrookfieldIndiaREITappliesIndAS115toallocatetheconsiderationunderthecontracttoeachcomponent.

n) Revenue recognition Revenuesaremeasuredbasedonthetransaction

price,whichistheconsideration,netoftaxcollectedfromcustomersandremittedtogovernmentauthoritiessuchasGoodsandservicestax,andapplicableservicelevelcredits,discountsorpriceconcessions.Thecomputationoftheseestimatesinvolvessignificantjudgementbasedonvariousfactorsincludingcontractualterms,historicalexperience,expenseincurredetc.

i. Income from Operating Lease Rentals Assetsgivenunderoperatingleaseareincluded

ininvestmentproperty.Revenuerecognitionunderaleasecommenceswhenthetenanthasarighttousetheleasedasset.Generally,thisoccursontheleasecommencementdate.Rentalincomefromoperatingleasesisrecognizedonastraight-linebasisoverthetermoftherelevantlease.Indeterminingtheleaseterm,managementconsidersallfactsandcircumstancesincludingrenewal,terminationandmarketconditions.

IncomefromOperatingLeaseRentalsalsoincludespercentageparticipatingrents.Percentageparticipatingrentsarerecognizedwhentenants’specifiedsalestargetshavebeenmet.

ii. Income from maintenance services Incomefrommaintenanceservicesconsists

ofrevenueearnedfromtheprovisionofdailymaintenance,securityandadministrationservices,andischargedtotenantsbasedontheoccupiedlettableareaoftheproperties.Incomefrommaintenanceservicesisrecognizedwhentheentityhassatisfieditsperformanceobligationbydeliveringservicesaspertermsofcontractenteredintowithtenants.

o) Employee benefits Employeebenefitsincludeprovidentfund,gratuity

andcompensatedabsences.

Provident fund TheBrookfieldIndiaREIT‘scontributiontoprovident

fundisconsideredasdefinedcontributionplansandischargedasanexpenseinstatementofprofitandlossbasedontheamountofcontributionrequiredtobemadeasandwhenservicesarerenderedbytheemployees.

Gratuity BrookfieldIndiaREIThaveanobligationtowards

gratuity,adefinedpost-employmentbenefitsplancoveringeligibleemployees.Thepresentvalueofthedefinedbenefitliabilityandtherelatedcurrentservicecostandpastservicecostaremeasuredusingprojectedunitcreditmethod;withactuarialvaluationsbeingcarriedoutateachbalancesheetdate.Remeasurementscomprisingactuarialgainsandlossesarerecognizedimmediatelyinthebalancesheetwithachargeorcredittoothercomprehensiveincomeintheperiodinwhichtheyoccur.Remeasurementsrecognizedinothercomprehensiveincomearenotreclassified.Pastservicecostisrecognizedinprofitorlosswhentheplanamendmentorcurtailmentoccurs,orwhentheBrookfieldIndiaREITrecognizesrelatedrestructuringcostsorterminationbenefits,whicheverisearlier.

Short-term employee benefits Theundiscountedamountofshort-termemployee

benefitsexpectedtobepaidinexchangefortheservicesrenderedbyemployeesarerecognizedduringtheperiodwhentheemployeesrendertheservice.Thesebenefitsincludeperformanceincentiveandcompensatedabsenceswhichareexpectedtooccurwithintwelvemonthsaftertheendoftheperiodinwhichtheemployeerenderstherelatedservice.

Thecostofshort-termcompensatedabsencesisaccountedasunder:

(a) incaseofaccumulatedcompensatedabsences,whenemployeesrendertheservices

thatincreasetheirentitlementoffuturecompensatedabsences;and

(b) incaseofnon-accumulatingcompensatedabsences,whentheabsencesoccur.

Other Long-term employee benefits TheemployeesoftheBrookfieldIndiaREITare

entitledtoOtherlongtermbenefitbywayofaccumulatingcompensatedabsences.Costoflong-termbenefitbywayofaccumulatingcompensatedabsencesarisingduringthetenureoftheserviceiscalculatedtakingintoaccountthepatternofavailmentofleave.CompensatedabsenceswhicharenotexpectedtooccurwithintwelvemonthsaftertheendoftheperiodinwhichtheemployeerenderstherelatedservicearerecognizedasaliabilityatthepresentvalueofthedefinedbenefitobligationbasedonactuarialvaluationsasatthebalancesheetdatebyanindependentactuaryusingtheProjectedUnitCreditmethod.Actuarialgainsandlossesrelatingtolong-termemployeebenefitsarerecognizedinthestatementofProfitandLossintheperiodinwhichtheyarise.

p) Taxation Incometaxexpensecomprisescurrentanddeferred

tax.ItisrecognizedinStatementofprofitandlossexcepttotheextentthatitrelatestoitemsrecognizeddirectlyinequityorothercomprehensiveincome,inwhichcaseitisrecognizedinequityorinothercomprehensiveincome.

(i) Current tax Currenttaxcomprisestheexpectedtaxpayable

orreceivableonthetaxableincomeorlossfortheyearandanyadjustmenttothetaxpayableorreceivableinrespectofpreviousyears.Theamountofcurrenttaxreflectsthebestestimateofthetaxamountexpectedtobepaidorreceivedafterconsideringtheuncertainty,ifany,relatedtoincometaxes.Itismeasuredusingtaxrates(andtaxlaws)enactedorsubstantivelyenactedbythereportingdate.

Currenttaxassetsandliabilitiesareoffsetonlyifthereisalegallyenforceablerighttosetofftherecognizedamounts,anditisintendedtorealisetheassetandsettletheliabilityonanetbasisorsimultaneously.

MinimumAlternativeTax(‘MAT’)undertheprovisionsoftheIncomeTax,1961isrecognizedascurrenttaxintheConsolidatedStatementofProfitandLoss.ThecreditavailableundertheActinrespectofMATpaidisrecognizedasadeferredtaxassetonlywhenandtotheextentthereisconvincingevidencethattheBrookfieldIndiaREITwillpaynormalincometaxduring

theperiodforwhichMATcreditcanbecarriedforwardforset-offagainstnormaltaxliability.MATcreditrecognizedasanassetisreviewedateachbalancesheetdateandwrittendowntotheextenttheaforesaidconvincingevidencenolongerexists.

(ii) Deferred tax Deferredtaxisrecognizedinrespectof

temporarydifferencesbetweenthecarryingamountsofassetsandliabilitiesforfinancialreportingpurposesandthecorrespondingamountsusedfortaxationpurposes.Deferredtaxisalsorecognizedinrespectofcarriedforwardtaxlossesandtaxcredits.Deferredtaxisnotrecognizedfor:

Temporarydifferencesarisingontheinitialrecognitionofassetsandliabilitiesinatransactionthatisnotabusinesscombinationandthataffectsneitheraccountingnortaxableprofitorlossatthetimeofthetransaction;

Temporarydifferencesrelatedtoinvestmentsinsubsidiaries,associates,andjointarrangementstotheextentthattheBrookfieldIndiaREITisabletocontrolthetimingofthereversalofthetemporarydifferencesanditisprobablethattheywillnotreverseintheforeseeablefuture;and

Taxabletemporarydifferencesarisingoninitialrecognitionofgoodwill.

Deferredincometaxassetsarerecognizedtotheextentthatitisprobablethatfuturetaxableprofitswillbeavailableagainstwhichtheycanbeused.Theexistenceofunusedtaxlossesisstrongevidencethatfuturetaxableprofitmaynotbeavailable.Therefore,incaseofahistoryofrecentlosses,BrookfieldIndiaREITrecognisesadeferredtaxassetonlytotheextentthatithassufficienttaxabletemporarydifferencesorthereisconvincingotherevidencethatsufficienttaxableprofitwillbeavailableagainstwhichsuchdeferredtaxassetcanberealized.Deferredtaxassets—unrecognizedorrecognized,arereviewedateachreportingdateandarerecognized/reducedtotheextentthatitisprobable/nolongerprobablerespectivelythattherelatedtaxbenefitwillberealized.Further,nodeferredtaxasset/liabilitiesarerecognizedinrespectoftemporarydifferencesthatreversewithintaxholidayperiod.

Deferredtaxismeasuredatthetaxratesthatareexpectedtoapplytotheperiodwhentheassetisrealizedortheliabilityissettled,




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basedonthelawsthathavebeenenactedorsubstantivelyenactedatthereportingdate.

ThemeasurementofdeferredtaxreflectsthetaxconsequencesthatwouldfollowfromthemannerinwhichtheBrookfieldIndiaREITexpects,atthereportingdate,torecoverorsettlethecarryingamountofitsassetsandliabilities.

Deferredtaxassetsandliabilitiesareoffsetifthereisalegallyenforceablerighttooffsetcurrenttaxassetsandliabilities,andtheyrelatetoincometaxesleviedbythesametaxauthorityonthesametaxableentity,orondifferenttaxentities,buttheyintendtosettlecurrenttaxliabilitiesandassetsonanetbasisortheirtaxassetsandliabilitieswillberealizedsimultaneously.

q) Provisions and contingencies AprovisionisrecognizedwhentheBrookfield

IndiaREIThasapresentobligationasaresultofpasteventanditisprobablethatanoutflowofresourcesembodyingeconomicbenefitswillberequiredtosettletheobligation,inrespectofwhichareliableestimatecanbemadeoftheamountoftheobligation.

Acontingentliabilityisapossibleobligationthatarisesfrompasteventswhoseexistencewillbeconfirmedbytheoccurrenceornon-occurrenceofoneormoreuncertainfutureeventsbeyondthecontroloftheBrookfieldIndiaREITorapresentobligationthatisnotrecognizedbecauseitisnotprobablethatanoutflowofresourceswillberequiredtosettletheobligation.Acontingentliabilityalsoarisesinextremelyrarecaseswherethereisaliabilitythatcannotberecognizedbecauseitcannotbemeasuredreliably.TheBrookfieldIndiaREITdoesnotrecognizeacontingentliabilitybutdisclosesitsexistenceinthefinancialstatements.

r) Operating segments Operatingsegmentsarereportedinamanner

consistentwiththeinternalreportingprovidedtothechiefoperatingdecisionmaker.

Identification of segments: InaccordancewithIndAS108-OperatingSegment,

theoperatingsegmentsusedtopresentsegmentinformationareidentifiedonthebasisofinformationreviewedbytheChiefOperatingDecisionMaker(‘CODM’)toallocateresourcestothesegmentsandassesstheirperformance.AnoperatingsegmentisacomponentoftheBrookfieldIndiaREITthatengagesinbusinessactivitiesfromwhichitearnsrevenuesandincursexpenses,includingrevenues

andexpensesthatrelatetotransactionswithanyoftheBrookfieldIndiaREITothercomponents.

BasedonananalysisofBrookfieldIndiaREITstructureandpowersconferredtotheManagertoBrookfieldIndiaREIT,theGoverningBoardoftheManager(BrookpropManagementServicesPrivateLimited)hasbeenidentifiedastheChiefOperatingDecisionMaker(‘CODM’),sincetheyareempoweredforallmajordecisionsw.r.t.themanagement,administration,investment,disinvestment,etc.

AstheBrookfieldIndiaREITisprimarilyengagedinthebusinessofdevelopingandmaintainingcommercialrealestatepropertiesinIndia,CODMreviewstheentirebusinessasasingleoperatingsegmentandaccordinglydisclosurerequirementsofIndAS108“OperatingSegments”inrespectofreportablesegmentsarenotapplicable.

s) Subsequent events TheConsolidatedFinancialStatementsareprepared

afterreflectingadjustingandnon-adjustingeventsthatoccurafterthereportingperiodbutbeforetheConsolidatedFinancialStatementsareauthorizedforissue.

t) Cash and cash equivalents Cashandcashequivalentscomprisecashatbank

andonhandandshort-termmoneymarketdepositswithoriginalmaturitiesofthreemonthsorlessthatarereadilyconvertibletoknownamountsofcashandwhicharesubjecttoaninsignificantriskofchangesinvalue.

u) Earnings per unit Basicearningsperunitarecalculatedbydividingthe

netprofit/(loss)fortheperiodattributabletounitholdersoftheBrookfieldIndiaREITbytheweightedaveragenumberofunitsoutstandingduringtheperiod.

Forthepurposeofcalculatingdilutedearningsperunit,theprofitorlossfortheperiodattributabletounitholdersoftheBrookfieldIndiaREITandtheweightedaveragenumberofunitsoutstandingduringtheperiodareadjustedfortheeffectsofalldilutivepotentialunits.

Dilutivepotentialunitsaredeemedconvertedasofthebeginningofthereportingdate,unlesstheyhavebeenissuedatalaterdate.Incomputingdilutedearningsperunit,onlypotentialequityunitsthataredilutiveandwhicheitherreducesearningsperunitorincreaselossperunitsareincluded.

v) Consolidated Statement of Cash flows ConsolidatedCashflowsarereportedusingthe

indirectmethod,wherebyProfit/(loss)beforetaxisadjustedfortheeffectsoftransactionsofa

non-cashnatureandanydeferralsoraccrualsofpastorfuturecashreceiptsorpayments.Thecashflowsfromoperating,investingandfinancingactivitiesoftheGrouparesegregated.ForthepurposeoftheConsolidatedStatementofCashFlow,cashandcashequivalentsconsistofcashandshort-termdeposits.

w) Offsetting Financialassetsandfinancialliabilitiesareoffset

andthenetamountpresentedintheConsolidatedBalanceSheetwhen,andonlywhen,theGroupcurrentlyhasalegallyenforceablerighttosetofftheamountsanditintendseithertosettlethemonanetbasisortorealizetheassetandsettletheliabilitysimultaneously.

x) Business Combination/Asset Acquisition TheamendmenttoIndAS103Business

Combinationsclarifiesthatwhilebusinessesusuallyhaveoutputs,outputsarenotrequiredforanintegratedsetofactivitiesandassetstoqualifyasabusiness.Tobeconsideredabusinessanacquiredsetofactivitiesandassetsmustinclude,ataminimum,aninputandasubstantiveprocessthattogethersignificantlycontributetotheabilitytocreateoutputs.

Theamendmentsremovetheassessmentofwhethermarketparticipantsarecapableofreplacingany

missinginputsorprocessesandcontinuingtoproduceoutputs.Theamendmentsalsointroduceadditionalguidancethathelpstodeterminewhetherasubstantiveprocesshasbeenacquired.

Theamendmentsintroduceanoptionalconcentrationtestthatpermitsasimplifiedassessmentofwhetheranacquiredsetofactivitiesandassetsisnotabusiness.Undertheoptionalconcentrationtest,theacquiredsetofactivitiesandassetsisnotabusinessifsubstantiallyallofthefairvalueofthegrossassetsacquiredisconcentratedinasingleidentifiableassetorgroupofsimilarassets.

BrookfieldIndiaREIThasoptedtoapplyoptionalconcentrationtestinrespectofacquisitionofSPVs.ReferNote45ofthefinancialstatementsfordetails.

y) Cash distribution to Unitholders TheBrookfieldIndiaREITrecognizesaliabilityto

makecashdistributionstoUnitholderswhenthedistributionisauthorizedandalegalobligationhasbeencreated.AspertheREITRegulations,adistributionisauthorizedwhenitisapprovedbytheBoardofDirectorsoftheManager.Acorrespondingamountisrecognizeddirectlyinequity.(alsorefernote15(a)(i)).




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(ii) Thefairvalueofinvestmentproperty(includingunderdevelopment)asatMarch31,2021amountsto `114,808.00million,aspervaluationsperformedbyexternalpropertyvaluerswhoholdsarecognizedandrelevantprofessionalqualificationandhasrecentexperienceinthelocationandcategoryoftheinvestmentpropertybeingvalued.ThevaluershavefollowedaDiscountedCashFlowmethod.Thediscountedcashflowmethodconsidersthepresentvalueofnetcashflowstobegeneratedfromtherespectiveproperties,takingintoaccounttheexpectedrentalgrowthrate,vacancyperiod,occupancyrate,averagesq.ft.rentandleaseincentivecosts.Theexpectednetcashflowsarediscountedusingtheriskadjusteddiscountrates.Amongotherfactors,thediscountrateestimationconsidersthequalityofabuildinganditslocation(primevssecondary),tenantcreditquality,leasetermsandinvestorsexpectedreturn.ThefairvaluemeasurementofinvestmentpropertyhasbeencategorizedasLevel3.

(iii) ReferNote34fordisclosureofcontractualcommitmentsforpurchase,constructionordevelopmentofinvestmentproperty.

(iv) Refernote17(a)inrespectofinvestmentpropertygivenassecurityinrespectofsecuredborrowingtakenfrombanks/others.

(v) CandorKolkatahasreceivedreimbursementfromitscustomersforcertainassetsconstructed/acquiredonthespecificrequirementofthecustomer.Thecostoftheassetsareincludedinfixedassetsandthereimbursementhasbeendisclosedasdeferredincome(alsorefernote20and24).

(vi) InformationregardingincomeandexpenditureofInvestmentproperty


Rentalandmaintenanceincomederivedfrominvestmentproperty 1,306.28 Less:Directoperatingexpensesgeneratingrentalincome* (290.39)Profitarisingfrominvestmentpropertybeforedepreciationandindirectexpenses 1,015.89

*Nodirectoperatingexpenseshavebeenincurredduringthereportingperiodthatdidnotgeneraterentalincome.

(vii) Reconciliationfortotaldepreciationexpense:


Totaldepreciationonproperty,plantandequipmentfortheperiod 2.64 Totaldepreciationoninvestmentpropertyfortheperiod 314.68 Less:-Depreciationduringtheconstructionperiodonsiteassets-capitalized (0.09)Less:-DepreciationduringtheconstructionperiodonRightofuse(leaseholdland) (0.48)Depreciation expense for the period 316.75

5 NON CURRENT FINANCIAL ASSETS - LOANS


(Unsecuredandconsideredgood)Securitydeposits 517.38

517.38

Loansreceivablesconsideredgood-Secured - Loansreceivablesconsideredgood-Unsecured 517.38 Loansreceivableswhichhavesignificantincreaseincreditrisk - Loansreceivables-creditimpaired -

6 NON CURRENT FINANCIAL ASSETS - OTHER


(Unsecuredandconsideredgood)Fixeddepositswithbanks* 257.53 Interestaccruedbutnotdueonfixeddepositswithbanks 1.50 Leaserentequalization** 22.80

281.83

*Thesefixeddepositsareofrestrictedusebeinglienagainstdebtservicereserveaccount,bankguaranteesgiventovariousauthoritiesandgivenassecurityforsalestaxregistration.

**LeaserentequalizationareclassifiedasFinancialassetsasrighttoconsiderationisunconditionalandisdueonlyafterpassageoftime.

7 NON-CURRENT TAX ASSETS (NET)


Advanceincometax 1,407.42 1,407.42

8 OTHER NON-CURRENT ASSETS


(Unsecuredandconsideredgood)Capitaladvances 21.14 Prepaidexpenses 5.96 Balancerecoverablefromgovernmentauthorities 10.94

38.04

9 CURRENT FINANCIAL ASSETS - TRADE RECEIVABLES


Tradereceivablesconsideredgood-unsecured 204.35 Tradereceivables-creditimpaired 49.10 Less:lossallowance (49.10)

204.35




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10 CURRENT FINANCIAL ASSETS - CASH AND CASH EQUIVALENTS


Balancewithbanks:- incurrentaccount 1,132.32 - indepositaccount(withoriginalmaturityof3monthsorless) 590.00 - inescrowaccount* 1,432.87

3,155.19

*Representsthebalance`1,432.87millionfromproceedsofinitialpublicofferofBrookfieldIndiaREITUnits(Totalproceeds`38,000.00million).Theseamountsareheldintheescrowaccountcanbewithdrawnforcertainspecificpurposes.

11 OTHER BANK BALANCES


Depositaccountwithoriginalmaturityofmorethan3monthsandupto12months* 150.65 150.65

*Thesefixeddepositsincludes`31.04millionareofrestrictedusebeinglienagainstbankguaranteesgiventovariousauthoritiesand`29.60millionbeinglienmarkedinfavoroflendorforexistingloanfacilityforDSRArequirement.

12 CURRENT FINANCIAL ASSETS - LOANS


(Unsecuredandconsideredgood)To parties other than related parties Securitydeposits 0.01 (Unsecuredandconsidereddoubtful)Advancestovendors 0.36 Less:lossallowance (0.36)

0.01 Loansreceivablesconsideredgood-secured - Loansreceivablesconsideredgood-unsecured 0.01 Loansreceivableswhichhavesignificantincreaseincreditrisk 0.36 Loansreceivables-creditimpaired - Less:lossallowance (0.36)

0.01

13 CURRENT FINANCIAL ASSETS - OTHER


(Unsecuredandconsideredgood)To parties other than related parties Unbilledrevenue* 79.63 Interestaccruedbutnotdueonfixeddepositswithbanks 1.94 Leaserentequalization* 1.64 Otherreceivables 77.93 To related parties (refer note 41) Otherreceivables 1.99

163.13

*Classifiedasfinancialassetsasrighttoconsiderationisunconditionalandisdueonlyafterpassageoftime.

14 OTHER CURRENT ASSETS


(Unsecuredandconsideredgood)Advancestovendors 31.36 Prepaidexpenses 32.02 Balancerecoverablefromgovernmentauthorities 93.93

157.31

15 UNIT CAPITAL

No. of Units Amount As at July 17, 2020 - -Unitsissuedduringtheperiod-pursuanttotheinitialpublicoffer,issued,subscribedandfullypaid-upincash(refernoteiibelow)

138,181,800 38,000.00

-inexchangeforequityinterestinSPVs(refernoteiiibelow) 127,892,403 35,170.41-inexchangefor12%CompulsorilyConvertibleDebentureinCandorKolkata 36,727,398 10,100.03Less:Issueexpenses(refernotebelow) - (1,495.66)Closing balance as at March 31, 2021 302,801,601 81,774.78

Note:IssueexpensespertainingtotheInitialPublicOffering(IPO)oftheUnitsontheNationalStockExchangeandBombayStockExchangehavebeenreducedfromtheUnitholderscapitalasatMarch31,2021inaccordancewithIndAS32-FinancialInstruments:Presentation.

(a) Terms/ rights attached to Units and accounting thereof (i) TheTrusthasonlyoneclassofUnits.EachUnitrepresentsanundividedbeneficialinterestintheTrust.

EachholderofUnitsisentitledtoonevoteperunit.TheUnitholdershavetherighttoreceiveatleast90%oftheNetDistributableCashFlowsoftheTrustatleastonceineverysixmonthsineachfinancialyearinaccordancewiththeREITRegulations.TheBoardofDirectorsoftheInvestmentManagerapprovesdividenddistributions.ThedistributionwillbeinproportiontothenumberofUnitsheldbytheUnitholders.TheTrustdeclaresandpaysdividendsinIndianRupees.

