Srinagar, May 15 -- In India, a big change is underway. Real Estate Investment Trusts, or REITs, are letting everyday investors own a slice of the country's commercial property market without the paperwork, maintenance, or massive upfront cost that comes with buying property.

Think of REITs like mutual funds for real estate. Instead of buying an apartment or office outright, you buy shares in a company that owns income-generating buildings: offices, malls, industrial parks. These companies collect rent, and most of that income flows back to shareholders in the form of regular dividends.

There are only three REITs listed on Indian exchanges right now-Embassy Office Parks, Mindspace Business Parks, and Brookfield India-but they've already...