UndertheprovisionsoftheREITRegulations,BrookfieldIndiaREITisrequiredtodistributetoUnitholdersnotlessthan90%ofthenetdistributablecashflowsofBrookfieldIndiaREITforeachfinancialyear.Accordingly,aportionoftheUnitCapitalcontainsacontractualobligationoftheBrookfieldIndiaREITtopaytoitsUnitholderscashdistributions.Hence,theUnitCapitalisacompoundfinancialinstrumentwhichcontainbothequityandliabilitycomponentsinaccordancewithIndAS32-FinancialInstruments:Presentation.However,inaccordancewithSEBICirculars(No.CIR/IMD/DF/146/2016datedDecember29,2016andNo.CIR/IMD/DF/141/2016datedDecember26,2016)issuedundertheREITRegulations,theUnitCapitalhavebeenpresentedas“Equity”inordertocomplywiththerequirementsofSectionHofAnnexureAtotheSEBICirculardatedDecember26,2016dealingwiththeminimumpresentationanddisclosurerequirementsforkeyfinancialstatements.ConsistentwithUnitCapitalbeingclassifiedasequity,thedistributionstoUnitholdersisalsopresentedinStatementofChangesinUnitholders’EquitywhenthedistributionsareapprovedbytheBoardofDirectorsofInvestmentManager.

(ii) InitialPublicOfferingof138,181,800Unitsforcashatpriceof`275perUnitaggregatingto`38,000.00million.

(iii) BrookfieldIndiaREITacquiredtheSPVsbyacquiringalltheequityinterestheldbyourSponsorandcertainmembersofourSponsorGroup.TheacquisitionofequityinterestintheSPVshasbeendonebyissueof127,892,403Unitsof`275eachasperthetablebelow.




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Name of SPV

Number of Units allotted for acquiring all the equity interest held in the SPVs

Sponsor Sponsor Group

(excluding Sponsor)

Total

CandorKolkata 54,117,888 16,364 54,134,252Festus - 31,474,412 31,474,412SPPLNoida - 41,483,012 41,483,012CIOP - 800,727 800,727Total number of Units issued 54,117,888 73,774,515 127,892,403

(b) Unitholders holding more than 5 percent Units in the TrustName of Unitholders No. of Units % of holdings BSREPIndiaOfficeHoldingsVPte.Ltd. 54,117,888 17.87%BSREPIndiaOfficeHoldingsPteLtd. 41,499,373 13.71%BSREPIndiaOfficeHoldingsIIIPte.Ltd. 36,727,398 12.13%BSREPIIIndiaOfficeHoldingsIIPte.Ltd. 28,086,775 9.28%

(c) TheTrusthasnotallottedanyfullypaid-upunitsbywayofbonusunitsnorhasitboughtbackanyclassofunitsfromthedateofregistrationtillthebalancesheetdate.Further,theTrusthasnotissuedanyunitsforconsiderationotherthancashfromthedateofregistrationtillthebalancesheetdate,exceptasdisclosedabove.

16 OTHER EQUITY*


Reserves and Surplus Retainedearnings 252.75

252.75

*ReferConsolidatedStatementofChangesinUnitholders’Equityfordetailedmovementinotherequitybalances.

Retained earnings ThecumulativegainorlossarisingfromtheoperationswhichisretainedbytheBrookfieldIndiaREITisrecognized

andaccumulatedundertheheadingofretainedearnings.Attheendoftheyear,theprofit/(loss)aftertaxistransferredfromtheStatementofProfitandLosstotheretainedearningsaccount.

17 NON-CURRENT FINANCIAL LIABILITIES - BORROWINGS


Secured Termloanfromfinancialinstitutions 21,015.17 Total Borrowings 21,015.17

(a) Terms for secured loan AsatMarch31,2021

(i) HDFC Limited (balance as at March 31, 2021 : ` 12,491.75 million)Nature of Loan Security Terms of repayment

Leaserentdiscounting&LineofCredit Interest@PLR(-)spread(Term:12Year)

Thetermloanissecuredbywayofchargeonhypothecationofreceivables,movableassets,insurancepolicies,leaseagreement,bankaccounts,mortgageonimmovablepropertiesincludinglandandpledgeof51%ofsharecapitaloftheCandorKolkataonfullydilutedbasis.

Principlerepayment:Uponcompletionof60monthsfromthefirstdrawdowndate,theLRDfacilityshallberepaidin84monthlyinstalmentscomprisingofprinciplerepaymentandinterestpaymentattheapplicableinterestrate.Interestrepayment:AttheapplicablerateofinterestontheoutstandingprincipleofLRDfacilitywillbepaidmonthlyoneachinterestpaymentdateoftheLRDfacilityfromthedateoffirstdisbursementtillcommencementofmonthlyinstalments.

Primelendingrate(PLR)

Note-Thecarryingvalueofassetspledgedagainstsecuredloansis:(a)Tradereceivables-`110.67million,(b)Cashandcashequivalents-`1,197.50million(c)Property,plantandequipment-`65.19millionand(d)Investmentproperty-`18,992.16million.

(ii) HDFC Limited (balance as at March 31, 2021 : ` 2,077.76 million)Nature of Loan Security Terms of repayment

Leaserentdiscounting&LineofCredit Interest@PLR(-)spread(Term:12Year)

Thetermloanissecuredbyhypothecationofmovableassets,mortgageonimmovableproperties,pledgeofsharesoftheSPPLNoidaheldbytheholdingCompany,chargeonbankaccountsandinsurancepolicies,escrowonreceivablesoftheCompany,demandpromissorynoteinfavourofthelender.



Note-Thecarryingvalueoffinancialassetspledgedagainstsecuredloansis:(a)Tradereceivables- `46.90million,(b)Cashandcashequivalents-`144.09million,(c)Property,plantandequipment-`18.88millionand(d)Investmentproperty-`8,339.58million.

(iii) HDFC Limited (balance as at March 31, 2021 : ` 6,445.66 million)Nature of Loan Security Terms of repayment

Leaserentdiscounting Interest@CPLR(-)spread (Term:12Year)

Thetermloanissecuredbychargeonimmovableassets(includingbuildings),bankaccounts,insurancepolicies,receivables,underlyinglandforwhichrightsownedbytheCompanyanddemandpromissorynoteinfavourofthelender.Furthertermloanissecuredbypledge,tobecreatedonsharesoftheCompanyconstituting51%oftheissuedandoutstandingequitysharecapital.



Note-Thecarryingvalueofassetspledgedagainstsecuredloansis:(a)Tradereceivables-`46.78million,(b)Cashandcashequivalents-`60.50million,(c)Property,plantandequipment-`28.17millionand(d)Investmentproperty-`16,039.89million.

(b) Changes in liabilities arising from financing activitiesFrom

July 17, 2020 to March 31, 2021

Opening balance (Debts & Lease liability) - Acquiredonassetsacquisition 56,987.28 Cash movementAdditionalborrowingduringtheperiod 21,200.00 Repaymentduringtheperiod (56,876.43)Financecostpaidduringtheperiod (592.85)Non cash movementFinancecost(accrued)refernote29 414.02 Othernoncashchangesinfinancecost (19.31)Closing balance (Debts & Lease liability) 21,112.71




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18 NON-CURRENT FINANCIAL LIABILITIES - OTHERS


Securitydepositfromlessee 1,393.07 Retentionmoney 19.20 Leaseliabilities 87.12

1,499.39

19 LONG-TERM PROVISIONS


Provisionforgratuity 10.86 10.86

20 OTHER NON-CURRENT LIABILITIES


Deferredincome 318.67 Contractliability* 67.80

386.47

*DuringthehalfyearendedMarch31,2021,CandorKolkataOneHi-TechStructuresPrivateLimitedenteredintoaJointDevelopmentAgreementwithGurgaonInfospaceLimited(GIL)bywhichGILwillpay`1,000millioninvarioustranchescommencingJanuary2021toOctober2023forthedevelopment/constructionofbuildingusedforcommercialandretailpurposesoncertainlandparcels,thetitleofwhichisheldbyCandorKolkataOneHi-TechStructuresPrivateLimited.Underthesaidagreement,CandorKolkataOneHi-TechStructuresPrivateLimitedisentitledto72%ofthegrosssalereceiptsanddepositsfromthetenantsarisingoutoftheleaseofthedevelopedareasandGILisentitledtoreceivebalance28%.TheamountreceivedduringtheperiodendedMarch31,2021of`80million(inclusiveGSTof`12.20million)ispresentedascontractliability.

21 CURRENT FINANCIAL LIABILITIES - TRADE PAYABLES


Totaloutstandingduestomicroenterprisesandsmallenterprises 1.09 Totaloutstandingduestocreditorsotherthanmicroenterprisesandsmallenterprises* 444.41

445.50

*Forbalancepayabletorelatedparties,refernote41

22 CURRENT - OTHER FINANCIAL LIABILITIES


Securitydepositfromlessee 2,337.00 Retentionmoney 136.30 Capitalcreditors 293.37 Employeerelatedpayables 11.51 Leaseliabilities 10.42 Otherpayables 1,215.61

4,004.21

23 SHORT TERM PROVISIONS


Provisionforgratuity 0.08 Provisionforcompensatedabsences 4.41

4.49

24 OTHER CURRENT LIABILITIES


Advancefromcustomers 42.49 Statutoryduespayable 177.66 Deferredincome 168.29 Otherpayables 7.57

396.01

25 REVENUE FROM OPERATIONS


Sale of services Incomefromoperatingleaserentals* 943.40 Incomefrommaintenanceservices 362.88

1,306.28 Sale of products Saleoffoodandbeverages 2.90 Others 0.24 Total revenue from operations 1,309.42

*Assetsgivenonoperatinglease

26 OTHER INCOME


Interest income from financial assets at amortized cost Interestincomeonfixeddepositswithbanks 3.21 Otherinterest 2.49 Others Incomefromscrapsale 1.64 Interestonincometaxrefund 7.55 Liabilities/provisionsnolongerrequiredwrittenback 0.02 Miscellaneousincome 36.74

51.65

27 COST OF MATERIALS CONSUMED


Openingstock - Add:purchasesduringtheperiod 2.24 Add:Others 0.24 Less:Closingstock -

2.48

28 EMPLOYEE BENEFITS EXPENSE


Salaries,wagesandbonus 25.32 Contributionstoprovidentfund 1.41 Gratuityexpense* 1.08 Compensatedabsences* 0.29

28.10

*Refernote42




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29 FINANCE COSTS


Interest and finance charges on financial liabilities at amortized cost Interestontermloan 289.04 Interestonnon-convertiblebonds 0.76 Interestonleaseliability 1.57 Others Otherborrowingcosts 122.65

414.02 Less:Transferredtoinvestmentpropertyunderdevelopment (3.25)

410.77

30 DEPRECIATION AND AMORTIZATION EXPENSES


-onpropertyplantandequipmentandintangibleassets 2.55 -oninvestmentproperty 314.20

316.75

31 OTHER EXPENSES


Propertymanagementfees 55.01 Powerandfuel 92.48 Repairandmaintenance 99.31 Insurance 4.64 Legalandprofessionalexpense 55.16 Auditfees(refernote"a"below) 17.64 Ratesandtaxes 20.00 Brokerage 0.05 Facilityusagefees 5.46 Leaserent 0.90 CreditImpaired 23.32 Allowanceforcreditloss 0.05 Advanceswrittenoff 1.27 Corporatesocialresponsibilityexpenses 1.97 Property,plantandequipmentwrittenoff 0.15 Miscellaneousexpenses 68.14

445.55

a) Details of remuneration to auditors From

July 17, 2020 to March 31, 2021

Asauditor(onaccrualbasis,excludingapplicabletaxes)- forstatutoryaudit 17.64 - forreimbursementofexpenses -

17.64

32 TAX EXPENSE (REFER NOTE 43)


Currenttax- forcurrentperiod 0.44 - forearlieryears 18.89 Deferredtaxcharge/(credit) (122.93)

(103.60)

33 CONTINGENT LIABILITIES


ClaimsagainsttheSPVsnotacknowledgedasdebtinrespectofIncome-Taxmatters(Refernote1below) 776.80 ClaimsagainsttheSPVsnotacknowledgedasdebtinrespectofIndirecttax{VAT/Workcontract/Entrytax}(Refernote2below)

2.67

Grand Total 779.47

Note 1 As at March 31, 2021

CandorKolkataOneHi-TechStructuresPrivateLimited 762.54 ShantiniketanPropertiesPrivateLimited 14.26 Total 776.80

ContingentliabilitiesasatMarch31,2021includespenaltyamountingto`485.38millioninrelationtodisallowanceofsettlementfeespaidinearlieryearsforterminationofcontract.Othercontingenciesinclude `291.42millionrelatingtootherdisallowancesundertheIncomeTaxAct,1961.

Thetaxofficerhasset-offcertaintaxrefundclaimedinIncometaxreturnsagainstthesedemands.

Note 2 As at March 31, 2021

ShantiniketanPropertiesPrivateLimited* 2.67 Total 2.67

*TheCompanyhasgivenabankguaranteeof`1milliontoMemberSecretaryUPPollutionControlBoard.

34 COMMITMENTS


Capitalcommitments(netofadvances) 327.47 The SPV wise details of capital commitments are as follows:CandorKolkataOneHi-TechStructuresPrivateLimited 59.19 ShantiniketanPropertiesPrivateLimited 268.28

327.47

Other commitments CandorKolkataOneHi-TechStructuresPrivateLimited(formerlyknownas“CandorGurgaonTwoDevelopers&

ProjectsPrivateLimited”;nowamalgamatedinCandorKolkataOneHi-TechStructuresPrivateLimitedw.e.f.April01,2017)hasanagreementwithGurgaonInfospaceLimited(GIL).ThetitletothelandisheldbyGurgaonInfospaceLimited,athirdpartyandisnotaffiliatedtotheCandorKolkataOneHi-TechStructuresPrivateLimited.CandorKolkataOneHi-TechStructuresPrivateLimitedhasdevelopmentalrightswithrespecttothepropertypursuanttoaJointDevelopmentAgreement( JDA)withGILenteredonNovember16,2006asamendedfromtimetotime.UnderthesaidagreementCandorKolkataOneHi-TechStructuresPrivateLimitedisentitledto72%ofthegrosssalereceiptsanddepositsfromthetenantsarisingoutoftheleaseofthedevelopedareasandGILisentitledtoreceivebalance28%.

InsupplementtoearlierJDA,anewco-developmentagreementwasenteredintobetweenGIL(thedeveloper)andCandorKolkataOneHi-TechStructuresPrivateLimited(theco-developer)onSeptember17,2007asamendedfromtimetotimeunderwhichthedeveloperandco-developerwilljointlycarryouttheprocessofinstallationoffit-outs&fixturesandthecostofsuchinstallationshallbesharedbythedeveloperandco-developerinthesameratioastosharingofgrossproceedsi.e.28%and72%respectively.ThisagreementisaccountedasjointoperationsasperIndAS111.




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35 FINANCIAL INSTRUMENTS – FAIR VALUES AND RISK MANAGEMENT

i) Financial instruments by category and fair value Thebelowtablesummarizesthejudgementsandestimatesmadeindeterminingthefairvaluesofthefinancial

instrumentsthataremeasuredatamortizedcostandforwhichfairvaluesaredisclosedinthefinancialstatements.Therearenofinancialinstruments,whicharesubsequentlymeasuredatfairvalue.

Carrying value Fair valueAs at

March 31, 2021As at

March 31, 2021At Amortized CostFinancial assets Tradereceivables# 204.35 204.35 Cashandcashequivalents# 3,155.19 3,155.19 Otherbankbalances# 150.65 150.65 Loans# 517.39 517.39 Otherfinancialassets# 444.96 444.96 Total financial assets 4,472.54 4,472.54 At Amortized CostFinancial liabilities Borrowings# 21,015.17 21,015.17 Tradepayables# 445.50 445.50 Otherfinancialliabilities#@ 5,406.06 5,406.06 Total financial liabilities 26,866.73 26,866.73

#fairvalueoffinancialassetsandfinancialliabilitieswhicharerecognizedatamortizedcosthasbeendisclosedtobesameascarryingvalueasthecarryingvalueapproximatelyequalstotheirfairvalue.

@otherfinancialliabilitiesexclude`97.54millionasofMarch31,2021,towardsleaseliabilities.

36. FINANCIAL RISK MANAGEMENT

i. Risk management framework TheBoardofdirectorsoftheManagerhasoverallresponsibilityfortheestablishmentandoversightof

theGroup’sriskmanagementframework.TheboardofdirectorshasestablishedtheRiskManagementCommittee,whichisresponsiblefordevelopingandmonitoringtheGroup’sriskmanagementframework.Thecommitteereportsregularlytotheboardofdirectorsonitsactivities.

TheGroup’sriskmanagementframeworkareestablishedtoidentifyandanalysethekeyrisksfacedbytheGroup,tosetappropriaterisklimitsandcontrolsandtomonitorrisksandadherencetolimits.RiskmanagementframeworkandsystemsarereviewedregularlytoreflectchangesinmarketconditionsandtheGroup’sactivities.TheGroup,throughitstrainingandmanagementstandardsandprocedures,aimstomaintainadisciplinedandconstructivecontrolenvironmentinwhichallemployeesunderstandtheirrolesandobligations.

TheriskmanagementcommitteeoverseescompliancewiththeGroup’sriskmanagementframeworkandprocedures,andreviewstheadequacyoftheriskmanagementframeworkinrelationtotherisksfacedbytheGroup.Theriskmanagementcommitteeisassistedinitsoversightrolebyinternalaudit.Internalauditundertakesbothregularandadhocreviewsofriskmanagementcontrolsandprocedures,theresultsofwhicharereportedtoTheBoardofdirectorsoftheManager.

TheGroup’sfinancialriskmanagementiscarriedoutbyatreasurydepartment(Group’streasury).TheGroup’streasuryidentifies,evaluatesandhedgesfinancialrisks.

ii. Credit risk CreditriskistheriskofthefinanciallosstotheGroupifacustomerorcounterpartytoafinancialinstrument

failstomeetitscontractualobligations.

TheGroupensuresthroughappropriatebackgroundchecksthattheofficepremisesareleasedtopartiesofreputeandofgoodcreditstandingonly.Ithasalsotakenrefundableinterestfreesecuritydepositsequivalentto3-6monthsofleaserentalsfromitscustomers.FurtherManagementalsomonitorsitsreceivablesonamonthlybasisanddoesnotexpectanydefaultofitstradereceivables.Creditriskrelatedtocashandcash

equivalentsandbankdepositsismanagedbyonlyacceptinghighlyratedbanks.However,themaximumamountexposedtocreditriskislimitedtoamountdisclosedinfinancialstatements.

Movementinlossallowancefortradereceivablesduringtheperiod,whichisprimarilyonaccountoftaxrecoveryassummarizedbelow:


Balanceatthebeginningoftheperiod 49.05 Lossallowancecreated/(reversed)duringtheperiod 0.05 Balance at the end of the period 49.10

iii. Liquidity risk LiquidityriskistheriskthattheGroupwillencounterdifficultyinmeetingtheobligationsassociatedwith

itsfinancialliabilitiesthataresettledbydeliveringcashoranotherfinancialasset.TheGroup’sapproachtomanagingliquidityistoensure,asfaraspossible,thatitwillhavesufficientliquiditytomeetitsliabilitieswhentheyaredue,underbothnormalandstressedconditions,withoutincurringunacceptablelossesorriskingdamagetotheGroup’sreputation.

TheGroup’sprimarysourcesofliquidityincludecash,undrawnborrowings,constructionfacilitiesandcashflowfromoperatingactivities.TheGroupseekstoincreaseincomefromitsexistingpropertiesbymaintainingqualitystandardsforitspropertiesthatpromotehighoccupancyratesandsupportincreasesinrentalrateswhilereducingtenantturnoverandrelatedcosts,andbycontrollingoperatingexpenses.

Consequently,theGroupbelievesitsrevenue,alongwithproceedsfromfinancingactivitieswillcontinuetoprovidethenecessaryfundstocoveritsshorttermliquidityneeds.Inaddition,theGroupprojectscashflowsandconsideringthelevelofliquidassetsnecessarytomeetliquidityrequirement.

Exposure to liquidity risk Thefollowingaretheremainingcontractualmaturitiesoffinancialliabilitiesatthereportingdate.Theamounts

aregrossandundiscounted,andincludeestimatedinterestpaymentsandexcludetheimpactofnettingagreements.

March 31, 2021 Carrying amount

Contractual cash flows


Non-derivative financial liabilitiesBorrowings -Termloans(includingcurrentmaturitiesand

interestaccrued) 21,015.17 35,444.14 1,515.80 6,109.90 27,818.44

Tradepayables 445.50 445.50 445.50 - - Otherfinancialliabilities(excludingcurrentmaturitiesoftermloan)

5,503.60 7,108.51 4,679.10 1,649.57 779.84

TheGrouphasundrawnborrowingfacilitiesamountingto`2,800.00millionwithfollowingexpiry:

ParticularsExpiring within


Asat31March2021 2,800.00 - 2,800.00 -

iv. Market risk TheGroupisexposedtomarketriskpreliminaryrelatingtotheriskofchangesinmarketprices(including

leaserentals)thatwillaffecttheGroup’sincomeorexpenseorthevalueofitsholdingsoffinancialinstruments.

a) Currency risk TheGroup’sexposuretoforeigncurrencyriskismainlyonaccountofimportsofcapitalgoods,whichis

notmaterialinproportiontothetotalexpensesincurredbytheGroup.

Therearenoforeigncurrencyreceivable/payableasatMarch31,2021.




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b) Interest rate risk TheGroupisexposedtobothfairvalueinterestrateriskaswellascashflowinterestrateriskarising

bothonshort-termandlong-termfloatingrateinstrumentsaswellasontherefinancingoffixedrateinstrument.TheGroup’sborrowingsareprincipallydenominatedinIndianRupees.

Thefairvalueinterestrateriskistheriskofchangesinfairvaluesoffixedinterestbearingborrowingsbecauseoffluctuationsintheinterestratesandpossiblerequirementtorefinancesuchinstruments.Cashflowinterestrateriskistheriskthatthefuturecashflowsoffloatinginterestbearingborrowingswillfluctuatebecauseoffluctuationsintheinterestrates.

Cash flow sensitivity analysis for variable-rate instruments TheGrouphasBorrowingswithvariable-rateofinterestamountingto`21,015.17million.Areasonably

possiblechangeof100basispointsininterestratesatthereportingdatewouldhaveincreased(decreased)profitorloss(beforetax)bytheamountsshownbelow.Thisanalysisassumesthatallothervariablesremainconstant.Theamountsshownbelowarenetoffborrowingcostcapitalisationof`1.68millionusingcapitalisationrateofrespectiveyear.

` MProfit/ (Loss)

100 bp increaseMarch 31, 2021Variable-rateinstruments (208.49)Cash flow sensitivity (net) (208.49)

37 SEGMENT REPORTING

a) IndAS108establishesrequirementstoidentifytheoperatingsegmentandrelateddisclosures,basishowtheChiefOperatingDecisionMaker(‘CODM’)evaluatestheperformanceandallocatesresourcestodifferentsegments.BasedonananalysisofBrookfieldIndiaREITstructureandpowersconferredtotheManagertoREIT,theGoverningBoardoftheManager(BrookpropManagementServicesPrivateLimited)hasbeenidentifiedastheChiefOperatingDecisionMaker(‘CODM’),sincetheyareempoweredforallmajordecisionsw.r.t.themanagement,administration,investment,disinvestment,etc.

AstheGroupisprimarilyengagedinthebusinessofdevelopingandmaintainingcommercialrealestatepropertiesinIndia,CODMreviewstheentirebusinessasasingleoperatingsegmentandaccordinglydisclosurerequirementsofIndAS108“OperatingSegments”inrespectofreportablesegmentsarenotapplicable.

b) CustomerArepresented17.18%,CustomerBrepresented16.18%andCustomerCrepresented10.71%ofrevenuesfortheperiodendedMarch31,2021.

Additional financial disclosures as required under para 4 of SEBI circular CIR/IMD/DF/141/2016 dated December 26, 2016

38 STATEMENT OF PROPERTY WISE RENTAL/OPERATING INCOME

S. No Entity and Property name Property Address Location Nature of Income


1 CandorKolkataOneHi-TechStructuresPrivateLimited

CandorTechSpaceIT/ITESParkSEZ,Dundahera,Sector-21Gurgaon,Haryana-122016

Gurgaon Rentalincomeandotheroperatingincome

555.41

2 CandorKolkataOneHi-TechStructuresPrivateLimited

IT/ITESParkSEZ,CandorTechSpace,ActionArea-1D,NewTown,Rajarhat,Kolkata-700156

Kolkata Rentalincomeandotheroperatingincome

306.70

3 ShantiniketanPropertiesPrivateLimited

IT/ITESPark,CandorTechSpace,InstitutionalPlotNoB/2-62,Sector62,NOIDA,UttarPradesh-201309

Noida Rentalincomeandotheroperatingincome

175.68

4 FestusPropertiesPrivateLimited

KensingtonAandB,IT/ITESPark,KensingtonSEZBuilding,HiranandaniBusinessPark,PowaiMumbai,MumbaiCity,Maharashtra-400076

Mumbai Rentalincomeandotheroperatingincome

271.63

5 CandorIndiaOfficeParksPrivateLimited

F-83,ProfitCentre,GateNo.1,MahavirNagar,NearPizzaHut,Kandivali(W),Mumbai-400067

Mumbai Propertymanagementfees

-

Total 1,309.42

39 EARNINGS PER UNIT (EPU)

BasicEPUamountsarecalculatedbydividingtheprofitfortheperiod/yearattributabletoUnitholdersbytheweightedaveragenumberofunitsoutstandingduringtheperiod/year.DilutedEPUamountsarecalculatedbydividingtheprofitattributabletoUnitholdersbytheweightedaveragenumberofunitsoutstandingduringtheperiod/yearplustheweightedaveragenumberofunitsthatwouldbeissuedonconversionofallthedilutivepotentialunitsintounitcapital.TheUnitsoftheTrustwereallottedonFebruary08,2021andFebruary11,2021.

Particulars From

July 17, 2020 to March 31, 2021

Profit/(Loss)aftertaxforcalculatingbasicanddilutedEPU 253.03 WeightedaveragenumberofUnits(Nos.) 59,423,015 EarningsPerUnit- Basic(Rupees/unit) 4.26 - Diluted(Rupees/unit)* 4.26

*TheTrustdoesnothaveanyoutstandingdilutiveunits.

40 CAPITALIZATION STATEMENT

TheGroup’spolicyistomaintainastrongcapitalbasesoastomaintaininvestor,creditorandmarketconfidenceandtosustainfuturedevelopmentofthebusiness.TheGroup’scapitalstructuremainlyconstitutesequityintheformofunitcapitalanddebt.TheprojectsofSPVsareinitiallyfundedthroughconstructionfinancingarrangements.Oncompletion,theseloansarerestructuredintolease-rentaldiscountingarrangementsordebentures.TheGroup’scapitalstructureisinfluencedbythechangesinregulatoryframework,governmentpolicies,availableoptionsoffinancingandtheimpactofthesameontheliquidityposition.

TheGroupmonitorsCapitalusingratioof‘Netdebt’to‘Grossassetvalue(GAV)ofallSPVs.Forthispurpose,NetdebtisdefinedasLong-termborrowings+Short-termborrowings+currentmaturitiesoflong-termborrowings.TheGroup’sadjustedNetdebttoGAVratioasatMarch31,2021isasfollows:

Particulars As at March 31, 2021

Borrowings 21,015.17 LeaseLiability 97.54 Grossdebt 21,112.71 Less:Cashandcashequivalents (3,155.19)Adjusted Net debt 17,957.52 Unitholders’Funds-Unitcapital 81,774.78 -Otherequity 252.75 Total Shareholder's funds 82,027.53 Debt/Equity Ratio 0.22

41 RELATED PARTY DISCLOSURES

A. Parties to Brookfield India REIT as at March 31, 2021 BSREPIndiaOfficeHoldingsVPteLtd-Sponsor

BrookpropManagementServicesPrivateLimited-InvestmentManager

AxisTrusteeServicesLimited—Trustee

The Ultimate parent entity and sponsor groups, with whom the group has related party transactions during the period, consist of the below entities:

BSREP India Office Holdings V Pte Ltd- Sponsor a) BSREPIIIndiaOfficeHoldingsIIPte.Ltd.(BSREPIIIndia)

b) BrookfieldAssetManagementInc.(BAM),ultimateparententityandcontrollingparty

c) KairosPropertyManagersPrivateLimited(Kairos)

d) BSREPMoonC1L.P

e) BSREPMoonC2L.P




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f) BSREPIndiaOfficeHoldingsIIIPteLtd.(BSREPIndiaOfficeIII)

g) BSREPIndiaOfficeHoldingsPte.Ltd.(BSREPIndiaHoldings)

BrookfieldIndiaREIT’sinterestsinsubsidiariesaresetoutinnote1-Organizationstructure.

Directors & Key personnel of the Investment Manager (Brookprop Management Services Private Limited)

Directors Key personnel

AkilaKrishnakumar(IndependentDirector)

ShaileshVishnubhaiHaribhakti(IndependentDirector)

AnujRanjan(Non-ExecutiveDirector)

AnkurGupta(Non-ExecutiveDirector)

AlokAggarwal-Managingdirectorandchiefexecutiveofficer–Indiaofficebusiness

SanjeevKumarSharma-Executivevicepresidentandchieffinancialofficer–Indiaofficebusiness

B. Related party transactions:

Nature of transaction/ Entity’s NameFrom

July 17, 2020 to March 31, 2021

Trustee Fee Expense - AxisTrusteeServicesLimited 2.21 Total 2.21 Reimbursement of expense incurred by (excluding GST)- BrookpropManagementServicesPrivateLimited 253.25 - BSREPIndiaOfficeHoldingsVPteLtd 168.07 - KairosPropertyManagersPvtLtd 0.05 Total 421.37 Reimbursement of expense incurred on behalf of (excluding GST)- MountainstarIndiaOfficeParksPrivateLimited 1.24 Total 1.24 Issue of Unit Capital- BSREPIndiaOfficeHoldingsVPte.Ltd. 14,882.42 - BSREPIndiaOfficeHoldingsPteLtd. 11,412.33 - BSREPIndiaOfficeHoldingsIIIPte.Ltd. 10,100.03 - BSREPIIIndiaOfficeHoldingsIIPte.Ltd. 7,723.86 - KairosPropertyManagersPvtLtd 931.60 - BSREPMoonC1LP 220.18 - BSREPMoonC2LP 0.02 Total 45,270.44 12% Unsecured Non convertible debentures repaid- BSREPIIIndiaOfficeHoldingsIIIPte.Ltd. 256.00 Total 256.00 Interest expense on Unsecured Non convertible debentures- BSREPIIIndiaOfficeHoldingsIIIPte.Ltd. 0.76 Total 0.76 Internet & Connectivity Charges- TechnologyServiceGroupLLC 2.52 Total 2.52 Property management fees- BrookpropManagementServicesPrivateLimited 24.91 - KairosPropertyManagersPrivateLimited 2.69 Total 27.60 Compensation to key management personnel- Short-termemployeebenefits 1.40 - Post-employmentbenefits* - - Otherlong-termbenefits 0.06 Total 1.46 Provision for Gratuity and compensated absences transfer to- BrookpropManagementServicesPrivateLimited 3.26 - ArligaIndiaOfficeParksPrivateLimited 0.30 - EquinoxBusinessParksPvtLtd 0.23 - VrihisPropertiesPvtLtd 0.05 Total 3.84 Provision for Gratuity and compensated absences transfer from- EquinoxBusinessParksPvtLtd 0.18 - KairosPropertyManagersPvtLtd 0.24 - VrihisPropertiesPvtLtd 0.19 Total 0.61

*Astheliabilitiesforthegratuityandcompensatedabsencesareprovidedonanactuarialbasis,andcalculatedfortherespectiveSPVasawhole,thesaidliabilitiespertainingspecificallytoKMParenotknownforcurrentperiodandhence,notincludedhere.

Outstanding balances As at March 31, 2021

Trade Payable (excluding GST)- AxisTrusteeServicesLtd 1.88 - BrookpropManagementServicesPrivateLimited 0.61 Total 2.49 Other Payable (excluding GST)- BrookpropManagementServicesPrivateLimited 55.35 - BSREPIndiaOfficeHoldingsVPteLtd 168.07 Total 223.42 Other receivables- MountainstarIndiaOfficeParksPrivateLimited 1.99 Total 1.99 Vendor Advance-Others (net of withholding tax)- TechnologyServicegroupLLC 17.23 Total 17.23

42. EMPLOYEE BENEFITS

a) Defined contribution plan: TheGroupmakesProvidentFundcontributionswhicharedefinedcontributionplans,forqualifying

employees.UndertheSchemes,theGroupisrequiredtocontributeaspecifiedpercentageofthepayrollcoststofundthebenefits.TheGrouprecognized`1.41millionforProvidentFundcontributions,intheStatementofProfitandLoss.ThecontributionspayabletotheseplansbytheGroupareatratesspecifiedintherulesoftheschemes.

b) Defined benefit obligation i. Gratuity(includedinNote28Employeebenefitsexpense)

1) Reconciliation of opening and closing balances of the present value of defined benefit obligation:

Particulars From

July 17, 2020 to March 31, 2021

Change in defined benefit obligations (DBO) during the periodPresentvalueofDBOatthebeginningoftheperiod 9.49 Currentservicecost 0.94 InterestCost 0.16 Netactuarial(Gain)/lossrecognizedintheperiod 0.35 Present value of DBO at the end of the period/year 10.94

2) Reconciliation of present value of defined benefit obligations & fair value of plan assets:


Presentvalueofdefinedbenefitobligationattheperiod/yearend 10.94 Planassetsattheyearend,atfairvalue - Net liability recognized in the balance sheet 10.94




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3) Net employee benefit expense (recognized in Employee benefits expense) for the period ended March 31, 2021

Particulars From

July 17, 2020 to March 31, 2021

Components of employer's expenseCurrentservicecost 0.93 PastServicecost - InterestCost 0.15 Defined benefit cost recognized in the Statement of Profit and Loss 1.08

4) Amount recognized in Other Comprehensive Income for the period ended March 31, 2021

Particulars From

July 17, 2020 to March 31, 2021

Netcumulativeunrecognizedactuarial(gain)/lossopening - Actuarial(gain)/lossfortheperiod/yearonPBO 0.35 Actuarial(gain)/lossfortheperiod/yearonAsset - Unrecognized actuarial (gain)/ loss at the end of the period 0.35

5) Actuarial assumptions Economic Assumptions - ThediscountrateisbasedontheprevailingmarketyieldsofGovernmentofIndiasecuritiesasatthe

balancesheetdatefortheestimatedtermoftheobligations.

- Theestimateoffuturesalaryincreasesconsidered,takesintoaccounttheinflation,seniority,promotion,incrementsandotherrelevantfactors.


Discountrate 6.79%FutureSalaryescalation 8.00 Expectedreturnonplanassets -

Demographic Assumption Retirementage(Years) 60.00 MortalityTable IALM (2012-14)

Attrition at ages Withdrawal Rate (%)

Upto30Years 3.00From31to44years 2.00Above44years 1.00

6) Sensitivity Analysis of defined benefit obligation

Impact of Change in discount rate Impact due to increase of 0.5%

Impact due to decrease of 0.5%

PresentValueofObligationattheendoftheperiod/year (0.73) 0.80

Impact of Change in Salary Increase Impact due to increase of 0.5%

Impact due to decrease of 0.5%

PresentValueofObligationattheendoftheperiod/year 0.68 (0.65)

7) TheGroupexpectstopay`5.22millionincontributionstodefinedbenefitplansinthenextyear.

8) The following payments are expected from defined benefit obligation in future years:


Withinthenext12months 0.08 Between2and5years 1.68 Beyond5years 9.18 Total expected payments 10.94

Other Long term employee benefits DuringtheperiodendedMarch31,2021theGrouphasincurredanexpenseoncompensatedabsences

amountingto`0.29million.TheGroupdeterminestheexpenseforcompensatedabsencesbasistheactuarialvaluationofpresentvalueofobligation,usingtheProjectedUnitCreditmethod.

43. TAX EXPENSE

(a) Amounts recognized in Statement of Profit and LossFrom

July 17, 2020 to March 31, 2021

(a) Income tax expense Currenttax - forcurrentperiod 0.44 - forearlieryears 18.89 Total current tax expense 19.33 Deferred tax(i) Originationandreversaloftemporarydifferences (122.93)(ii) Minimumalternatetaxcredit - fortheperiod - - forearlieryears - Deferred tax expense (122.93)Tax expense for the period (103.60)

(b) Amounts recognized in other comprehensive incomeFrom

July 17, 2020 to March 31, 2021

Deferred income tax liability / (asset), net(i)Net(gain)/lossonremeasurmentofdefinebenefitplans 0.07 Tax expense charged in other comprehensive income for the period 0.07

(c) Reconciliation of effective tax rate (tax expense and the accounting profit multiplied by India’s domestic tax rate)

Particulars From

July 17, 2020 to March 31, 2021

Profit before tax 149.43 Taxattheratesapplicabletotherespectiveentities 112.59 Tax effect of:Deferredtaxassetsnotrecognizedbecauserealisationisnotprobable 51.44 Effectofexemptincome (308.78)Taxforearlieryears 18.89 Effectofnon-deductibleexpenses 43.61 Effectofinitialrecognitionexception 58.08 Others (79.43)Tax expense for the period (103.60)




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(d) Deferred tax liabilities (net)

Particulars

Net balance as at

February 08, 2021

Recognized in profit or

loss

Recognized in other

comprehensive income

Net balance as at

March 31, 2021

Deferred tax asset as at

March 31, 2021

Deferred tax liability as at

March 31, 2021

Deferred tax assets (Liabilities)Investmentproperty - (95.32) - (95.32) - (95.32)Borrowings - 44.20 - 44.20 44.20 - Unabsorbeddepreciation 1,553.37 175.69 - 1,729.06 1,729.06 - MATcreditentitlement 964.86 - - 964.86 964.86 - Others - (1.64) 0.07 (1.57) - (1.57)Tax assets (Liabilities) 2,518.23 122.93 0.07 2,641.23 2,738.12 (96.89)

TheGrouphasrecognizeddeferredtaxassetof`1,729.06milliononunabsorbeddepreciationand `964.86milliononMATcreditentitlement,consideringthedeferredtaxliabilityontemporarydifferencesthatwillreverseinthefutureandestimatedtaxableincomeforfutureyears.

AsatMarch31,2021,unrecognizeddeferredtaxassetsamountingto`565.75milliononunabsorbedinterestu/s94BofIncomeTaxAct1961,`15.71milliononbusinesslossand`396.99milliononunabsorbeddepreciation,hasbeendetailedbelow.Thedeferredtaxassethasnotbeenrecognizedonthebasisthatitsrecoveryisnotconsideredprobableintheforeseeablefuture.

Deductibletemporarydifferencesonwhichdeferredtaxassetisnotrecognized:

March 31, Particulars Amounts (` in M)

Deferred tax asset

(` in M) 2026 Unabsorbedinterestu/s94BofIncomeTaxAct1961 125.68 36.982027 Unabsorbedinterestu/s94BofIncomeTaxAct1961 147.59 43.522028 Unabsorbedinterestu/s94BofIncomeTaxAct1961 317.92 93.282029 Unabsorbedinterestu/s94BofIncomeTaxAct1961 1,186.20 391.972029 Unabsorbedbusinesslosses 53.96 15.71Indefinitelifeperiod Unabsorbeddepreciation 1,363.30 396.99

Significantmanagementjudgementisrequiredindeterminingprovisionforincometax,deferredtaxassetsandliabilitiesandrecoverabilityofdeferredtaxassets.Therecoverabilityofdeferredtaxassetsisbasedonestimatesoftaxableincomeandtheperiodoverwhichdeferredtaxassetswillberecovered.Italsodependsonavailabilityoftaxabletemporarydifferenceswhenthedeductibletemporarydifferencesareexpectedtoreverse.

44 UNCERTAINTY RELATING TO THE GLOBAL HEALTH PANDEMIC ON COVID-19:

BrookfieldIndiaREIThasconsideredpossibleeffectsthatmayresultfromthepandemicrelatingtoCOVID-19onthecarryingamountsandfairvalueofinvestmentproperty(includingunderdevelopment).IndevelopingassumptionsrelatingtopossiblefutureuncertaintiesintheIndianeconomicconditionsbecauseofthispandemic;BrookfieldIndiaREIT,asatthedateofapprovaloftheseConsolidatedFinancialStatements,hasusedinternalandexternalsourcesofinformationincludingreportsonfairvaluationofinvestmentpropertiesfrompropertyconsultants,economicforecastandotherinformationfrommarketsourcesontheexpectedfutureperformanceofBrookfieldIndiaREIT.Basedonthisanalysis,BrookfieldIndiaREIThasconcludedthatthereisnoimpairmenttothecarryingamountofinvestmentpropertyandthefairvalueofinvestmentpropertydisclosedintheConsolidatedFinancialStatementsrepresentsthebestestimatebasedoninternalandexternalsourcesofinformationonthereportingdate.

TheimpactofCOVID-19onBrookfieldIndiaREITConsolidatedFinancialStatementsmaydifferfromthatestimatedasatthedateofapprovaloftheseConsolidatedFinancialStatements.

45 ASSETS ACQUISITION

OnFebruary08,2021(theacquisitiondate),BrookfieldIndiaREITacquired100%oftheequityinterestandcompulsorilyconvertibledebenturesoffourSPVsasdescribedinmoredetailinNote1-Organizationstructure;inexchangeforunitsofBrookfieldIndiaREITamountingto`45,270.45Million(the“Purchaseconsideration”). Themanagementappliedtheoptionalconcentrationtest,underIndAS103,andconcludedthattheacquiredset

ofactivitiesandassetsisnotabusinessbecausesubstantiallyallofthefairvalueofthegrossassetsacquiredisconcentratedininvestmentproperties,withsimilarriskcharacteristics.Accordingly,thistransactionhasbeenaccountedforasanassetacquisition.

Themanagementidentifiedandrecognizedtheindividualidentifiableassetsacquiredandliabilitiesassumed;andallocatedthepurchaseconsiderationtotheindividualidentifiableassetsandliabilitiesonthebasisoftheirrelativefairvaluesatthedateofacquisition.

TheallocatedvalueoftheidentifiableassetsandliabilitiesofthefourSPVsasatthedateofacquisitionwere:

Assets Amount (in M)

Property,plantandequipment 98.22Investmentproperty 100,378.03Investmentpropertyunderdevelopment 723.34Otherassets 6,848.43Total Assets (A) 108,048.02 LiabilitiesBorrowings(includingcurrentmaturitiesoflongtermborrowings) 56,776.42Otherliabilities 6,001.16Total Liabilities (B) 62,777.58 Net Assets (A – B) 45,270.44

46 MANAGEMENT FEE

Property Management Fees PursuanttotheCandorAmendedandRestatedServiceAgreementdatedDecember01,2020,InvestmentManager

isentitledtoayearlyfees@3%oftheincomefromoperatingleaserentalsasrecordedinthebooksofaccountsofSPPLNoidaandCandorKolkata,payableonamonthlybasis,exclusiveofapplicabletaxes.ThefeeshasbeendeterminedforprovidingrealestateoperatingservicestoCIOPinrelationtotheOperationalServicesrenderedbyitwithrespecttoSPPLNoidaandCandorKolkata.ThesaidManagementfeesforthehalfyearandperiodendedMarch31,2021amountsto`19.04million.

PursuanttotheFestusServiceAgreementdatedDecember01,2020,InvestmentManagerisentitledtoayearlyfeeof3%oftheincomefromoperatingleaserentalsasrecordedinthebooksofaccountsofFestus,payableonamonthlybasis,exclusiveofapplicabletaxes.ThefeeshasbeendeterminedforprovidingrealestateoperatingservicestoFestusinrelationtothemanagementandoperationoftheKensingtonandanyotherpropertiesdevelopedbyFestusfromtimetotime(“FestusProperties”).ThesaidManagementFeesforthehalfyearandperiodendedMarch31,2021amountsto`5.87million.

REIT Management Fees PursuanttotheInvestmentManagementAgreementdatedJuly17,2020,InvestmentManagerisentitledtofees

@1%ofNDCF,exclusiveofapplicabletaxes(alsoreferNote48).ThefeeshasbeendeterminedforundertakingmanagementoftheREITanditsinvestments.

47 DETAILS OF UTILISATION OF PROCEEDS OF IPO ARE AS FOLLOWS:

Objects of the issue as per the prospectus Proposed utilisation

Actual utilisation upto March 31, 2021

Unutilized amount as at

March 31, 2021Partialorfullpre-paymentorscheduledrepaymentoftheexistingindebtednessofourAssetSPVs

35,750.00 35,750.00 -

Generalpurposes 350.00 350.00 - Issueexpenses 1,900.00 288.13 1,611.87 Total 38,000.00 36,388.13 1,611.87



48 DISTRIBUTION POLICY

IntermsoftheDistributionpolicyandREITRegulations,notlessthan90%oftheNDCFsofourAssetSPVsarerequiredtobedistributedtoBrookfieldREIT,inproportionofitsshareholdinginourAssetSPVs,subjecttoapplicableprovisionsoftheCompaniesAct.ThecashflowsreceivablebyBrookfieldREITmaybeintheformofdividends,interestincome,principalloanrepayment,proceedsofanycapitalreductionorbuybackfromourAssetSPVs/CIOP,saleproceedsoutofdisposalofinvestmentsofanyorassetsdirectly/indirectlyheldbyBrookfieldREITorasspecificallypermittedundertheTrustDeedorinsuchotherformasmaybepermissibleunderthe applicablelaws.

Atleast90%oftheNDCFsofBrookfieldREIT(“REITDistributions”)shallbedeclaredandmadeonceeveryquarterofaFinancialYearbyourManager.ThefirstdistributionshallbemadeuponcompletionofthefirstfullquarterafterthelistingofourUnitsontheStockExchanges.Further,inaccordancewiththeREITRegulations,REITDistributionsshallbemadenolaterthan15daysfromthedateofsuchdeclarations.TheREITDistributions,whenmade,shallbemadeinIndianRupees.

TheNDCFsshallbecalculatedinaccordancewiththeREITRegulationsandanycircular,notificationorguidelinesissuedthereunderincludingtheSEBIGuidelines.

StatementofNetDistributableCashFlowshavenotbeendisclosedsincethefirstdistributionoftheREITasstatedintheFinalOfferDocumentwillbemadeuponcompletionofthefirstfullquarterafterthelistingoftheUnitsontheStockExchangesi.e.June30,2021.

49 “0”Representsvaluelessthan`0.01million.

ForandonbehalfoftheBoardofDirectorsofBrookprop Management Services Private Limited(asManagertotheBrookfieldIndiaREIT)

Ankur Gupta Alok AggarwalDirector ChiefexecutiveofficerDINNo.08687570 DINNo.00009964Place:Mumbai Place:GurugramDate:May20,2021 Date:May20,2021


Summary Valuation Report:

Portfolio of Brookfield India Real Estate Trust

Date of Valuation: 31 March 2021 Date of Report: 18 May 2021

Submitted to: Brookfield India Real Estate Trust


Summary Valuation Report Page 214

Disclaimer

This report is prepared exclusively for the benefit and use of Brookfield India Real Estate Trust ("Brookfield India REIT") (the “Recipient” or the “Company” or “Instructing Party”) and / or its associates and for, presentations, research reports, publicity materials, press releases prepared for the disclosure of valuation of assets forming part of the portfolio of Brookfield India REIT and does not carry any right of publication or disclosure to any other party. The Company may share the report with its appointed advisors for any statutory or reporting requirements. Neither this report nor any of its contents may be used for any other purpose other than the purpose as agreed upon in the Letter of Engagement (“LOE”) dated 15 March 2021 without the prior written consent of the Valuer.

The information in this report reflects prevailing conditions and the view of the Valuer as of its date, all of which are, subject to change. In preparation of this report, the accuracy and completeness of information shared by the Company has been relied upon and assumed, without independent verification, while applying reasonable professional judgment by the Valuer.

This report has been prepared upon the express understanding that it will be used only for the purposes set out in the LOE dated 15 March 2021. The Valuer is under no obligation to provide the Recipient with access to any additional information with respect to this report unless required by any prevailing law, rule, statute or regulation.

This report should not be deemed an indication of the state of affairs of the real estate financing industry nor shall it constitute an indication that there has been no change in the business or state of affairs of the industry since the date of preparation of this document.



Contents 1 Instruction

1.1 Instructing Party

1.2 Purpose and Date of Valuation

1.3 Reliant Parties 1.4 Limitation of Liability

1.5 Professional Competency of the Valuer

1.6 Disclosures

1.7 Assumptions, Disclaimers, Limitations & Qualifications to Valuation

2 Valuation Summary

2.1 Assumptions, Disclaimers, Limitations & Qualifications

3 Valuation Approach and Methodology

3.1 Purpose of Valuation

3.2 Valuation Guideline and Definition

3.3 Valuation Approach

3.4 Valuation Methodology

3.5 Information Sources

4 REIT Portfolio

4.1 Candor Techspace IT/ITeS SEZ, Dundahera, Gurugram (G2)

4.2 Candor Techspace IT/ITeS Park, Sector 62, Noida (N1)

4.3 Candor Techspace IT/ITeS SEZ, New Town, Rajarhat, Kolkata (K1)

4.4 Kensington (A & B) IT/ITeS SEZ, Powai, Mumbai (Kensington)



1 Instruction 1.1 Instructing Party

Brookfield India REIT (hereinafter referred to as the “Instructing Party” or the “Client”) has appointed Mr. Shubhendu Saha, MRICS, registered as a valuer with the Insolvency and Bankruptcy Board of India (IBBI) for the asset class Land and Building under the provisions of the Companies (Registered Valuers and Valuation) Rules, 2017 (hereinafter referred as the “Valuer”) to undertake the valuation of office properties located across Gurugram, Noida, Kolkata and Mumbai (together herein referred as “Subject Properties” mentioned below).

S.no Asset Location City Type REIT Ownership REIT Portfolio

1 Candor Techspace G2 Sector 21 Gurugram IT/ITes SEZ 100% 1

2 Candor Techspace N1 Sector 62 Noida IT/ITes Park 100% 3 Candor Techspace K1 New Town Rajarhat Kolkata IT/ITes SEZ 100% 4 Kensington Powai Mumbai IT/ITes SEZ 100%

1. Property has a 28% JDA interest structured as a revenue share to the landowner.

The exercise has been carried out in accordance with the instructions (Caveats & Limitations) detailed in Section 1.7 of this report. The extent of professional liability towards the Client is also outlined within these instructions.

1.2 Purpose and Date of Valuation It is understood the purpose of this valuation exercise is for the disclosure of valuation of assets forming part of the portfolio of Brookfield India REIT under the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 [SEBI (REIT) Regulations], as amended, together with circulars, clarifications, guidelines and notifications issued thereunder by SEBI and also disclosure as per fair value accounting under Indian Accounting Standards (Ind AS 40). This valuation summary (“Summary Valuation Report”) is intended to be included in the filing by the Brookfield India REIT with SEBI and the stock exchanges where the units of the Brookfield India REIT are listed. Additionally, any other relevant documents such as publicity material, research reports, presentation and press releases may also contain this report or any part thereof. This Summary Valuation Report is a summary of the “Valuation Reports” dated 18 May 2021 issued by Mr. Shubhendu Saha.

1.3 Reliant Parties The Reliant Parties would mean Brookprop Management Services Private Limited (“Brookprop” or “Manager”), Brookfield India REIT and their unitholders and Axis Trustee Services Limited (“Trustee”). The reliance on this report is extended to the Reliant Parties for the purpose as highlighted in this Summary Valuation Report. The auditors, debenture trustees, stock exchanges, unit holders of the REIT, Securities and Exchange Board of India (SEBI), and credit rating agencies, would be extended reliance by the Valuer but would not be liable to such parties, except in case of gross negligence and wilful misconduct by the Valuer The valuation exercise is conducted strictly and only for the use of the Reliant Parties and for the purpose specifically stated. The Instructing Party shall make all reliant parties aware of the terms and conditions of the agreement under which this exercise is being undertaken and take due acknowledgements to the same effect.



1.4 Limitation of Liability • The Valuer has provided the services exercising due care and skill but does not accept any legal liability

arising from negligence or otherwise to any person in relation to possible environmental sitecontamination or any failure to comply with environmental legislation, which may affect the value of theproperties. Further, the Valuer shall not accept liability for any errors, misstatements, omissions in thereport caused due to false, misleading or incomplete information or documentation provided to him bythe Instructing Party.

• The Valuer’s maximum aggregate liability for claims arising out of or in connection with the Valuation,under this contract shall not exceed the professional indemnity insurance obtained by him. As on thedate of Letter of Engagement (“LOE”) and this report the professional indemnity insurance maintainedby the Valuer is for INR 50 Million (Indian Rupees Fifty Million).

• In the event that any of the BSREP India Holdings V Pte. Ltd (the “Sponsor”), Manager, Trustee, BrookfieldIndia REIT or other intermediaries appointed in connection with the disclosure of valuation of assetsforming part of the portfolioof Brookfield India REIT subject to any claim (“Claim Parties”) in connectionwith, arising out of or attributable to the Valuation, the Claim Parties will be entitled to require the Valuer,to be a necessary party/ respondent to such claim and the Valuer shall not object to his inclusion as anecessary party/ respondent. However, the legal cost with respect to appointment of lawyers by theValuer as a respondent/ defendant shall be borne by the Client. If the Valuer, as the case may be, doesnot co-operate to be named as a necessary party/ respondent to such claims or co-operate in providingadequate/ successful defence in defending such claims, the Claim Parties jointly or severally will beentitled to initiate a separate claim against the Valuer in this regard and his liability shall extend to thevalue of the claims, losses, penalties, costs and liabilities incurred by the Claim Parties.

• The Valuer is neither responsible for any legal due diligence, title search, zoning check, developmentpermissions and physical measurements nor undertake any verification/validation of the zoningregulations/development controls etc.

1.5 Professional Competency of the Valuer Mr. Shubhendu Saha, the Valuer for the Subject Property is registered as a valuer with IBBI for the asset class Land and Building under the provisions of The Companies (Registered Valuers and Valuation) Rules, 2017 since 15 May 2019. He completed his Bachelor’s in Planning from the School of Planning and Architecture, New Delhi in 1997 and Master’s in Management Studies from Motilal Nehru National Institute of Technology, Allahabad in 1999. Mr. Saha has more than 20 years of experience in the domain of urban infrastructure and real estate advisory. From 2009 to 2015, he was the national practice head of Valuation Advisory services of DTZ International Property Advisers Private limited (now known as Cushman and Wakefield Property Advisers Private Limited), a leading International Property Consulting firm in India. He also led the business solutions and consulting services for the property management business of Cushman and Wakefield India Private Limited from 2015 to 2017. In early part of his career, he worked with renowned organisations like ICRA Limited, Copal Research (now known as Moody’s Analytics) and National Council of Applied Economic Research. His last employment was with PwC as Director Real Estate Advisory before he started his practice as an independent valuer. As the leader of valuation services business at DTZ, Mr. Saha authored India specific guidelines of the RICS Valuation Standards (“Red Book”) for financial accounting, taxation and development land, which became part of the 7th edition of Red Book. He is the first registered valuer under the provisions of the Companies (Registered Valuers and Valuation) Rules, 2017 to undertake the valuation of REIT assets for an IPO. Mr. Saha also led the valuation of India’s first listed portfolio of healthcare assets at Singapore Stock Exchange as a



Business Trust and led numerous valuation exercises for multiple private equity funds, real estate funds, financial institutions, developers and corporates across asset classes of commercial, retail, residential and hospitality. His clientele includes, Mindspace REIT, Embassy REIT, Air India, HDFC, Religare Health Trust, Duet Hotels, DLF, RMZ, K Raheja Corp, Embassy Group, Citibank, Tishman Speyer, IL&FS, HSBC, IDFC, Ascendas India etc.

1.6 Disclosures The Valuer declares and certifies that: • He is eligible to be appointed as a valuer in terms of Regulation 2(1)(zz) of the Securities and Exchange

Board of India (Real Estate Investment Trusts) Regulations, 2014 along with SEBI (REIT) (Amendment)Regulations, 2016 with the valuation exercise having been conducted and valuation report prepared inaccordance with aforementioned regulations.

• He is not an associate of the Sponsor, the Instructing Party or the Trustee for the Brookfield India REIT.• He is registered with IBBI as registered valuer for asset class Land and Building under the provisions of

the Companies (Registered Valuer and Valuation) Rules, 2017.• He has more than a decade’s experience in leading large real estate valuation exercises comprising

investment portfolios of various real estate funds, trusts and corporates comprising diverse assets likeresidential projects, retail developments, commercial office buildings, townships, industrial facilities, datacentres, hotels, healthcare facilities and vacant land and therefore has adequate experience andqualification to perform property valuations at all times.

• He has not been involved in acquisition or disposal within the last twelve months of any of the propertiesvalued under this summary valuation report.

• He has educational qualifications, professional knowledge and skill to provide competent professionalservices.

• He has adequate experience and qualification to perform property valuation and is assisted by sufficientkey personnel who have the adequate experience and qualification to perform property valuation.

• He is not financially insolvent and has access to financial resources to conduct his practice effectively andmeet his liabilities.

• He has ensured that adequate and robust internal controls are in place to ensure the integrity of theValuation Report.

• He is aware of all statutes, laws, regulations and rules relevant to this valuation exercise.• He has conducted the valuation exercise without any influence, coercion or bias and in doing so rendered

high standards of service, ensured due care, and exercised due diligence and professional judgment.• He has acted independently and with objectivity and impartiality in conducting this valuation exercise.• The valuation exercise that has been undertaken is impartial, true and to his best understanding and

knowledge, fair and in accordance with the Securities and Exchange Board of India (Real EstateInvestment Trusts) Regulations, 2014 along with subsequent amendments.

• He or any of his employees involved in valuing the assets of the Brookfield India REIT have not investednor shall invest in the units of Brookfield India REIT or in securities of any of the Subject Properties beingvalued till the time he is designated as the Valuer and not less than six months after ceasing to be theValuer of the Brookfield India REIT.

• He has discharged his duties towards Brookfield India REIT in an efficient and competent manner, utilisinghis professional knowledge, skill and experience in best possible way to conduct the valuation exercise.



• He has conducted the valuation of the Subject Properties with transparency and fairness and rendered,at all times, high standards of service, exercise due diligence, ensure proper care and exercisedindependent professional judgment.

• He has not and shall not accept any remuneration, in any form, for conducting valuation of any of theSubject Properties of Brookfield India REIT from any person or entity other than Brookfield India REIT orits authorised representatives.

• He has no existing or planned future interest in the Client, Trustee, Manager, Brookfield India REIT, theSponsor, or the Sponsor Group or the Special Purpose Vehicles (“SPVs”) and the fee for this valuationexercise is neither contingent upon the values reported nor on success of any of the transactionsenvisaged or required as part of the disclosure of valuation of assets, forming part of the portfolio ofBrookfield India REIT, in accordance with the Securities and Exchange Board of India (Real EstateInvestment Trusts) Regulations, 2014, as amended, together with clarifications, guidelines andnotifications thereunder in the Indian stock exchanges together with the clarifications, guidelines andnotifications thereunder in the Indian stock exchanges.

• The valuation reported is not an investment advice and should not be construed as such, and specificallyhe does not express any opinion on the suitability or otherwise of entering into any financial or othertransaction with the Client or the SPVs.

• He shall, before accepting any assignment from any related party to Brookfield India REIT, disclose toBrookfield India REIT, any direct or indirect consideration which the Valuer may have in respect of suchassignment

• He shall disclose to the Trustee of Brookfield India REIT, any pending business transaction, contracts undernegotiations and other arrangements with the Instructing Party or any other party whom the BrookfieldIndia REIT is contracting with or any other factors which may interfere with his ability to give anindependent and professional conduct of the valuation exercise; as on date the Valuer has no constraintstowards providing an independent professional opinion on the value of any of the Subject Properties.

• He has not and shall not make false, misleading or exaggerated claims in order to secure or retain hisappointment.

• He has not and shall not provide misleading opinion on valuation, either by providing incorrectinformation or by withholding relevant information.

• He has not accepted this instruction to include reporting of the outcome based on a pre-determinedopinions and conclusions required by Brookfield India REIT.

• The valuation exercise has been conducted in accordance with internationally accepted valuationstandards as required by SEBI (REIT) Regulations and The Companies (Registration of Valuers andValuation) Rules, 2017.

• He notes that there are encumbrances, however, no options or pre-emptions rights in relation to theassets based on the title report prepared by Ind-Legal, Fox & Mandal and DSK Legal (hereinaftercollectively referred to as “Legal Counsel”).

1.7 Assumptions, Disclaimers, Limitations & Qualifications to Valuation While the Valuation Report has been prepared independently by the Valuer, the report and this summary is subject to the following: a. The valuation exercise is based on prevailing market dynamics as on the date of valuation without taking

into account any unforeseeable event or developments, which could impact the valuation in the future.b. Novel Coronavirus disease (COVID-19) has been declared as a pandemic by the World Health Organization

(WHO). Measures adopted by governments across the globe in form of lockdowns, restricting economic



activities, people movement, etc. have disrupted businesses and economies. In India as well, the government has adopted similar measures to contain the spread of Covid-19 which has caused business disruptions and slowdown in economic activity. Real estate sector like many other sectors is going through challenges posed by Covid-19 disruptions. Though the magnitude of the pandemic and its future impact on businesses is difficult to predict due to the uncertainties caused by Covid-19, the commercial real estate sector has so far shown reasonable resilience to the disruptions caused by Covid-19 and therefore we expect Covid-19 pandemic to have a short term impact on the demand for commercial real estate. We expect the long-term demand for commercial real estate to remain intact and therefore our valuation assumptions reflect our long-term expectation while taking into account any short-term impacts.

c. The valuation exercise is not envisaged to include all possible investigations with respect to the SubjectProperties and wherein certain limitations to the investigations and inspections carried out are identifiedso as to enable the Reliant Party/Parties to undertake further investigations wherever consideredappropriate or necessary prior to reliance. The Valuer has undertaken visual inspection of the SubjectProperties and is not liable for any loss occasioned by a decision not to conduct further investigation orinspections.

d. Assumptions, being an integral part of any valuation exercise, are adopted as valuation is a matter ofjudgment and many parameters utilized to arrive at the valuation opinion may fall outside the scope ofexpertise or instructions of the Valuer. The Reliant Parties accepts that the valuation contains certainspecific assumptions and acknowledge and accept the risk that if any of the assumptions adopted to arriveat the valuation estimates turns out to be incorrect, there may be a material impact on the valuations.Complete set of assumptions are mentioned in Valuation Reports dated 18 May 2021.

e. The valuation exercise is based on the information shared by the Instructing Party or the Client, whichhas been assumed to be correct and used to conduct the valuation exercise while applying reasonableprofessional judgment by the Valuer. In case of information shared by any third party and duly disclosedin the report, the same is believed to be reasonably reliable, however, the Valuer does not accept anyresponsibility should those prove not to be so.

f. Any statement regarding any future matter is provided as an estimate and/or opinion based on theinformation known at the date of this report. No warranties are given regarding accuracy or correctnessof such statements.

g. Any plan, map, sketch, layout or drawing included in this report is to assist reader in visualizing therelevant property and are for representation purposes only with no responsibility being borne towardstheir mathematical or geographical accuracy.

h. Except as disclosed by the Client, it is assumed that the Subject Properties are free from anyencroachments and available on the date of valuation.

i. For the purpose of this valuation exercise, reliance has been made on the Title Reports prepared by theLegal Counsels for each of the Subject Properties and no further enquiries have been made withauthorities in this regard. It is understood that the Subject Properties have encumbrances disputes andclaims, however, the Valuer does not have the expertise or the purview to verify the veracity or quantifythese encumbrances, disputes or claims. For the purpose of this valuation exercise, it is assumed thatrespective Subject Properties have clear and marketable titles.

j. The current zoning of the Subject Properties has been assessed on the basis of review of variousdocuments including title reports shared by the Instructing Party and the current land use maps publiclyavailable. The same has been considered for the purpose of this valuation exercise. Additionally, it is alsoassumed that the development on the Subject Properties adheres/would adhere to the development



regulations as prescribed by the relevant authorities. No further enquiries have been made with the competent jurisdictional authorities to validate the legality of the same.

k. The total developable/developed area, leasable area, site/plot area considered for this valuation exerciseis based on the Architect’s Certificate shared by the Instructing Party and the same has been checkedagainst the approvals/layout plans/building plans provided by the Client. However, no additionalverification and physical measurement for the purpose of this valuation exercise has been undertaken.

l. In absence of any information to the contrary, it is assumed that there are no abnormal ground conditionsnor archaeological remains present, which might adversely affect the current or future occupation,development or value of the Subject Properties and the Subject Properties are free from any rot,infestations, structural or latent defect; no currently known deleterious or hazardous materials or suspecttechniques are used in construction or subsequent alterations or additions to the property and commentsmade in the property details do not purport to express an opinion about an advice upon the conditionsof uninspected parts and should be taken as making an implied representation or statement about suchparts.

m. It is also stated that this is a valuation report and not a structural survey.n. Unless specifically disclosed in the report, no allowances are made with respect to any existing or

proposed local legislation relating to taxation on realization of the sale value of the Subject Properties.o. Given the evolving and maturing real estate markets in India, any comparable evidences (if any) or market

quotes provided has been limited to basic details such as area of asset, general location, price/rate oftransaction or sale and any other specific details that are readily available in public domain only shall beshared. Any factual information such as tenants’ leasable area, lease details such as, rent, lease/rentcommencement and end dates, lock-in period, rent escalation terms etc. with respect to SubjectProperties is based on the documents/information shared by the Client/Instructing Party and the samehas been adopted for the purpose of this valuation exercise. While few lease deeds have been reviewedon a sample basis, the Valuer does not take any responsibility towards authenticity of the rent rolls sharedby the Client. Any change in the aforementioned information will have an impact on the valuationestimates and, in that case, the same would need to be reassessed. The relevant information sources arementioned in Valuation Reports dated 18 May 2021.

p. All measurements, areas and property age quoted/mentioned in the report are approximate. The areasof Subject Property are based on Architect’s certificate as mentioned in (k) above.

q. The Valuer is not an advisor with respect to any tax, regulatory or legal matters with respect to byBrookfield India REIT. No investigation or enquiries on the holding entity or any SPV’s claim on the title ofthe Subject Properties has been made and the same is assumed to be valid based on the informationshared by the Client/Instructing Party. No consideration shall be / has been given to liens orencumbrances against them. Therefore, no responsibility is assumed for matters of a legal nature.

r. Kindly note that quarterly assessment of cash flows has been undertaken for the purpose of this valuationexercise.



2 Valuation Summary The following table highlights the summary of the market value of each of the Subject Properties which are part of the Brookfield India REIT as on 31 March 2021.

S. No.

Asset Name

Leasable area (Million sq. ft.) 1 Market Value (in INR Million)

Completed Under

Construction

Future Development

Potential Completed

Under-Construction

/ Future Development

Potential

Total

REIT Portfolio 1 G2 3.86 NA 0.10 43,072 561 43,6332 2 N1 1.85 0.08 0.87 16,902 3,219 20,120 3 K1 3.06 NA 2.68 21,242 4,320 25,563 4 Kensington 1.54 NA NA 25,492 NA 25,492

TOTAL 10.31 0.08 3.65 106,708 8,100 114,808 Note: All figures in the above table are rounded. 1. Based on Architect’s Certificate 2. Property has a 28% JDA interest structured as a revenue share to landowner. The valuation is only for the interest of Brookfield IndiaREIT in the property.

Brookfield India REIT Portfolio Composition (Market Value)

93.0%

7.0%

Completed as of 31 March 2021 Under Construction/ Future Development



2.1 Assumptions, Disclaimers, Limitations & Qualifications This Summary Valuation Report is provided subject to a summary of assumptions, disclaimers, limitations and qualification detailed throughout this Report which are made in conjunction with those included within the sections covering various assumptions, disclaimers, limitations and qualifications within the detailed Valuation Report. Reliance on this report and extension of the liability of the Valuer is conditional upon the reader’s acknowledgement of these statements. This valuation is for the use of the parties mentioned in Section 1.3 of this Summary Valuation Report.

Prepared by

(Shubhendu Saha) IBBI/RV/05/2019/11552



3 Valuation Approach and Methodology 3.1 Purpose of Valuation

The purpose of this valuation exercise is to estimate the value of the Subject Properties forming a part of the portfolio of Brookfield India REIT, for an the disclosure of valuation of assets forming part of the portfolio of Brookfield India REIT under the SEBI (Real Estate Investment Trust) Regulations, 2014, as amended, together with clarifications, guidelines and notifications thereunder.

3.2 Valuation Guideline and Definition Given the purpose of valuation as mentioned above, the valuation exercise has been carried out to estimate the “Market Value” of the Subject Properties in accordance with the IVSC International Valuation Standards issued on 31 July 2019, effective from 31 January 2020. As per IVSC International Valuation Standards, “Market Value” is defined as ‘The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.’

3.3 Valuation Approach The valuation for the Subject Properties being Market Value, has been derived by adopting income approach, utilising the discounted cash flow method with rental reversion. The income approach is based on the premise that value of an income producing asset is a function of future benefits and income derived from that asset. Using this valuation method, future cash flows from the property are forecasted using precisely stated assumptions. This method allows for the explicit modelling of income and cost associated with the property. These future financial benefits are then discounted to a present-day value (valuation date) at an appropriate discount rate. A variation of the Discounted Cash Flow Method is mentioned below.

Income Approach - Discounted Cash Flow Method using Rental Reversion Given the market practice in most commercial/ IT developments involves contracting tenants in the form of pre-commitments at sub-market rentals to increase the attractiveness of the property to prospective tenants. Such benefits are typically extended to anchor tenants. Additionally, there are instances of tenants paying above-market rentals for certain properties as well (primarily owing to market conditions at the time of contracting the lease). In order to arrive at a unit value for these tenancies, we have normalised the impact of such sub/above market leases on the valuation of the Subject Property by estimating the rental revenue achievable at the end of the term, based on the expected rents in the market.

3.4 Valuation Methodology In order to compute the Market Value of the Subject Properties it is prudent to understand the market dynamics and the location where the Subject Property is located (existing and future supply, demand from occupiers, average office space take up by an occupier in a particular sector, existing vacancy numbers and the rentals, likely growth of the office space etc.). Understanding of the micro market positioning (where the Subject Property is located) with respect to a location is also very important. The next step then becomes to understand the situation of the Subject Property (current achievable rentals, vacancy numbers, competing supply in the micro market etc.) with respect to the micro market. Each of the steps required to assess the Market Value of the Subject Properties is detailed below. The same have been elaborated in the Valuation Reports also.



Market and Location Assessment: The Client appointed Cushman & Wakefield (CWI) to prepare an independent industry and market research report, which has been relied upon and reviewed by the Valuer to develop the understanding and assess the relevant micro-markets of the Subject Properties. The said review, was carried out in the following manner:

i. Market dynamics influencing the rents along with Subject Property rents were studied in detail.Further, the location setting of the Subject Properties in the respective micro-markets were assessed.Analysis of the micro-market was undertaken primarily based on the findings of the industry/marketreport prepared by CWI and readily available information in public domain to ascertain the transactionactivity of office space. The analysis entailed review of comparable properties in terms of potentialcompetition (both completed and under-construction/future developments), comparable recent leasetransactions witnessed in the micro-market along with the trends in leasing within the SubjectProperties in recent past, wherever available. This analysis enabled the Valuer to have an informedopinion on the market rent (applicable rental for the micro-market where the respective SubjectProperties are located) and achievable market rent (Valuer’s view on achievable rent for the respectiveSubject Properties for leasing vacant spaces, potential leasable area under development or planned aswell as upon re-leasing of the existing let out area).

ii. For tenants occupying relatively large space within the Subject Properties, where there may be someinstances of areas being let out at lower than market rent, it is assumed that the leases shall revert tomarket rent following the expiry of the lease, factoring appropriate re-leasing time.

Portfolio Assessment: i. As the first step, the rent rolls (which includes review of corresponding leases deeds) on a reasonable

sample basis were reviewed to identify tenancy characteristics for the Subject Properties. As part ofthe rent roll review, major tenancy agreements were reviewed on a reasonable sample basis. Forexample, for G2 we have reviewed lease deeds of top 10 tenants contributing nearly 90% of grosscontractual rentals of the subject property).

ii. For anchor/large tenants, adjustments on achievable market rent or additional lease-up timeframehave been adopted upon lease reversion wherever relevant.

iii. Title reports, Architect’s certificates and other related documents as mentioned in earlier sections ofthe report were reviewed for validation of area details, ownership interests of the Subject Properties.

iv. Physical site inspections were undertaken to assess the current status of the Subject Properties.

Preparation of Future Cash Flows: i. Net operating income (NOI) has primarily been used to arrive at the Market Value of the Subject

Properties. The cash flows for the operational, under construction and future development area havebeen projected separately for the purpose of estimating and reporting valuation in accordance withthe SEBI (REIT) Regulations

ii. The projected future cash flows from the property are based on existing lease terms for the operationalarea till the expiry of the leases or re-negotiation, whichever is earlier, following which, the lease termshave been aligned with market rents achievable by the Subject Properties. For vacant area, under-construction area and future development area, the achievable market rent-led cash flows areprojected factoring appropriate lease-up time frame for vacant/under-construction/futuredevelopment area. These cash flows have been projected for 10-year duration from the date ofvaluation wherein 11th year NOI is capitalized (for assessment of terminal value based on NOI). These



future cash flows are then discounted to present-day value (valuation date) at an appropriate discount rate.

Each of the lease was assessed to project the cash flows for a period of 10 years. The assessment was carried out in the following manner:

Step 1

Rental income from existing tenants up to the period of lease expiry, lock-in expiry, escalation milestones, etc. is projected whichever is applicable. In the event of any vacant spaces, achievable market-rent is assumed for future income for such spaces with suitable time for leasing up the space. This data is then used to generate market aligned revenue stream from existing and potential tenants for the desired time period.

Step 2

In the event the escalated contracted rent is higher than the achievable market rent by 15%, the contracted terms are ignored, and the terms are reverted to market. In the event the escalated contracted rent is below 115% of the achievable market rent, the contracted terms are adopted going forward until the next lease review/ renewal. Intent of this step is to project the rental income for respective leases until lease expiry as well as post expiry.

Step 3 Computing the monthly rental income projected as part of Step 2 and translating the same to a quarterly income (for the next 10 years and NOI of the 11th year – considered for calculation of terminal value).

iii. Recurring operational expenses, fit-out income (wherever applicable, however, the same has not beenincluded in the NOI for the purpose of arriving at the terminal value by capitalisation) and vacancyprovision have been adopted in-line with prevalent market practices and conditions. In addition,appropriate rent-free periods have been adopted during lease roll-overs to consider potential rent-freeterms as well as outflows towards brokerage. For all Subject Properties, operational revenues andexpenses of the respective properties are reviewed to understand the recurring, non-recurring,recoverable and non-recoverable expenses and accordingly estimate the margins on the common areamaintenance income, which accrues as cash inflows to the Subject Properties and normalised for thepurpose of cash flow projections. The 1-year forward income for the 11th year has been capitalized toassess the terminal value of the development at the end of year 10.

3.5 Information Sources Property related information relied upon for the valuation exercise have been provided to the Valuer by the Client and the market data has been provided by Cushman and Wakefield, unless otherwise mentioned. The documents provided has been assumed to be a true copy of the original. The rent rolls have been cross checked with the lease deeds on a sample basis only to ensure its correctness.



4 REIT Portfolio 4.1 Candor TechSpace IT/ITeS SEZ, Dundahera, Gurugram (G2)

Property Description G2 is located at Old Delhi – Gurugram road, Dundahera, Gurugram, Haryana – 122001, India. The approximate land area of G2 is 28.526 acres (based on review of Architect’s Certificate).

Statement of Assets G2 constitutes 13 completed buildings along with future development area. The listing of buildings under each component is as follows: Completed buildings with Occupancy Certificate (OC) received – Tower 1, 2, 3, 4 (Amenity Block-1), 4A (Amenity Block-2), 5, 6, 7, 8A, 8B, 9, 10 (MLCP), 11 Future development – The future development has leasable area of 99,924 sq. ft. The leasable area of the future development is indicative and is subject to change once the internal business plans are in place or the construction is completed.

The area statement for G2 is as follows:

Components No. of buildings Leasable Area (sq. ft.) Usage type Committed Occupancy*

Completed 13 3,856,047 IT/ITeS SEZ 91.2%^ Future Development NA 99,924 IT/ITeS SEZ NA Total 13 3,955,971

Source: Architect’s Certificate, ^Rent Rolls as on 31 March 2021, Lease Deeds/Leave and License Agreements. Further as per rent roll, 0.2 million sq. ft. of space occupied by E&Y is scheduled to expire on 31st March 2021. Hence from 1st April 2021, the vacancy is to be 86.1%. *Committed Occupancy = (Occupied area + Completed area under Letters of Intent)/ Completed area

Brief Description G2 is an IT/ITeS SEZ office space developed in a campus format offering large floor plates with significant open / green areas and number of amenities for occupiers. There are 13 completed buildings comprising 11 office towers (including one MLCP) occupied by multiple tenants and two amenity blocks - Block 4 (Amenity Block- 1) and 4A (Amenity Block-2). The amenity blocks constitute retail area of 90,413 sq. ft. catering to all basicrequirement of occupiers viz. F&B (in form of multi- cuisine food courts and in-house kitchens), pharmacy, bank ATM, creche, sports arena, wellness centre, convenience store, dental clinic etc. In addition, Tower 10 (MLCP) constitutes 98,746 sq. ft. of office area and 289,035 sq. ft. of car parking area to cater to 499 cars parking. G2 has two entry and two exit gates, which are managed according to the campus traffic circulation plan. Apart from regular upgradation activities, G2 has witnessed a major revamp (both inside and outside the campus) leading to overall improved aesthetics. G2 has been awarded IGBC Platinum Rating for sustainability in addition to the group wide ISO certification for Quality, Environmental and Occupational Health & Safety Management Systems namely ISO 9001, ISO 14001 and OHSAS 18001. G2 is located in an established office, residential and retail micro-market of Gurugram. The office supply in the vicinity comprises investment and sub investment grade developments, constituting a mix of IT and Non-IT developments primarily skewed towards IT. Some of the prominent office developments in the vicinity include DLF Cyber City, DLF Cyber Park, Ambience Corporate Tower etc. G2 is within close proximity to some of the renowned hotels like The Oberoi/ Trident, Hyatt Place, Radisson, Leela Ambience etc. and is well connected to major locations in the city as well as in the NCR via multiple modes of communication.



The distances (approximately) to G2 from major landmarks of NCR are as follows:

02 km from NH 48 (Delhi – Jaipur highway)

03 km from IndusInd Cyber City Rapid Metro Station

09 km from Gurugram Railway Station

09 km from IGI Airport

03 km from DLF Cyber City 23 km from Connaught Place

The map illustrating the location, infrastructure and nearby office developments is provided below:

Note: The DMRC Yellow Line metro is proposed to be extended from HUDA City Centre to Udyog Vihar, via Old Gurugram and finally terminating at DLF Moulsari Avenue rapid metro station. However, exact locations of metro stations are yet to be finalized. Also, a station for Delhi – Alwar RRTS is proposed at Old Delhi – Gurugram road in Udyog Vihar near subject property. The source for the said metro routes is the information available in the public domain and may differ subject to final approvals.

Source: C&WI Research (Map not to scale)Key Assumptions Particulars Unit Information

Revenue Assumptions (as on 31/03/2021) Lease Completion of Completed Building Qtr, Year Q4 FY 2022-23 Current Effective Rent INR/sq. ft./mth 80 Achievable Market Rent INR/sq. ft./mth 82 Parking Charges INR/bay/mth 5,000

Development Assumptions

Remaining Capital Expenditure INR Million Future Development: 319 General Development: 50

Expected Completion Date Qtr, Year Future Development: Q1 FY 2023-24

Other Financial Assumptions Cap Rate % 8.00 WACC (Complete/ Operational) % 11.75 WACC (Under-construction/ Future Development) % 13.00

Market Value The market value of financial interest* in G2 as on 31 March 2021 is as follows:

INR 43,633 Million (Indian Rupees Forty-Three Billion Six Hundred and Thirty-Three Million Only)

* Property has a 28% JDA interest structured as a revenue share to the landowner.

LEGEND

Candor Techspace G2

National Highway

Major Roads

Metro Station

DMRC Yellow Line Metro

DMRC Rapid Metro

Proposed Metro Line

DLF Cyber City

DLF Cyber Park

RMZ Crest

Ambience Corporate Towers

The Oberoi/ Trident

Hyatt Place

Radisson

The Leela Ambience

IFFCO CHOWK

SHANKAR CHOWK

To Delhi

To Jaipur

To Dwarka

To Delhi

To Gurugram

To Gurugram

AMBIENCE MALL

DLF CYBER CITY

1

2 4

3

1

2

4

3

12

3

4

1

2

3

4



4.2 Candor TechSpace IT/ITeS Park, Sector 62, Noida (N1)

Property Description N1 is located at Plot no. B2, sector 62, Noida, Gautam Buddha Nagar, Uttar Pradesh, 201301, India. The approximate land area of N1 is 19.250 acres (based on review of Architect’s Certificate).

Statement of Assets N1 constitutes 9 buildings and can be segregated under three components viz. completed, under-construction and future development buildings. The listing of buildings under each component is as follows: Completed buildings with Occupancy Certificate (OC) received – Block 1, 2, 3, 6, 5 & 7 (Amenity Block) Under-construction buildings – 8 (Amenity Block) Future development buildings – Block 4A, 4B & Block 7 (Extension of the Amenity Block)*. The leasable area of the future development is indicative and is subject to change once the internal business plans are in place or the construction is completed. The area statement for N1 is as follows:

Components No. of buildings Leasable Area (sq. ft.) Usage type Committed Occupancy**

Completed 6 1,850,287 IT/ITeS Park 70.9%^ Under Construction 1 79,762 IT/ITeS Park NA Future Development 2 868,523 IT/ITeS Park NA Total 9 2,798,572

Source: Architect’s Certificate, ^Rent Rolls as on 31 March 2021, Lease Deeds/Leave and License Agreements *The extension of Block 7 (Amenity Block) with an area of 10,064 sq. ft is future development and has not been counted as an additionaltower for the purposes of computing the number of buildings in the future development component. The same has been considered under Block 8 (Amenity Block) for the Valuation exercise.**Committed Occupancy = (Occupied area + Completed area under Letters of Intent)/ Completed area

Brief Description N1 is an IT/ITeS office space developed in a campus format offering large floor plates with significant open / green areas and number of amenities for occupiers. There are six completed buildings comprising five office towers occupied by multiple tenants and one building comprising amenity block. Block 5 is recently completed office tower with 481,161 sq. ft. of leasable area. Amenity Block constitutes retail area of 29,068 sq. ft. catering to all basic requirement of occupiers viz. F&B (in form of multi-cuisine food court), 24x7 paramedics, Day Care Centre, bank ATM, salon, convenience store, pharmacy etc. In addition, there are one under construction Block 8 (Amenity Block) and two future development buildings (Block 4A and 4B) comprising office blocks. Further, Block 8 constituting 79,762 sq. ft. shall offer a separate F&B hub and shall be open to public along with inhouse occupiers. N1 has two entry and two exit points, which are managed according to the campus traffic circulation plan. N1 has been awarded 5 Star rating by the Bureau of Energy Efficiency (BEE) in addition to the group wide ISO 9001,14001 and OHSAS 18001 Certification. N1 is located in sector 62, which is an institutional sector characterized by the presence of large public and private sector institutions like The Institute of Chartered Accountants of India, IIM Lucknow Noida Campus, Jaipuria Institute of Management, Jaypee Institute of Information Technology, Symbiosis Law School, Bank of India, Staff Training College etc. The office supply in the vicinity comprises investment and sub investment grade developments, constituting a mix of IT and Non-IT developments primarily skewed towards IT. The other prominent office developments in the vicinity include Embassy Galaxy Business Park, Logix Cyber Park, 3C Knowledge Boulevard & Green Boulevard, Stellar IT Park, Okaya Blue Silicon Business IT Park etc. N1 is one of the largest IT/ITes office development in terms of leasable area in sector 62, Noida. N1 is within close proximity to some of the renowned hotels like Radisson, Park Ascent etc. and is well connected to major locations in the city as well as in the NCR via multiple modes of communication.



The distances to N1 from major landmarks of NCR are as follows:

01 km from NH 24 10 km from DND Flyway

02 km from Sector 62 Metro Station

16 km from New Delhi Railway Station

32 km from IGI Airport

7 km from Sector 18 (Noida CBD) 16 km from Connaught Place (Delhi CBD)


Source: C&WI Research (Map not to scale)

Key Assumptions Particulars Unit Information

Revenue Assumptions (as on 31/03/2021) Lease Completion of Completed Building Qtr, Year Q4 FY 2022-23 Current Effective Rent INR/sq. ft./mth 45 Achievable Market Rent INR/sq. ft./mth 48 Parking Charges INR/bay/mth 3,000


Remaining Capital Expenditure INR Million Under Construction/ Future

Development: 4,520 General Development: 156

Expected Completion Date Qtr, Year Block 4A – Q1 FY 2025-26 Block 4B – Q1 FY 2024-25

Block 8 (Amenity Block) – Q2 FY 2021-22 Other Financial Assumptions

Cap Rate % 8.00 WACC (Complete/ Operational) % 11.75 WACC (Under-construction/ Future Development) % 13.00

Market Value The market value of the full ownership interest in N1 as on 31 March 2021 is as follows:

INR 20,120 Million (Indian Rupees Twenty Billion One Hundred and Twenty Million Only)

LEGEND

Candor Techspace N1

National Highway

Metro Line

Noida Bypass Flyover

Stellar IT Park

The Corenthum

Logix Cyber Park

Okaya Towers

Green Boulevard

Galaxy Business Park

KLJ Noida One

Radisson

Park Ascent

SECTOR 71 CHOWK

1

2

3

47

56

1

2

3

4

7

5

6

1

2

1

2



4.3 Candor TechSpace IT/ITeS SEZ, New Town, Rajarhat, Kolkata (K1)

Property Description K1 is located at Plot No. 1, DH Street no. 316, New Town, Rajarhat, North 24 Parganas, West Bengal, 700156, India. The approximate land area of K1 is 48.383 acres (based on review of Architect’s Certificate).

Statement of Assets K1 constitutes 12 completed buildings along with future development area. The listing of buildings under each component is as follows: Completed buildings with Occupancy Certificate (OC) received – Tower A1, A2, A3, B1, B2, B3, C1*, C2*, C3*, G1, G2, G3 Future development – The future development constitutes IT/ITeS leasable area of 980,448 sq. ft. and mixed-use leasable area of 1,703,541 sq. ft. The leasable area of the future development is indicative and is subject to change once the internal business plans are in place or the construction is completed.


Completed 12 3,059,556 IT/ITeS SEZ 90.6%^ Future Development NA 2,683,989 IT/ITeS/ Mixed-use NA Total 12 5,743,545

Source: Architect’s Certificate , ^Rent Rolls as on 31 March 2021, Lease Deeds/Leave and License Agreements *Towers C1, C2 and C3 have partial occupancy certificates. Full occupancy certificates will be obtained once the entire project is complete. These buildings are fit for occupation as Information Technology and IT enabled services business (use group)/ Business building for the portion, which has received the occupancy certificates.**Committed Occupancy = (Occupied area + Completed area under Letters of Intent)/ Completed area

Brief Description K1 is an IT/ITeS SEZ office space developed in a campus format offering large floor plates with significant open / green areas and number of amenities for occupiers. There are 12 operational buildings comprising 12 office towers occupied by multiple tenants wherein Tower A2 offers multi-cuisine food courts, in-house kitchens, bank branches and ATM, creche, pharmacy, medical centre and other retail outlets and Tower A3 offers amenities such as gymnasium, swimming pool and table tennis at the ground floor. In addition, there is future development comprising IT/ITeS and mixed-use developments. K1 has two entry and exit gates designed to ensure smooth traffic movement both inside and outside the campus. Regular upgradation activities are being undertaken within the campus to ensure its upkeep as per the modern age requirement. K1 has been awarded IGBC Gold rating for sustainability and 4 Star Rating by the Bureau of Energy Efficiency (BEE) in addition to the group wide ISO 9001,14001 and OHSAS 18001 certifications. K1 is a prominent IT/ITeS SEZ, and the largest campus style office development in eastern India. K1 is located in an established office micro-market, which has witnessed a gradual shift of office space occupiers from Central Business District of Kolkata. The office supply in the micro-market comprises largely investment grade developments, constituting a mix of IT and Non-IT developments primarily skewed towards IT. K1 has a prominent frontage on one of the main arterial roads viz: Major Arterial Road (East – West). The road connects K1 to Shapoorji Sukhobrishti (via SP Sukhobrishti Complex Road) in east and Narkelbagan, Bishwa Bangla Sarani in west, respectively. Further, K1 is located at distance of 1.5 km from the upcoming metro station- CBD 1. Some of the prominent office developments in the vicinity include DLF 2 SEZ, TCS Geetanjali Park, Ambuja Ecospace, Mani Casadona etc. K1 is within close proximity to some of the renowned hotels like The Westin, Fairfield by Marriott, Lemon Tree, Pride Plaza, etc. and is well connected to major locations in the city via multiple modes of communication.



The distance of K1 from major landmarks in the city is as follows:

01 km from Street No. 368

1.5 km from proposed CBD-1 Metro Station

14 km from Sealdah Railway Station 17 km from Howrah Railway Station

12 km from Netaji Subhash Chandra Bose International Airport

01 km from Narkel Bagan 06 km from Sector V, Salt Lake 18 km from Park Street Area




Revenue Assumptions (as on 31/03/2021) Lease Completion of Completed Building Qtr, Year Q2 FY 2023-24 Current Effective Rent INR/sq. ft./mth 41 Achievable Market Rent-Office INR/sq. ft./mth 40 Achievable Market Rent- Mixed Use-Commercial INR/sq. ft./mth 44

Achievable Market Rent - Mixed Use-Retail INR/sq. ft./mth 59 Parking Charges INR/bay/mth 3,000


Remaining Capital Expenditure INR Million Future Development: 12,878 General Development: 163

Expected Completion Date Qtr, Year IT/ITeS – Q4 FY 2026-27 Mixed-use– Q3 FY 2027-28

Other Financial Assumptions Cap Rate % 8.50 WACC (Complete/ Operational) % 11.75 WACC (Under-construction/ Future Development) % 13.00

LEGEND

Subject Property

Major Roads/National Highway

Airport

Howrah Railway Station

Kolkata Metro Railway(North-South Line)

Kolkata Metro Railway(East-West Line)

KEY TO SUBMARKETS

CBD:Park Street, Camac Street, Theater Road, AJC Bose Road

SBD:Park Circus Connector, Topsia, Kasba, EM Bypass, Ruby, Rashbehari Connector

PBD:New Town, Rajarhat, Salt Lake Sector V

Rajarhat 32 - 42

30 - 40

30 - 40

CBD90 - 110

Rashbehari Connector

75 - 95Salt

LakePark Circus Connector

70 - 90

37 - 47

35 - 45

To Barasat

To GariaTo Joka To M

alan

cha

To Haringhata

To B

asirh

at

Camac Street, Theatre Road

AJC Bose Road

Ruby

Topsia

Rashbehari Connector

New Town

Rajarhat

NSCBI Airport

Howrah Railway Station

Kasba

PBD

SBD

CBD

Sector V



Market Value The market value of the full ownership interest in K1 as on 31 March 2021 is as follows:

INR 25,563 Million* (Indian Rupees Twenty-Five Billion Five Hundred and Sixty-Three Million Only)

*includes 0.52 million sq. ft. of commercial cum retail development out of the total future development ofapproximately 2.7 million sq. ft., wherein Gurgaon Infospace Limited (GIL) shall pay Candor Kolkata a sum of INR 1,000 million (inclusive of GST) in instalments and be entitled to receive 28% of revenue comprising rentals, CAM margins, parking and any other revenue.



4.4 Kensington (A & B) IT/ITeS SEZ, Powai, Mumbai (Kensington)

Property Description Kensington is located at Hiranandani Business Park, CTS No. 28A, Powai, Mumbai, Maharashtra – 400076, India. The approximate land area of Kensington is 8.96 acres (based on review of Architect’s Certificate).

Statement of Assets Kensington constitutes one building with two wings (Kensington A & Kensington B) and is categorized under one component viz. completed building. The listing of building is as follows: Completed Buildings with Occupancy Certificate (OC) received – Kensington (A & B) The area statement for Kensington is as follows:


Completed 1 1,544,380* IT/ITeS SEZ 86.5%^ Total 1 1,544,380

Source: Architect’s Certificate as on, ^Rent Rolls as on 31 March 2021, Lease Deeds/Leave and License Agreements*Total leasable area for Kensington includes area occupied by “Hitachi Payment Services Pvt Ltd” for ATM purpose (25 Sq Ft). The income for the said area is included in the “Other Income”. **Committed Occupancy = (Occupied area + Completed area under Letters of Intent)/ Completed area.

Brief Description Kensington is an IT/ITeS SEZ office space comprising one ready and operational building with two wings (Kensington A & Kensington B) occupied by multiple tenants. The large parking requirement is catered by four parking levels contributing to 1,721 parking spaces. Kensington has two entry and two exit points providing access to D.P. Road and internal wide Road. Kensington is the only private IT/ITeS SEZ in the Mumbai region excluding Thane and Navi Mumbai and is well positioned in the Andheri & Powai micro-market due its proximity to the residential areas, well developed social infrastructure and the upcoming metro stations (IIT - 1.6 Km from the Subject Property). The office supply in the vicinity comprises investment and sub investment grade developments, constituting a mix of IT and Non-IT developments. Some of the prominent office developments in the vicinity are Supreme Business Park, Scorpio House, L&T Business Park, Delphi, Godrej IT Park, Solitaire Corporate Park, Kanakia Wall Street, Times Square, Raiaskaran Tech Park etc. Kensington is within close proximity to some of the renowned hotels like Meluha The Fern and The Beatle and is also well connected to major locations in city via multiple modes of communication. The distance of Kensington from major landmarks in Mumbai Metropolitan Region (MMR) is as follows:

04 km from LBS Marg 05 km from Eastern Express Highway 08 km from Western Express Highway

05 km from Kanjurmarg Railway Station 1.6 km from upcoming metro station (IIT)

08 km from Chhatrapati Shivaji International Airport 14 km from Mumbai Domestic Airport

04 km from IIT Powai 16 km from Bandra Kurla Complex






Revenue Assumptions (as on 31/03/2021) Lease Completion of Completed Building Qtr, Year Q3 FY 2022-23 Current Effective Rent INR/sq. ft./mth 91 Achievable Market Rent INR/sq. ft./mth 120 Parking Charges* INR/bay/mth 5,000

Other Financial Assumptions Cap Rate % 8.00 WACC (Complete/ Operational) % 11.75

*The subject property has 1,721 car parks, of which 38 car parks are paid and remaining are free. We have assumed the car parks to maintain status quo. The parking charges are assumed to be applicable over and above the applicable lease rent.

Market Value The market value of the full ownership interest in Kensington as on 31 March 2021 is as follows:

INR 25,492 Million (Indian Rupees Twenty-Five Billion Four Hundred and Ninety-Two Million Only)

LEGEND

Subject Property

Eastern Express Highway

Major Roads

Boomerang

Supreme Business Park

Godrej IT Park

Godrej One

247 Park

Empire Plaza

L&T Business Park

JVLR

Vikhroli

Mumbai Airport

BKC

Andheri East

Ghatkopar

Powai

Kanjur Marg

1

2

3

4

5

6

1

2

3

4

5

67

7

LEGEND

Subject Property


Major Roads

Boomerang


Godrej IT Park

Godrej One

247 Park

Empire Plaza

L&T Business Park

JVLR

Vikhroli

Mumbai Airport

BKC

Andheri East

Ghatkopar

Powai

Kanjur Marg

1

2

3

4

5

6

1

2

3

4

5

67

7

LEGEND

Subject Property


Major Roads

Boomerang


Godrej IT Park

Godrej One

247 Park

Empire Plaza

L&T Business Park

JVLR

Vikhroli

Mumbai Airport

BKC

Andheri East

Ghatkopar

Powai

Kanjur Marg

1

2

3

4

5

6

1

2

3

4

5

67

7

Meluha The Fern

2

1

1

LEGEND

Subject Property


Major Roads

Boomerang


Godrej IT Park

Godrej One

247 Park

Empire Plaza

L&T Business Park

JVLR

Vikhroli

Mumbai Airport

BKC

Andheri East

Ghatkopar

Powai

Kanjur Marg

1

2

3

4

5

6

1

2

3

4

5

67

7 The Beatle

25

LEGEND

Kensington


Major Roads

Boomerang


Godrej IT Park

Godrej One

247 Park

Empire Plaza

L&T Business Park

JVLR

Vikhroli

Mumbai Airport

BKC

Andheri East

Ghatkopar

Powai

Kanjur Marg

1

2

34

5

6

1

2

3

4

5

67

7

1

2


NOTICE OF FIRST ANNUAL MEETING OF UNITHOLDERS OF BROOKFIELD INDIA REAL ESTATE TRUST

NOTICE IS HEREBY GIVEN THAT THE FIRST ANNUAL MEETING (“AM”) OF THE UNITHOLDERS OF BROOKFIELD INDIA REAL ESTATE TRUST (“BROOKFIELD INDIA REIT”) WILL BE HELD ON WEDNESDAY, AUGUST 18, 2021 AT 2.00 P.M IST THROUGH VIDEO CONFERENCING (“VC”) / OTHER AUDIO-VISUAL MEANS (“OAVM”) TO TRANSACT THE FOLLOWING BUSINESS(ES) (“NOTICE”) AND THE PRINCIPAL PLACE OF BUSINESS SHALL BE DEEMED TO BE THE VENUE OF THE MEETING

ORDINARY BUSINESS ITEM NO. 1:

TO CONSIDER, APPROVE AND ADOPT THE AUDITED STANDALONE FINANCIAL STATEMENTS AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF BROOKFIELD INDIA REIT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2021 TOGETHER WITH THE REPORT OF THE AUDITORS THEREON FOR THE FINANCIAL YEAR ENDED MARCH 31, 2021 AND THE ANNUAL REPORT ON ACTIVITIES AND PERFORMANCE OF BROOKFIELD INDIA REITToconsiderandifthoughtfit,topassthefollowingresolutionbywayofsimplemajority(i.e.wherethevotescastinfavouroftheresolutionarerequiredtobemorethanthevotescastagainsttheresolution)inaccordancewithRegulation22(4)(a)(i)oftheSecuritiesandExchangeBoardofIndia(RealEstateInvestmentTrusts)Regulations,2014,asamended:

“RESOLVED THATpursuanttotheRegulations22andotherapplicableprovisions,ifany,oftheSecuritiesandExchangeBoardofIndia(RealEstateInvestmentTrusts)Regulations,2014andthecirculars,clarifications,notificationsandguidelinesissuedthereunder,andotherapplicablerulesandregulations,ifany,includinganystatutorymodifications,amendmentsorre-enactmentsthereofforthetimebeinginforce,theauditedstandalonefinancialstatementsandtheauditedconsolidatedfinancialstatementsofBrookfieldIndiaRealEstateTrust(“BrookfieldIndiaREIT”)forthefinancialyearendedMarch31,2021togetherwiththeReportoftheAuditorsandtheannualreportontheactivitiesandperformanceofBrookfieldIndiaREITbeandisherebyreceived,approvedandadopted.”

“RESOLVED FURTHER THATtheBoardofDirectorsofBrookpropManagementServicesPrivateLimited(“Manager”)andMr.AlokAggarwal(Managing Director and ChiefExecutiveOfficer),Mr.SanjeevKumarSharma(ChiefFinancialOfficer),Ms.RuhiGoswami

Notice of meeting of Unitholders

(ComplianceOfficer)andMr.SaurabhJain(CompanySecretary)oftheManagerbeandareherebyseverallyauthorizedonbehalfofBrookfieldIndiaREITtoinformallconcerned,insuchformandmannerasmayberequiredorisnecessaryandalsotoexecutesuchdocuments,lettersandotherwritingsinthisregard,includingdelegationofall,oranyofthesepowersandtodoallacts,deeds,thingsandmattersasmayberequiredorarenecessarytogiveeffecttothisresolutionorasotherwiseconsideredbytheboardofdirectors,tobeinthebestinterestofBrookfieldIndiaREIT,asitmaydeemfit.”


TO CONSIDER, APPROVE AND ADOPT THE VALUATION REPORT ISSUED BY MR. SHUBHENDU SAHA, THE VALUER, FOR THE VALUATION OF THE PORTFOLIO AS AT MARCH 31, 2021Toconsiderandifthoughtfit,topassthefollowingresolutionsbywayofsimplemajority(i.e.wherethevotescastinfavouroftheresolutionarerequiredtobemorethanthevotescastagainsttheresolution)inaccordancewithRegulation22(4)(a)(iii)oftheSecuritiesandExchangeBoardofIndia(RealEstateInvestmentTrusts)Regulations,2014,asamended:

“RESOLVED THATinaccordancewiththeRegulation21,22andotherapplicableprovisions,ifany,oftheSecuritiesandExchangeBoardofIndia(RealEstateInvestmentTrusts)Regulations,2014,andthecirculars,clarifications,notificationsandguidelinesissuedthereunder,andotherapplicablerulesandregulations,ifany,includinganystatutorymodifications,amendmentsorre-enactmentsthereofforthetimebeinginforce,thevaluationreportofBrookfieldIndiaRealEstateTrust(“BrookfieldIndiaREIT”)issuedbyMr.ShubhenduSaha,forthevaluationoftherealestateassetsownedbyBrookfieldIndiaREITasatMarch31,2021beandisherebyapprovedandadopted.”

“RESOLVED FURTHER THATtheboardofdirectorsofBrookpropManagementServicesPrivateLimited(“Manager”)andMr.AlokAggarwal(Managing Director and ChiefExecutiveOfficer),Mr.SanjeevKumarSharma(ChiefFinancialOfficer),Ms.RuhiGoswami(ComplianceOfficer)andMr.SaurabhJain(CompanySecretary)oftheManagerbeandareherebyseverallyauthorizedonbehalfofBrookfieldIndiaREITtoinformallconcerned,insuchformandmannerasmayberequiredorisnecessaryandalsotoexecutesuchagreements,lettersandotherwritingsinthisregard,includingdelegationofall,oranyofthesepowersandtodoallacts,deeds,things,andmattersasmayberequiredorarenecessarytogiveeffecttothisresolutionorasotherwiseconsideredbytheboardofdirectors,tobeinthebestinterestofBrookfieldIndiaREIT,asitmaydeemfit”.


TO CONSIDER AND APPROVE THE APPOINTMENT OF STATUTORY AUDITORS FOR THE TERM OF 5 YEARS FROM FY 2021 TO FY 2025Toconsiderandifthoughtfit,toapprovewithorwithoutmodification(s)thefollowingresolutionbywayofsimplemajority(i.e.wherethevotescastinfavouroftheresolutionarerequiredtobemorethanthevotescastagainsttheresolution)inaccordancewithRegulation22(4)(a)(ii)oftheSecuritiesandExchangeBoardofIndia(RealEstateInvestmentTrusts)Regulations,2014,asamended:

“RESOLVED THATpursuanttoRegulations10and22oftheSecuritiesandExchangeBoardofIndia(RealEstateInvestmentTrusts)Regulations,2014andthecirculars,clarifications,notificationsandguidelinesissuedthereunder(the“REITRegulations”),andotherapplicablerulesandregulations,ifany,includinganystatutorymodifications,amendmentsorre-enactmentsthereofforthetimebeinginforce,theconsentoftheunitholdersbeandisherebyaccordedfortheappointmentofM/s.DeloitteHaskins&Sells,CharteredAccountants,bearingfirmregistrationno.015125N,asthestatutoryauditorsofBrookfieldIndiaRealEstateTrust(“BrookfieldIndiaREIT”)intermsoftheREITRegulationsfromthe FY2021toFY2025ataremunerationasmaybedecidedbytheBoardofDirectorsindiscussionwiththeStatutoryAuditorsofBrookfieldIndiaREIT”.

“RESOLVED FURTHER THATtheboardofdirectorsofBrookpropManagementServicesPrivateLimited(“Manager”)andMr.AlokAggarwal(ManagingDirectorandChiefExecutiveOfficer),Mr.SanjeevKumarSharma(ChiefFinancialOfficer),Ms.RuhiGoswami(ComplianceOfficer)andMr.SaurabhJain(CompanySecretary)oftheManagerbeandareherebyseverallyauthorizedonbehalfofBrookfieldIndiaREITtoinformallconcerned,insuchformandmannerasmayberequiredorisnecessaryandalsotoexecutesuchdocuments,agreements,lettersandotherwritingsinthisregard,includingdelegationofall,oranyofthesepowersandtodoallacts,deeds,things,andmattersasmayberequiredorarenecessarytogiveeffecttothisresolutionorasotherwiseconsideredbytheboardofdirectors,tobeinthebestinterestofBrookfieldIndiaREIT,asitmaydeemfit”.


TO CONSIDER AND APPROVE THE APPOINTMENT OF THE VALUERToconsiderandifthoughtfit,toapprovewithorwithoutmodification(s)thefollowingresolutionbywayofsimplemajority(i.e.wherethevotescastinfavouroftheresolutionarerequiredtobemorethanthevotescastagainsttheresolution)inaccordancewithRegulation22(4)(a)(iv)oftheSecuritiesandExchangeBoardofIndia(RealEstateInvestmentTrusts)Regulations,2014,asamended:

“RESOLVED THATpursuanttoRegulations21and22oftheSecuritiesandExchangeBoardofIndia(RealEstateInvestmentTrusts)Regulations,2014andthe

circulars,clarifications,notificationsandguidelinesissuedthereunder(the“REITRegulations”),andotherapplicablerulesandregulations,ifany,includinganystatutorymodifications,amendmentsorre-enactmentsthereofforthetimebeinginforce,theconsentoftheunitholdersbeandisherebyaccordedfortheappointmentofMr.ShubhenduSaha,MRICS,registeredasavaluerwithInsolvencyandBankruptcyBoardofIndiafortheassetclass‘LandandBuilding’andundertheprovisionsoftheCompanies(RegisteredValuersandValuation)Rules,2017,astheindependentvaluerofBrookfieldIndiaRealEstateTrust(“BrookfieldIndiaREIT”)intermsoftheREITRegulationsfromtheFY2021toFY2024,onsuchtermsandconditions,includingfees,asmaybedecidedbytheboardofdirectorsofBrookpropManagementServicesPrivateLimited(“Manager”)”indiscussionwithMr.ShubhenduSaha”.

“RESOLVED FURTHER THATtheboardofdirectorsoftheManagerandMr.AlokAggarwal(ManagingDirectorandChiefExecutiveOfficer),Mr.SanjeevKumarSharma(ChiefFinancialOfficer),Ms.RuhiGoswami(ComplianceOfficer)andMr.SaurabhJain(CompanySecretary)oftheManagerbeandareherebyseverallyauthorizedonbehalfofBrookfieldIndiaREITtoinformallconcerned,insuchformandmannerasmayberequiredorisnecessaryandalsotoexecutesuchagreements,lettersandotherwritingsinthisregard,includingdelegationofall,oranyofthesepowersandtodoallacts,deeds,things,andmattersasmayberequiredorarenecessarytogiveeffecttothisresolutionorasotherwiseconsideredbytheboardofdirectors,tobeinthebestinterestofBrookfieldIndiaREIT,asitmaydeemfit”.

ForBrookprop Management Services Private Limited(asmanagerofBrookfieldIndiaRealEstateTrust)

Sd/Ruhi GoswamiComplianceOfficerDate:July20,2021Place:Gurugram

NOTES:

1. Inviewofthecontinuingrestrictionsonthemovementofpeopleatseveralplacesinthecountry,duetooutbreakofCOVID-19,andpursuanttothecircularno.SEBI/HO/DDHS/DDHS/CIR/P/2020/102datedJune22,2020andcircularnumberSEBI/HO/DDHS/DDHS/CIR/P/2021/21datedFebruary26,2021issuedbytheSecuritiesandExchangeBoardofIndia(“SEBI”),realestateinvestmenttrusts(“REITs”)areallowedtoholdtheAMthroughOAVM,withoutthephysicalpresenceofunitholdersatacommonvenue.Hence,incompliancewiththeaboveCircular,theAMofBrookfieldIndiaREITisbeingheldthroughOAVM.ThedetailedinstructionsandprocedureonRemotee-votingontheresolutionsmentionedinthenoticearegiveninAnnexure BandAnnexure CanddetailedinstructionsandprocedureforattendingtheannualmeetingonlineisgiveninAnnexure D.


2. AstheAMshallbeconductedthroughOAVM,thefacilityforappointmentofproxybytheunitholdersisnotavailableforthisAM,andhence,theproxyformandattendanceslipincludingroutemaparenotannexedtothisNotice.

3. ExplanatoryStatementsettingoutmaterialfacts,relatingtoordinarybusinesstobetransactedattheAMisprovidedunderAnnexure A.

4. AcopyofthisnoticeisavailableonthewebsiteBrookfieldIndiaREITvizhttps://www.brookfieldindiareit.in,andmayalsobeaccessedfromtherelevantsectionofthewebsitesofthestockexchangesi.e.BSELimitedandNationalStockExchangeofIndiaLimitedatwww.bseindia.comandwww.nseindia.com,respectively.TheAMNoticeisalsoavailableonthewebsiteofLinkIntimeIndiaPrivateLimitedathttps://instavote.linkintime.co.in.

5. ThevaluationreportdatedMay18,2021,issuedbyMr.ShubhenduSaha,independentvaluerofBrookfieldIndiaREIT,forthevaluationoftheportfolioasatMarch31,2021,isavailableontheinvestorrelationspageofBrookfieldIndiaREITwebsitei.e.,https://www.brookfieldindiareit.in.

6. RelevantdocumentsreferredtointheaccompanyingNotice,ifany,areopenforinspectionbytheunitholders,bymentioningthename,demataccountnumber,e-mailid,[email protected].

7. BrookpropManagementServicesPrivateLimited(“Manager”),onbehalfofBrookfieldIndiaREIT,isprovidingafacilitytotheunitholdersasonthecut-offdate,beingWednesday,August11,2021,(the“Cut-OffDate”)toexercisetheirrighttovotebyelectronicvotingsystemsfromaplaceotherthanvenueoftheAM(“Remotee-voting”)onanyoralloftheitemsofbusinessspecifiedintheaccompanyingNotice.Votingbyelectronicmodeisaconvenientmeansofexercisingvotingrightsandmayhelptoincreasetheunitholders’participationinthedecision-makingprocess.ItmaybenotedthattheRemotee-votingfacilityisoptional.TheManager,onbehalfofBrookfieldIndiaREIT,hasengagedtheservicesofLinkIntimeIndiaPrivateLimited(RegistrarandTransferAgent)forthepurposeofprovidingRemotee-votingfacilitytotheUnitholders.ResolutionspassedbytheUnitholdersthroughRemotee-votingshallbedeemedtohavebeenpassedasiftheyhavebeenpassedatOAVM.

8. FOLLOWING IS THE MECHANISM TO ACCESS REMOTE E-VOTING FOR 1ST ANNUAL MEETING OF BROOKFIELD INDIA REIT:

a) For individual Unitholders:SEBIvideitscircularSEBI/HO/CFD/CMD/CIR/P/2020/242datedDecember09,2020,hasenablede-votingtoalltheindividualshareholders/unitholdersholdingsecuritiesindematmode,bywayofasinglelogincredential,throughtheirrespectivedemataccounts/websitesofdepositories/

depositoryparticipants.Accordingly,theindividualunitholdersholdingtheunitsintheirrespectivedemataccountsarerequiredtocasttheirvotewithouthavingtoregisteragainwithLinkIntimee-votingplatform,therebyfacilitatingseamlessauthenticationandenhancingeaseandconvenienceofparticipatingine-votingprocess.Detailsoftheprocessandmannerofremotee-votingbyindividualunitholdersareprovidedunderAnnexure B.

b) For Unitholders other than individual unitholders:Detailsoftheprocessandmannerofremotee-votingforunitholdersotherthanindividualunitholdersisprovidedunderAnnexure C.

9. Thefacilityforjoiningthemeetingshallbekeptopen15minutesbeforethetimescheduledtostarttheAMandshallnotbecloseduntiltheexpiryof15minutesaftersuchscheduledtime.

10. Unitholdersconnectingfrommobiledevicesortabletsorthroughlaptopsconnectingviamobilehotspotmayexperienceaudio/visuallossduetofluctuationintheirnetwork.ItisthereforerecommendedtousestableWi-FiorLANconnectiontomitigateanykindofaforesaidglitches.Further,theunitholdersareencouragedtojointhemeetingthroughlaptops/tablets/desktopsinsteadofmobilephoneduetoconnectivityissues.

11. Unitholderswhohavenotregisteredtheirmobilenumbers,e-mailaddressesandPermanentAccountNumbersofararerequestedtoregisterwiththeirrespectivedepositoryparticipantsforreceivingallcommunicationsincludingannualreports,notices,circulars,etc.fromtheManager,onbehalfofBrookfieldIndiaREIT,electronicallyandalsoforthesmoothremotee-votingprocess.

12. PROCEDURE TO RAISE QUESTIONS / SEEK CLARIFICATIONS WITH RESPECT TO ANNUAL REPORT:

AstheAMisbeingconductedthroughOAVM,forthesmoothconductofproceedingsoftheAM,Unitholdersareencouragedtoexpresstheirviews/sendtheirqueriesinadvance,mentioningtheirnamedemataccountnumber,e-mailid,[email protected]/queriesreceivedbytheManageronorbefore5.00p.m.onSaturday,August14,2021shallbeconsideredandrespondedduringtheAMandtheremainingqueriesthatremainunansweredattheAMwillbeappropriatelyrespondedbytheManagerattheearliestposttheconclusionoftheAM.

13. INSTRUCTIONS FOR UNITHOLDERS TO SPEAK DURING THE ANNUAL MEETING

Unitholderswhowouldliketoexpresstheirviews/askquestionsasaspeakerattheAMmaypre-registerthemselvesbysendingarequestfromtheirregisterede-mailaddressmentioningtheirnames,DPIDandClientID,PANandmobilenumberto

[email protected],August11,2021(9a.m.IST)toSaturday,August14,2021(5p.m.IST).TheManagerreservestherighttorestrictthenumberofspeakersdependingontheavailabilityoftimefortheAM.

UnitholderswillgetconfirmationonfirstcumfirstbasisdependingupontheprovisionmadebytheManager.

Unitholderswillreceive“speakingserialnumber”oncetheymarkattendanceforthemeeting.

Otherunitholdersmayaskquestionstothepanelist,viaactivechat-boardduringthemeeting.

Pleaserememberspeakingserialnumberandstartyourconversationwithpanelistbyswitchingonvideomodeandaudioofyourdevice.

Unitholdersarerequestedtospeakonlywhenmoderatorofthemeeting/managementwillannouncethenameandserialnumberforspeaking.

https://www.brookfieldindiareit.in


https://can01.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.bseindia.com%2F&data=04%7C01%7Csaurabh.jain%40brookfieldproperties.com%7C353dec2dbb344efc55ac08d93f8d76c4%7Cdaf884b0be164f2a8bbbdc6099a56844%7C0%7C0%7C637610699085697231%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=LBqQHxlB7ASWCRZ2D5GTSP3E4ziRVtTyCP7mtK%2FZcds%3D&reserved=0

https://can01.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.nseindia.com%2F&data=04%7C01%7Csaurabh.jain%40brookfieldproperties.com%7C353dec2dbb344efc55ac08d93f8d76c4%7Cdaf884b0be164f2a8bbbdc6099a56844%7C0%7C0%7C637610699085697231%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=yE9w7IwVnf0K74thuryB1%2FQvtMCdGiP0iT65lrPeqpA%3D&reserved=0

https://instavote.linkintime.co.in


mailto:reit.compliance%40brookfield.com?subject=




EXPLANATORY STATEMENT ITEM NO: 1

TheboardofdirectorsoftheManageratitsmeetingheldonMay20,2021hasapprovedtheauditedstandalonefinancialstatementsandtheauditedconsolidatedfinancialstatementsofBrookfieldIndiaREITforthefinancialyearendedMarch31,2021togetherwiththereportoftheauditors.FurthertheboardofdirectorsoftheManageratitsmeetingheldonJuly20,2021approvedtheannualreportontheactivitiesoftheBrookfieldIndiaREIT.

PursuanttoRegulation22(4)(a)(i)oftheSecuritiesandExchangeBoardofIndia(RealEstateInvestmentTrusts)Regulations,2014,includinganyapplicablecirculars,notifications,guidelinesandclarificationsissuedthereunder,eachasamendedfromtimetotime(the“REITRegulations”),thelatestannualaccountsandperformanceofBrookfieldIndiaREITarerequiredtobeapprovedbytheunitholdersinaccordancewiththeREITRegulations.

TheauditedstandalonefinancialstatementsandtheauditedconsolidatedfinancialstatementsofBrookfieldIndiaREITforthefinancialyearendedMarch31,2021togetherwiththereportoftheauditorsandannualreportontheactivitiesofBrookfieldIndiaREITiscirculatedtotheunitholders.

Noneofthedirectorsorkeymanagerialpersonnel(ortheirrelatives)oftheManagerorAxisTrusteeServicesLimited,thetrusteeofBrookfieldIndiaREITareinterestedintheaforesaidresolution.

TheboardofdirectorsoftheManagerrecommendsthepassingoftheResolutionatItemNo.1bywayofsimplemajority(i.e.wherethevotescastinfavouroftheresolutionarerequiredtobemorethanthevotescastagainsttheresolution).


TheboardofdirectorsoftheManageratitsmeetingheldonMay20,2021hasapprovedthesummaryvaluationreport,datedMay18,2020,issuedbyMr.ShubhenduSaha,independentvaluerofBrookfieldIndiaREIT,forthevaluationoftherealestateassetsownedbyBrookfieldIndiaREITasatMarch31,2021.

PursuanttoRegulation22(4)(a)(iii)oftheREITRegulations,thelatestvaluationreportisrequiredtobetakenupfortheapprovaloftheunitholdersofBrookfieldIndiaREITinaccordancewiththeREITRegulations.


TheboardofdirectorsoftheManagerrecommendsthepassingoftheResolutionatItemNo.2bywayof

simplemajority(i.e.wherethevotescastinfavouroftheresolutionarerequiredtobemorethanthevotescastagainsttheresolution).


Pursuanttoregulation10(5)and10(6)ofREITRegulations,theboardofdirectorsoftheManagerinconsultationwiththeTrusteehadappointedM/s.DeloitteHaskins&Sells,CharteredAccountants,bearingfirmregistrationno.015125N,asthestatutoryauditorsofBrookfieldIndiaREITforaperiodof5yearsintheirmeetingheldonSeptember26,2020.Theremunerationoftheauditorisdecidedbytheboardofdirectorsindiscussionwiththestatutoryauditorsonperiodicbasis.

TheboardofdirectorsoftheManager,asamatterofgoodcorporategovernance,arevoluntarilyelectingtoseekapprovaloftheUnitholdersfortheappointmentofM/s.DeloitteHaskins&Sells,CharteredAccountants,bearingfirmregistrationno.015125N,asthestatutoryauditorsofBrookfieldIndiaREITfromFY2021toFY2025ataremunerationasmaybedecidedbytheboardofdirectorsindiscussionwiththestatutoryauditors.




Pursuanttoregulation10(5)ofREITRegulationstheboardofdirectorsoftheManagerattheirmeetingheldonSeptember26,2020,inconsultationwiththeTrustee,hasapprovedtheappointmentofMr.ShubhenduSaha,registeredvaluerastheindependentvaluerofBrookfieldIndiaREITintermsoftheREITRegulations.TheremunerationofthevaluerwillbedecidedbytheboardofdirectorsindiscussionwithMr.ShubhenduSaha.AsperRegulation21(9)oftheREITRegulations,Mr.ShubhenduSahashallnotundertakevaluationofthesamepropertyformorethanfouryearsconsecutively,therefore,hisappointmentasvaluerismaximumuptoaperiodoffourfinancialyearsfrom2020-21to2023-2024.

TheboardofdirectorsoftheManager,asamatterofgoodcorporategovernance,arevoluntarilyelectingtoseekapprovaloftheUnitholdersfortheappointmentofMr.ShubhenduSahaasvaluerofBrookfieldIndiaREITforaperiodoffourfinancialyearsfrom2020-21to2023-2024.

Brief profile of Mr. Shubhendu Saha is set out below:Mr.ShubhenduSahaisregisteredasavaluerwithIBBIfortheassetclassLandandBuildingundertheprovisionsofTheCompanies(RegisteredValuersandValuation)Rules,2017sinceMay15,2019.HecompletedhisBachelor’sinPlanningfromtheSchoolofPlanningandArchitecture,NewDelhiin1997andMaster’sinManagementStudiesfromMotilalNehruNationalInstituteofTechnology,Allahabadin1999.

Mr.Sahahasmorethan20yearsofexperienceinthedomainofurbaninfrastructureandrealestateadvisory.From2009to2015,hewasthenationalpracticeheadofValuationAdvisoryservicesofDTZInternationalPropertyAdvisersPrivatelimited(nowknownasCushmanandWakefieldPropertyAdvisersPrivateLimited),aleadingInternationalPropertyConsultingfirminIndia.HealsoledthebusinesssolutionsandconsultingservicesforthepropertymanagementbusinessofCushmanandWakefieldIndiaPrivateLimitedfrom2015to2017.Inearlypartofhiscareer,heworkedwithrenownedorganizationslikeICRALimited,CopalResearch(nowknownasMoody’s

Analytics)andNationalCouncilofAppliedEconomicResearch.HislastemploymentwaswithPwCasDirectorRealEstateAdvisorybeforehestartedhispracticeasanindependentvaluer.

NoneoftheDirectorsorkeymanagerialpersonnel(ortheirrelatives)oftheManagerorAxisTrusteeServicesLimited,thetrusteeofBrookfieldIndiaREITareinterestedintheaforesaidresolution.


ForBrookprop Management Services Private Limited(asamanagerofBrookfieldIndiaRealEstateTrust)

Sd/Ruhi GoswamiComplianceOfficerDate:July20,2021Place:Gurugram

ANNEXURE A


Instructionsforremotee-votingforindividualunitholders.Theunitholdersmayuseanyonemethod/processfore-voting,asapplicable.

(i) Unitholders having CDSL as their Depository : To follow the below processCDSLhasafacilitynamedas“easi”(electronicaccesstosecuritiesinformation)and“easiest” (electronicaccesstosecuritiesinformationandexecutionofsecuredtransactions)whichareconvenient,easytooperateinternetbasedfacility,whichallowregisteredBeneficialOwners(BOs)&ClearingMembers(CMs)toaccesstheirdemataccountthroughtheinternettocheckthedetailsoftheirholdingsand/ortransactions,anytimeanywhere,throughCDSL’swebsite www.cdslindia.com.METHOD(IfalreadyregisteredforEasi/Easiest)

Users who have registered for Easi/Easiesti) VisitURL:https://web.cdslindia.com/myeasi/home/login or www.cdslindia.com.ii) ClickonNewSystemMyeasiiii) Loginwithuseridandpasswordiv) Aftersuccessfullogin,userabletoseee-votingmenu.v) ClickontheLinkIntime/BrookfieldIndiaREITtocastyourvote

METHOD(IfnotregisteredforEasi/Easiest)

Users not registered for Easi/Easiesti) Theoptiontoregisterisavailableathttps://web.cdslindia.com/myeasi/

Registration/EasiRegistrationii) Proceedwithcompletingtherequiredfields.iii) Postregistration,userwillbeprovidedLoginIDandpassword.iv) Aftersuccessfullogin,userabletoseee-votingmenu.v) ClickontheLinkIntime/BrookfieldIndiaREITtocastyourvote.

METHOD(Bydirectlyvisitingthee-votingwebsiteofCDSL)

By directly visiting the e-voting website of CDSLi) VisitURL:https://www.cdslindia.com/ii) Gotoe-votingtabiii) EnterDematAccountNumberandPANNo.iv) SystemwillauthenticatetheuserbysendingOTPonregisteredMobileand

EmailasrecordedinDematAccountv) Aftersuccessfulauthentication,userwillbeprovidedwithLinkIntimelinkwhere

thee-votingisinprogress.

(ii) Unitholders having NSDL as their Depository : To follow the below processIDeASisasecuredInternetwebsiteset-upbyNSDLfordemataccountholderstoviewlatestbalancesandtransactionsindemataccounts.Clientscanviewlatestbalancesalongwiththevaluebasedonthepreviousdayclosingpriceintheirdemataccount.METHOD(IfregisteredforNSDLIDeASfacility)

Users who have registered for NSDL IDeAS facility:i) VisitURL:https://eservices.nsdl.comandclickon“BeneficialOwner”iconunder

“Login”.ii) Enteruseridandpassword.Postsuccessfulauthentication,clickon“Accessto

e-voting”iii) ClickonBrookfieldIndiaREITor“LinkIntime”andyouwillberedirectedtoLink

Intimewebsiteforcastingthevoteduringtheremotee-votingperiodorjoiningthevirtualmeetingandvotingduringthemeeting.

METHOD(IfnotregisteredforNSDLIDeASfacility)

User not registered for IDeAS facility:i) Toregister,clickonthelinkhttps://eservices.nsdl.com or https://eservices.nsdl.

com/SecureWeb/IdeasDirectReg.jspii) Proceedwithcompletingtherequiredfieldsiii) Postregistration,userwillbeprovidedLoginIDandpassword.iv) Aftersuccessfullogin,clickon“Accesstoe-voting”.v) ClickonBrookfieldIndiaREITorLinkIntimeandyouwillberedirectedtoLink

Intimewebsiteforcastingthevoteduringtheremotee-votingperiodorjoiningthevirtualmeetingandvotingduringthemeeting.

METHOD(Bydirectlyvisitingthee-votingwebsiteofNSDL)

By directly visiting the e-voting website of NSDLi) VisitURL:https://www.evoting.nsdl.com/ii) Clickontheicon“Login”whichisavailableunder‘Shareholder/Member’sectioniii) EnterUserID(i.e.yoursixteendigitdemataccountnumberheldwithNSDL),

Password/OTPandaVerificationCodeasshownonthescreeniv) Postsuccessfulauthentication,youwillbere-directedtoNSDLdepositorysite

whereinyoucanseee-votingpage.v) ClickonBrookfieldIndiaREITorLinkIntimenameandyouwillberedirectedto

LinkIntimewebsiteforcastingyourvoteduringtheremotee-votingperiodorjoiningthevirtualmeetingandvotingduringthemeeting.

(III) LOGIN THROUGH DEPOSITORY PARTICIPANTS:

i) IndividualunitholderscanalsologinusingthelogincredentialsofyourdemataccountthroughyourdepositoryparticipantregisteredwithNSDL/CDSLfore-votingfacility.

ii) AfterSuccessfullogin,unitholderwillbeabletoseee-votingoption.

iii) Clickone-votingoption,unitholderwillberedirectedtoNSDL/CDSLDepositorysiteaftersuccessfulauthentication,whereinyoucanseee-votingfeature.

iv) ClickonBrookfieldIndiaREITorLinkIntime,unitholderwillberedirectedtoLinkIntimewebsiteforcastingtheirvoteduringtheremotee-votingperiodorjoiningthevirtualmeetingandvotingduringthemeeting.

HELPDESK FOR INDIVIDUAL UNIT HOLDERS FACING TECHNICAL ISSUE

Logintype Helpdesk details:UnitholdersfacinganytechnicalissueinlogincancontacttheirDepositoryasfollows:

CDSL WritetoCDSLathelpdesk.evoting@cdslindia.comorcontactat022-23058738and22-23058542-43.NSDL [email protected].:18001020990and1800224430

Importantnote:UnitholderswhoareunabletoretrieveUserID/PasswordareadvisedtouseForgetUserIDandForgetPasswordoptionavailableatdepository/depositoryparticipantswebsite.

ANNEXURE B

https://www.cdslindia.com/

https://web.cdslindia.com/myeasi/home/login

http://www.cdslindia.com

https://web.cdslindia.com/myeasi/Registration/EasiRegistration

https://web.cdslindia.com/myeasi/Registration/EasiRegistration

http://www.cdslindia.com

https://eservices.nsdl.com

https://eservices.nsdl.com

https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp

https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp

https://www.evoting.nsdl.com/



Instructionsforremotee-votingforUnitholdersotherthanindividualUnitholders:

STEP 1 - Registration1. Gotohttps://instavote.linkintime.co.in

2. ClickonSignupunder“CorporateBody/Custodian/MutualFund”

3. Fillupyourentitydetailsandsubmittheform.

4. AdeclarationformandorganizationIDisgeneratedandsenttothePrimarycontactpersonemailID(whichisfilledatthetimeofsignupatS.No.2above).ThesaidformistobesignedbytheAuthorizedSignatory,Director,CSoftheentity&[email protected].

5. Thereafter,Logincredentials(UserID;OrganizationID;Password)willbesenttoPrimarycontactperson’semailID.

6. Whilefirstlogin,entitywillbedirectedtochangethepasswordandloginprocessiscompleted.

STEP 2 – Investor Mapping - Individual1. Gotohttps://instavote.linkintime.co.inandloginwith

credentialsasreceivedinStep1above.

2. Clickon“InvestorMapping”tabundertheMenuSection

3. MaptheInvestor–Entityneedstoprovidethefollowingdetails:

A Entity’sdematdetails

Membersholdingsharesin NSDLdemataccountshallprovide8CharacterDPIDfollowedby8DigitClientIDi.e.,IN00000012345678

Membersholdingsharesin CDSLdemataccountshallprovide16DigitBeneficiaryID.

B EnterfullNameoftheentity

C Enteryour10digitalpha-numericPANissuedbyIncomeTaxDepartment.

D AttachBoardresolutionorPowerofAttorney.FileNamefortheBoardresolution/PowerofAttorneyshallbe–DPIDandClientID.Further,CustodiansandMutualFundsshallalsouploadspecimensignaturecard.

4. ClickonSubmitbuttonandinvestorwillbemappednow.

5. Thesamecanbeviewedunderthe“ReportSection”.

STEP 3 – Voting through remote e-votingThecorporateunitholdercanvotebytwomethods,onceremotee-votingisactivated:

2. Thecorporateentitywillonlyabletoviewtheunitsontheportalonceremotee-votingisactivated.

Helpdesk Institutional unitholders & e- voting service provider is LINKINTIME.

IncaseInstitutionalunitholdershaveanyqueriesregardinge-voting,theymayrefertheFrequentlyAskedQuestions(‘FAQs’)andInstaVotee-votingmanualavailableathttps://instavote.linkintime.co.in,underHelpsectionorsendanemailtoenotices@linkintime.co.inorcontacton:-Tel:022–49186000.

UnitholderscanalsocontactthemanagertotheBrookfieldREITatreit.compliance@brookfield.com.

INSTRUCTION FOR PARTICIPATION IN THE ANNUAL MEETING THROUGH VC/OAVM THROUGH THE INSTAMEET PLATFORM OF OUR REGISTRAR AND TRANSFER AGENT

1. Open the internet browser and launch the URL: https://instameet.linkintime.co.in

Selectthe“BrookfieldIndiaREIT”and‘August18,2021’andregisterwithyourfollowingdetails:

A. DematAccountNo.orFolioNo.:Enteryour16digitDematAccountNo.

UnitholdersholdingsharesinCDSLdemataccountshallprovide16DigitBeneficiaryID.

UnitholdersholdingsharesinNSDLdemataccountshallprovide8CharacterDPIDfollowedby8DigitClientID.

B. PAN:Enteryour10-digitPermanentAccountNumber(PAN)(UnitholderswhohavenotupdatedtheirPANwiththeDepositoryParticipant(DP)/Companyshallusethesequencenumberprovidedtoyou,ifapplicable).

C. MobileNo.:Enteryourmobilenumber.

D. EmailID:Enteryouremailid,asrecordedwithyourDP/Company.

Click“GotoMeeting”(YouarenowregisteredforInstaMeetandyourattendanceismarkedforthemeeting).

INSTRUCTIONS FOR UNITHOLDERS TO VOTE DURING THE ANNUAL MEETING THROUGH INSTAMEET:

Oncethee-votingisactivatedbythescrutinizer/moderatorduringthemeeting,unitholderswhohavenotexcerisedtheirvotethroughtheremotee-votingcancastthevoteasunder:

1. OntheShareholdersVCpage,clickonthelinkfore-voting“Castyourvote”

2. Enteryour16-digitDematAccountNo./FolioNo.andOTP(receivedontheregisteredmobilenumber/

ANNEXURE C ANNEXURE D

METHOD 1 - VOTES ENTRY

1. LoginwithcredentialsgeneratedthroughregistrationinStep1.

2. Clickon‘VotesEntry’tabundertheMenusection.

3. EventNo.willbeavailableonthehomepageofInstavotebeforethestartofremotee-voting.EnterEventNoi.e.210155forcastingyourvote.

4. Enter‘16digitDematAccountNo.’forwhichyouwanttocastvote.

5. RefertheResolutiondescriptionandcastyourvotebyselectingyourdesiredoption‘Favour/Against’(IfyouwishtoviewtheentireResolutiondetails,clickonthe‘ViewResolution’filelink).

6. Afterselectingthedesiredoptioni.e.Favour/Against,clickon‘Submit’.

7. Aconfirmationboxwillbedisplayed.Ifyouwishtoconfirmyourvote,clickon‘Yes’,elsetochangeyourvote,clickon‘No’andaccordinglymodifyyourvote.(Onceyoucastyourvoteontheresolution,youwillnotbeallowedtomodifyorchangeitsubsequently).

OR

VOTES UPLOAD:

1. Loginwithcredentials.

2. Alternatively,youwillbeabletoseethenotificationfore-votingininbox.

3. Select ‘View’ iconfor‘BrookfieldIndiaREIT/Eventnumber‘.e-votingpagewillappear.

4. Downloadsamplevotefilefrom‘DownloadSampleVoteFile’option;Castyourvotebyselectingyourdesiredoption‘Favour/Against’inexcelanduploadthesameunder‘UploadVoteFile’option.

5. Clickon‘Submit’.‘Datauploadedsuccessfully’messagewillbedisplayed.(Onceyoucastyourvoteontheresolution,youwillnotbeallowedtomodifyorchangeitsubsequently).

Notes

1. Registrationofcorporateunitholdersisnotnecessary.TheycandirectlyvotethroughInstaMeetplatformonthedateofAM.However,theyhavetoemailtheboardresolutionundersection113oftheCompaniesAct,2013orpowerofattorneytotheBrookfieldIndiaREITatreit.compliance@brookfield.comortotheemailidofthescrutinizer.

registeredemailId)receivedduringregistrationforInstaMeetandclickon‘Submit’.

3. Aftersuccessfullogin,youwillsee“ResolutionDescription”andagainstthesametheoption“Favour/Against”forvoting.

4. Castyourvotebyselectingappropriateoptioni.e.“Favour/Against”asdesired.Enterthenumberofunits(whichrepresentsno.ofvotes)asonthecut-offdateunder‘Favour/Against’.

5. Afterselectingtheappropriateoptioni.e.Favour/Againstasdesiredandyouhavedecidedtovote,clickon“Save”.Aconfirmationboxwillbedisplayed.Ifyouwishtoconfirmyourvote,clickon“Confirm”,elsetochangeyourvote,clickon“Back”andaccordinglymodifyyourvote.

6. Onceyouconfirmyourvoteontheresolution,youwillnotbeallowedtomodifyorchangeyourvotesubsequently.

GENERAL INSTRUCTIONS:

TheUnitholdersareprovidedwiththefacilitytocasttheirvoteremotelyonallresolutionssetforthinthisnoticethroughremotee-votingplatformprovidedbyLinkIntimeIndiaPrivateLimited.

i) Theremotee-votingfacilityshallbeavailableduringthefollowingperiod:

a) Day,Dateandtimeofcommencementofe-voting:Sunday,August15,2021at9:00AM

b) Day,dateandtimeofendofremotee-voting:Tuesday,August17,2021at5:00PM

ii) ThevotingrightsoftheUnitholdersholdingunits,inrespectofe-votingshallbereckonedinproportiontotheirunitsintheunitcapitalasonthecut-offdatebeingWednesday,August11,2021.Apersonwhoisnotaunitholderasonthecut-offdateshouldtreatNoticeofthismeetingforinformationpurposesonly.

iii) Theremotee-votingwillnotbeallowedbeyondtheaforesaiddateandtimeandthee-votingmoduleshallbedisabledbyLinkIntimeuponexpiryofaforesaidperiod.

iv) Detailsofpersontobecontactedforissuesrelatingtoe-voting(helpline):Mr.NiharKudaskar-Associate–TechnologyGroup,LinkIntimeIndiaPrivateLimited,Unit:BrookfieldREIT,C-101,247Park,LBSMarg, VikhroliWest,Mumbai–400083,+912249186000(Extn:2711)[email protected].

v) TheBoardofDirectorsofManagerhasappointedMr.ManeeshGupta(MembershipNo.F4982andC.P.No.2945),aCompanySecretaryinPractice,astheScrutinizertoscrutinizethee-votingprocessincludingremotee-votinginafairandtransparentmanner.





mailto:enotices%40linkintime.co.in?subject=

mailto:enotices%40linkintime.co.in?subject=


https://instameet.linkintime.co.in





vi) Thenon-individualunitholderswhohavenotregisteredthemselvesontheLinkIntimeportal(e-serviceprovider)forremotee-votingfacilitybutareparticipatingande-votingonthedayofAMshallforward/emailthecopyoftheboardresolution/powerofattorneyonthedateofannualmeetingtoscrutinizeri.e.,[email protected].

vii) TheScrutinizer’sdecisiononthevalidityofthevoteshallbefinal.

viii) Oncethevoteonaresolutionstatedinthisnoticeiscastbyunitholderthroughremotee-voting,theunitholdershallnotbeallowedtochangeitsubsequentlyandsuche-voteshallbetreatedasfinal.Theunitholderswhohavecasttheirvotebyremotee-votingmayalsoattendtheAM,howeversuchunitholdershallnotbeallowedtovoteagainduringtheAM.

ix) TheScrutinizerafterscrutinizingthevotescastbyremotee-votingande-votingduringtheAMwillmake

aconsolidatedScrutinizer’sReportandsubmitthesameforthwithnotlaterthan48hoursofconclusionoftheAMtotheChairpersonoftheManagerorapersonauthorizedbyhiminwriting,whoshallcountersignthesame.

x) TheresultsdeclaredalongwiththeconsolidatedScrutinizer’sReportshallbehostedonthewebsiteoftheBrookfieldIndiaREITi.e.https://www.brookfieldindiareit.inandonthewebsiteofLinkIntimeIndiaPrivateLimitedi.e.,https://instavote.linkintime.co.in.TheresultsshallsimultaneouslybecommunicatedtoBSELimitedandtheNationalStockExchangeofIndiaLimited.

xi) TheresolutionsshallbedeemedtobepassedattheregisteredofficeoftheManageronthedateoftheAM,subjecttoreceiptoftherequisitenumberofvotesinfavouroftheresolutions.

xii) TherecordedtranscriptoftheAMshallbeuploadedonthewebsiteofBrookfieldIndiaREITi.e.,https://www.brookfieldindiareit.in.

INFORMATION AT GLANCE

Particulars DetailsTimeandDateofAM 2.00P.MIST,Wednesday,August18,2021Mode VideoConferencingandotheraudio-visualsmeansParticipation

throughvideoconferencingHelplinenumberforVCparticipation ContactNo.–02249186175

Emailid–[email protected]. 210155Cutoffdatefore-voting Wednesday,August11,2021E-votingstarttimeanddate 9:00AM,Sunday,August15,2021E-votingendtimeanddate 5:00PM,Tuesday,August17,2021Lastdateofsendingquestion/queriesinrespectofannualreport 5.00PM,Saturday,August14,2021Name,addressandcontactdetailsofRegistrarandTransferAgentande-votingserviceprovider

Mr.NiharKudaskar-Associate–TechnologyGroupLinkIntimeIndiaPvt.Ltd,C101,247Park,L.B.S.Marg,Vikhroli(West),Mumbai-400083EmailID:[email protected].+912249186000(Extn:2711)

Disclaimer

Byreadingthisreport(the“Report”),youagreetobeboundbythefollowinglimitations:

ThisReportispreparedfortheUnitholderspursuanttotheSecuritiesandExchangeBoardofIndia(RealEstateInvestmentTrusts)Regulations,2014,asamended,andissuedbyBrookpropManagementServicesPrivateLimited(the“Manager”)initscapacityastheManageroftheBrookfieldIndiaRealEstateTrust(“BrookfieldIndiaREIT”),forgeneralinformationpurposesonlywithoutregardstospecificobjectives,financialsituationsorneedsofanyparticularperson,andshouldnotbedisclosed,reproduced,retransmitted,summarized,distributedorfurnished,inwholeorinpart,toanyotherpersonorpersons.Wedon’tassumeresponsibilitytopubliclyamend,modifyorreviseanystatementsintheReportonthebasisofanysubsequentdevelopment,informationorevents,orotherwise.ThisReportcomprisesinformationgiveninsummaryformanddoesnotpurporttobecompleteanditcannotbeguaranteedthatsuchinformationistrueandaccurate.Foreaseandsimplicityofrepresentation,certainfiguresmayhavebeenroundedofftothenearestmillionexceptunitandperunitdata.TheManagermakesnorepresentationorwarrantyanddoesnotundertakeanyresponsibilityorliabilitywithrespecttothefairness,accuracy,completeness,orcorrectnessofthisreport,exceptasrequiredunderapplicablelawinIndia.Norepresentation,warrantyorundertaking,expressorimplied,ismadeorassurancegiventhatanystatements,opinions,views,projectionsorforecasts,ifany,arecorrectorthatanyobjectivesspecifiedhereinwillbeachieved.Neitherwe,noranyofouraffiliates,assuch,makeanyrepresentationorwarranty,expressorimplied,asto,anddonotacceptanyresponsibilityorliabilitywithrespectto,anyloss,howsoever,arisingfromanyuseorrelianceonthisReportoritscontentorotherwisearisinginconnectiontherewith.UnlessotherwisestatedinthisReport,theinformationcontainedhereinisbasedonmanagementinformationastheyexistasofdate/dateindicatedinthisReportorasonMarch31,2021ifnodateismentionedandestimates.Theinformationcontainedhereinissubjecttochangewithoutnoticeandpastperformanceisnotindicativeoffutureresults.

Certaininformationcontainedhereinconstitutesforward-lookingstatements.Duetovariousrisksanduncertainties,actualeventsorresultsortheactualperformanceofBrookfieldIndiaRealEstateTrustmaydiffermateriallyfromthosereflectedorcontemplatedinsuchforward-lookingstatements.AlthoughBrookfieldIndiaRealEstateTrustbelievesthattheanticipatedfutureresults,performanceorachievementsexpressedorimpliedbytheforward-lookingstatementsandinformationarebaseduponreasonableassumptionsandexpectationsinlightoftheinformationpresentlyavailable,youshouldnotplaceunduerelianceonforward-lookingstatementsandinformationbecausetheyinvolveknown

andunknownrisks,uncertaintiesandotherfactorswhichmaycausetheactualresults,performanceorachievementsofBrookfieldIndiaRealEstateTrusttodiffermateriallyfromanticipatedfutureresults,performanceorachievementexpressedorimpliedbysuchforward-lookingstatementsandinformation.Factorsthatcouldcauseactualresultstodiffermateriallyfromthosesetforwardintheforward-lookingstatementsorinformationincludebutarenotlimitedto:generaleconomicconditions,changesininterestandexchangerates,availabilityofequityanddebtfinancingandrisksparticulartounderlyingportfoliocompanyinvestments.ThereisnoguaranteethatBrookfieldIndiaRealEstateTrustwillbeabletosuccessfullyexecuteonalloranyfuturedeals,projectsorexitstrategies,achieveleasingplans,securedebtorreceivedevelopmentapprovalsassetforthherein.Projectedresultsreflectedhereinhavebeenpreparedbasedonvariousestimationsandassumptionsmadebymanagement,includingestimationsandassumptionsabouteventsthathavenotyetoccurred.Duetovariousrisks,uncertaintiesandchangesbeyondthecontroloftheManager,theactualperformanceoftheBrookfieldIndiaRealEstateTrustcoulddiffermateriallyfromtheprojectedresultssetforthherein.Thereisnoassurance,representationorwarrantybeingmadebyanypersonthatanyoftheprojectedresultssetforthhereinwillbeachievedandunduerelianceshallnotbeplacedonthem.Industryexpertsmaydisagreewiththeassumptionsusedinpresentingtheprojectedresults.

Anychangestoassumptionscouldhaveamaterialimpactonprojectionsandactualreturns.Actualreturnsonunrealizedinvestmentswilldependon,amongotherfactors,futureoperatingresults,thevalueoftheassetsandmarketconditionsatthetimeofdisposition,legalandcontractualrestrictionsontransferthatmaylimitliquidity,anyrelatedtransactioncostsandthetimingandmannerofsale,allofwhichmaydifferfromtheassumptionsandcircumstancesonwhichthevaluationsusedinthepriorperformancedatacontainedhereinarebased.Accordingly,theactualrealizedreturnsonunrealizedinvestmentsmaydiffermateriallyfromthereturnsindicatedherein.

Inconsideringinvestmentperformanceinformationcontainedherein,youshouldbearinmindthatpastperformanceisnotnecessarilyindicativeoffutureresultsandtherecanbenoassurancethatcomparableresultswillbeachieved,thataninvestmentwillbesimilartothehistoricinvestmentspresentedherein(becauseofeconomicconditions,theavailabilityofinvestmentopportunitiesorotherwise),thattargetedreturns,diversificationorassetallocationswillbemetorthataninvestmentstrategyorinvestmentobjectiveswillbeachieved.Anyinformationregardingpriorinvestmentactivitiesandreturnscontainedhereinhasnotbeencalculatedusinggenerallyacceptedaccountingprinciples











Glossary

Accenture AccentureSolutionsPrivateLimitedAMDOCS AmdocsDevelopmentCentresIndiaAssetSPVS Collectively,CandorKolkata,FestusandSPPLNoidaAvg AverageB BillionBAM BrookfieldAssetManagementInc.BankofAmericaContinuum BAContinuumIndiaPrivateLimitedBarclays BarclaysGlobalServiceCentrePrivateLimitedBoardofDirectors TheboardofdirectorsoftheManagerofBrookfieldIndiaREITBrookfieldGroup/Brookfield BrookfieldAssetManagementInc.anditsaffiliatesBrookfieldIndiaREIT BrookfieldIndiaRealEstateTrustBSE BSELimitedCAGR CompoundAnnualGrowthRateCAM CommonareamaintenanceCY CalendarYearCandorAssetSPVs Together,CandorKolkataandSPPLNoidaCandorGurgaon1 CandorGurgaonOneRealtyProjectsPrivateLimitedCandorKolkata CandorKolkataOneHi-TechStructuresPrivateLimitedCandorTechspaceG1 CandorTechspace,Sector48,GurugramCandorTechspaceG2 Completedtowernos.1,2,3,4(amenityblockI),4A(amenityblockII),5,6,7,8A,8B,9,11and10

(MLCP),allsituatedatDundahera,Sector21,Gurugram122016,Haryana,IndiaCandorTechspaceK1 Completedtowernos.A1,A2,A3,B1,B2,B3,G1,G2,G3,C1,C2andC3allsituatedatActionArea–1D,

NewTown,Rajarhat,Kolkata700156,WestBengal,IndiaCandorTechspaceN1 Completedtowernos.1,2,3,5,6and7(amenityblock),underconstructiontowerno.8(amenity

block)andFutureDevelopmentPotentialtowers4Aand4B,allsituatedatPlotNo.2,BlockNo.B,Sector62,Noida,GautamBudhNagar201301,UttarPradesh,India

CandorTechspaceN2 CandorTechspace,Sector135,NoidaCIOP CandorIndiaOfficeParksPrivateLimitedCognizant CognizantTechnologySolutionsIndiaPrivateLimitedCommittedOccupancy (OccupiedArea)+(CompletedAreaunderLettersofIntent) in%CompletedAreaCompletedArea TheareaofapropertyforwhichoccupancycertificatehasbeenreceivedConsolidatedFinancialStatements

TheconsolidatedfinancialstatementsofBrookfieldIndiaREITandtheAssetSPVsandCIOP(fortheperiodcommencingposttheacquisitionoftheAssetSPVsandCIOPbyBrookfieldIndiaREITonFebruary8,2021)comprisingtheconsolidatedbalancesheetasat31March2021;theconsolidatedstatementofprofitandloss,theconsolidatedstatementofcashflowsandtheconsolidatedstatementofchangesinunitholders’equityfortheperiodJuly17,2020toMarch31,2021andasummaryofsignificantaccountingpoliciesandotherexplanatoryinformation.Additionally,itincludesthestatementofnetassetsatfairvalueasatMarch31,2021,thestatementoftotalreturnsatfairvaluefortheperiodthenendedandotheradditionalfinancialdisclosuresasrequiredundertheREITRegulationsandtheSEBIcircularCIR/IMD/DF/146/2016datedDecember29,2016.

CondensedCombinedFinancialStatements

ThespecialpurposecondensedcombinedfinancialstatementsoftheBrookfieldIndiaREITanditsproposedtrustsubsidiariescomprisingofCandorKolkataOneHi-TechStructuresPrivateLimited(“CandorKolkata”or“K1”),ShantiniketanPropertiesPrivateLimited(“SPPLNoida”or“N1”),FestusPropertiesPrivateLimited(Festus),andCandorIndiaOfficeParksPrivateLimited(CIOP)asonSeptember30,2020,preparedatthetimeofinitialpublicofferingofitsunits.

E&Y E&YLLPandEYGBS(India)LLPFestus FestusPropertiesPrivateLimitedFinancialYear/FY Periodof12monthsperiodendedMarch31ofthatparticularyear,unlessotherwisestatedFutureDevelopmentPotential Theareaofapropertyforwhichthemasterplanfordevelopmenthasbeenobtainedorappliedfor,

orwhichhasbeencalculatedonthebasisofFSIavailableasperthelocalregulatorynorms,butwheretheinternaldevelopmentplansareyettobefinalizedandtheapplicationsforrequisiteapprovalstocommenceconstructionareyettobemade

GAV GrossAssetValueGDP GrossdomesticproductGradeA GradeAmeansadevelopmenttypewhosetenantprofileincludesprominentmultinational

corporations.Thedevelopmentshouldalsoincludeadequateceilingheight,24x7powerback-up,supplyoftelephonelines,infrastructureforaccesstointernet,centralair-conditioning,spaciouslobbies,circulationareas,goodliftservices,sufficientparkingfacilitiesandshouldhavecentralizedbuildingmanagementandsecuritysystems

GrossContractedRentals GrosscontractedrentalsisthesumofWarmShellRentalsfromOccupiedAreathatisexpectedtobereceivedfromthetenantspursuanttotheagreementsenteredintowiththem

IdentifiedAssets Together,CandorTechspaceG1(ownedbyCandorGurgaon1)andCandorTechspaceN2(ownedbySDPLNoida)

IndAS IndianAccountingStandardsreferredtointheCompaniesActandnotifiedunderSection133oftheCompaniesActreadwiththeCompanies(IndianAccountingStandards)Rules,2015,includinganyamendmentsormodificationsthereto

InvestmentManagementAgreement

TheinvestmentmanagementagreementdatedJuly17,2020executedbetweentheBrookfieldREIT(actingthroughtheTrustee)andourManager

IPO Initialpublicoffer

andhasnotbeenauditedorverifiedbyanauditororanyindependentparty.Nothingcontainedhereinshouldbedeemedtobeapredictionorprojectionoffutureperformance.

Certainoftheinformationcontainedhereinisbasedonorderivedfrominformationprovidedbyindependentthirdpartysources.WhileBrookfieldIndiaRealEstateTrustbelievesthatsuchinformationisaccurateasofthedateitwasproducedandthatthesourcesfromwhichsuchinformationhasbeenobtainedarereliable,BrookfieldIndiaRealEstateTrustdoesnotguaranteetheaccuracyorcompletenessofsuchinformation,andhasnotindependentlyverifiedsuchinformationortheassumptionsonwhichsuchinformationisbased.Thisdocumentissubjecttotheassumptions(ifany)andnotescontainedherein.

NothingcontainedinthisReportshouldbeconstruedaslegal,businessortaxadvice.Eachprospectiveinvestorshouldconsultitsownattorney,businessadviserandtaxadvisorastolegal,business,taxandrelatedmattersconcerningtheinformationcontainedherein.

Thisdocumentisjustareportandisnotintendedtobea“prospectus”or“draftofferdocument”or“offerdocument”or“finalofferdocument”or“offerletter”or“offeringmemorandum”(asdefinedorreferredto,asthecasemaybe,undertheCompaniesAct,2013andtherulesnotifiedthereunder,andtheSecuritiesandExchangeBoardofIndia(RealEstateInvestmentTrusts)Regulations,2014,SecuritiesandExchangeBoardofIndia(IssueandListingofDebtSecurities)Regulations,2008,asamended,

oranyotherapplicablelaw).ThisReporthasnotbeenandwillnotbereviewedorapprovedbyaregulatoryauthorityinIndiaorelsewhereorbyanystockexchangeinIndiaorelsewhere.Noneoftheinformationcontainedherein(orinanyfuturecommunication(writtenororal)regardinganinvestment)isintendedtobeinvestmentadvicewithrespecttoaproposedinvestment.

Ifweshouldatanytimecommenceanofferingofunits,debentures,bondsoranyothersecurities/instrumentsofBrookfieldIndiaRealEstateTrust,anydecisiontoinvestinanysuchoffertosubscribefororacquireunits,debentures,bondsoranyothersecurities/instrumentsofBrookfieldIndiaRealEstateTrust,mustbebasedwhollyontheinformationcontainedinanofferdocumentorofferingcircular(includingtheriskfactorsmentionedtherein)issuedortobeissuedinconnectionwithanysuchofferandnotonthecontentshereof.Anyprospectiveinvestorinvestinginsuchinvitation,offerorsaleofsecuritiesbyBrookfieldIndiaRealEstateTrustshouldconsultitsownadvisorsbeforetakinganydecisioninrelationthereto.

ThesecuritiesofBrookfieldIndiaRealEstateTrusthavenotbeenandwillnotberegisteredundertheU.S.SecuritiesAct,1933,asamended(“U.S.SecuritiesAct”),orthesecuritieslawsofanyapplicablejurisdictionandthesematerialsdonotconstituteorformapartofanyoffertosellorsolicitationofanoffertopurchaseorsubscribeforanysecuritiesintheUnitedStatesofAmericaorelsewhereinwhichsuchoffer,solicitationorsalewouldbeunlawfulpriortoregistrationundertheU.S.SecuritiesActorthesecuritieslawsofanysuchjurisdiction.


ITPark InformationTechnologyParkKensington KensingtonAandKensingtonBlocatedatPowai,Mumbai400076,Maharashtra,IndiaLeasableArea Thetotalareaofapropertythatcanbeoccupiedandcommonlyused,orassignedtoatenantforthe

purposeofdeterminingatenant’srentalobligationLCD LeasecommencementdateLOC LineofCreditLRD LeaseRentalDiscountingLTVR Ratioof:

(i) theaggregateof(a)AdvancesoutstandingundertheFacility;and(b)AdvancestobemadeunderanyDrawdownNoticereceivedbytheLenders;to

(ii) thevaluationoftheProjectstothesatisfactionoftheLendersbythePanelValuers,expressedasapercentage.

M MillionManager BrookpropManagementServicesPrivateLimitedMarketValue ThemarketvalueasdeterminedbytheValuerasofMarch31,2021andasincludedintheSummary

ValuationReportMsf MillionsquarefeetMTM MarktoMarketNDCF NetDistributableCashFlowsNOI NetOperatingIncomeNOIDA NewOkhlaIndustrialDevelopmentAreaNSE NationalStockExchangeofIndiaLimitedNYSE TheNewYorkStockExchangeOccupiedArea CompletedAreaforwhichleaseagreementshavebeensignedwithtenantsPortfolio RealestateassetsindirectlyownedbyBrookfieldIndiaREIT,being(a)CandorTechspaceG2(owned

byCandorKolkata);(b)CandorTechspaceK1(ownedbyCandorKolkata);(c)CandorTechspaceN1(ownedbySPPLNoida);and(d)Kensington(ownedbyFestus)

psf PersquarefeetRBS RBSServicesIndiaPrivateLimitedREIT RealestateinvestmenttrustREITRegulations SecuritiesandExchangeBoardofIndia(RealEstateInvestmentTrusts)Regulations,2014,asamendedROFOProperties PowaiBusinessDistrict(ownedbyVrihisPropertiesPrivateLimited),Equinox(ownedbyEquinox

BusinessParksPrivateLimited),unitsinGodrejBKC(ownedbyVrihisPropertiesPrivateLimited)andWaterstones(ownedbyMarsHotelsandResortsPrivateLimited)

SameStoreCommittedOccupancy

ThisrepresentstheCommittedOccupancyforthePortfolioforareaswhereoccupancycertificatewasreceivedonorbeforeMarch31,2020

Sapient PublicisSapientSDPLNoida SeaviewDevelopersPrivateLimitedSEBI SecuritiesandExchangeBoardofIndiaSEZ SpecialEconomicZonesf SquarefeetSPPLNoida ShantiniketanPropertiesPrivateLimitedSponsor BSREPIndiaOfficeHoldingsVPte.Ltd.SponsorGroup SponsorgroupasdefinedunderRegulation2(1)(zta)oftheREITRegulations,being:

a) BSREPIIIndiaOfficeHoldingsIIPte.Ltd.;b) BrookfieldAssetManagementInc.;c) KairosPropertyManagersPrivateLimited;d) BSREPMoonC1L.P;e) BSREPMoonC2L.P;f) BSREPIndiaOfficeHoldingsIIIPteLtd.;andg) BSREPIndiaOfficeHoldingsPte.Ltd

StockExchanges Collectively,BSEandNSETataConsultancyServices TataConsultancyServicesLtd.TrustDeed ThetrustdeeddatedJuly17,2020enteredintobetweentheManager(solelyasthe

settlor,onbehalfoftheSponsor),SponsorandtheTrusteeTrustee AxisTrusteeServicesLimitedTSX TorontoStockExchangeUnits AnundividedbeneficialinterestinBrookfieldIndiaREIT,andsuchunitstogetherrepresenttheentire

beneficialinterestinBrookfieldIndiaREITUnitholder(s) AnypersonorentitywhoholdsUnitsofBrookfieldIndiaREITUnderConstructionArea Theareaofapropertyforwhichthemasterplanfordevelopmenthasbeenobtained,internal

developmentplanshavebeenfinalisedandrequisiteapprovalsforthecommencementofconstructionrequiredunderlawhavebeenappliedfor,constructionhascommencedandtheoccupancycertificateisyettobereceived

WALE WeightedAverageLeaseExpirybasedonarea.Calculatedassumingtenantsexercisealltheirrenewaloptionspostexpiryoftheirinitiallock-inperiod

WarmShellRentals RentalincomecontractedfromtheleasingofOccupiedAreaanddoesnotincludefit-outandcarparkingincome

Wipro WiproHRServicesIndiaPrivateLimitedandWiproLimited

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