Brookfield India Real Estate Trust has submitted comprehensive valuation reports for its entire portfolio of commercial real estate assets for FY26 under the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014. The reports, carrying a valuation date of 31st March 2026 and report date of 7th May 2026, were prepared by IBBI-registered valuer L. Anuradha (IBBI/RV/02/2022/14979) and cover assets spanning Mumbai, Kolkata, Gurugram, Noida, Delhi NCR (including Aerocity District), Bengaluru, and Ludhiana.

Valuation Methodology and Key Assumptions

All assets were valued using the Income Approach — Discounted Cash Flow Method using Rental Reversion, in accordance with IVSC International Valuation Standards effective from 31st January 2025. The valuation exercise adopted consistent financial assumptions across the portfolio, with notable revisions from the previous September 2025 valuation cycle.

Parameter:	Current (31st March 2026)	Previous (30th September 2025)
WACC:	11.50%	11.75%
Cost of Debt:	7.90%	8.40%
Cost of Equity:	14.50%	14.50%
Debt-Equity Mix:	45:55	45:55
Cap Rate (Completed, Mumbai/NCR/Kolkata):	8.00%	8.00%
Cap Rate (Ecoworld, Bengaluru):	7.75%	—
Construction Discount Rate:	12.75%	13.00%

The cost of debt was benchmarked against comparable REITs as of December 2025, with Brookfield at 8.05%, Embassy at 7.45%, Mindspace at 7.73%, and Knowledge Realty Trust at 7.67%.

Mumbai Portfolio

The Mumbai portfolio comprises the Kensington SEZ asset (Downtown Powai) and the nine-building portfolio owned by Kairos Properties Private Limited (KPPL), both located in the Andheri & Powai micro-market.

Kensington (A & B), Powai

Kensington is the only private IT/ITeS SEZ in the Mumbai region (excluding Thane and Navi Mumbai), spread over 8.96 acres with a total leasable area of 1,619,079 sq. ft. and committed occupancy of 95.61% as of 31st March 2026. The property houses prominent tenants including Tata Consultancy Services, Larsen & Toubro, GE Oil & Gas India Pvt Ltd, and Nomura Services India Private Limited. The Weighted Average Lease Expiry (WALE) stands at 9.13 years.

Metric:	Value
Market Value (31st March 2026):	INR 31,981 million
Market Value (31st March 2025):	INR 29,168 million
Market Value (31st March 2024):	INR 26,998 million
Achievable Market Rent (IT SEZ):	INR 160 per sq. ft. per month
Achievable Market Rent (IT Non-SEZ):	INR 175 per sq. ft. per month
Cap Rate:	8.00%

Kairos Properties Private Limited (KPPL) Portfolio, Powai

The KPPL portfolio comprises nine completed and operational buildings — Alpha, Delphi, Fairmont, Winchester, Prudential, Spectra, One Boulevard, Ventura A, and One Downtown Central — with a cumulative leasable area of 28,57,612 sq. ft. and committed occupancy of 95% as of 31st March 2026. The portfolio is located across three clusters within the Powai submarket: Central Avenue, South Avenue, and Orchard Avenue.

Building:	Market Value (INR Million)
Alpha:	3,181
One Downtown Central:	6,657
Delphi:	11,989
Fairmont:	8,303
Winchester:	20,889
Prudential:	7,730
Spectra:	5,871
One Boulevard:	4,490
Ventura A:	16,639
Total Market Value:	85,750

The total market value of INR 85,750 million is inclusive of the fair value of Rs 2,935 M pertaining to the property management company (CIOP), which is wholly owned by the REIT. The WALE of the portfolio is 3.88 years.

Kolkata Portfolio — Candor TechSpace K1, Rajarhat

Candor TechSpace K1 is the largest campus-style office development in Eastern India, located at Rajarhat, Kolkata. The property spans 48.38 acres with 12 completed buildings (32,01,857 sq. ft.), one under-construction tower (Tower F, 5,75,580 sq. ft.), and future development area (21,08,408 sq. ft.), totalling 58,85,845 sq. ft. of leasable area. Committed occupancy in completed buildings stands at 98.82%. The REIT holds 100% share in the asset.

Component:	Market Value (31st March 2026)
Completed Buildings:	INR 29,479 million
Under Construction / Future Development:	INR 6,731 million

Achievable market rent is INR 57 per sq. ft. per month for Non-SEZ area and INR 55 per sq. ft. per month for SEZ area (including parking charges). The cap rate applied is 8.5%, and the discount rate for under-construction assets is 12.75%.

NCR Portfolio

Candor TechSpace G2, Sector-21, Gurugram

Candor TechSpace G2 is an IT/ITeS SEZ development in Gurugram North with 13 completed buildings (4,083,525 sq. ft.) and one future development building (99,924 sq. ft.). Committed occupancy stands at 83.34%. The REIT holds 100% share.

Component:	Market Value (31st March 2026)
Completed Buildings:	INR 47,575 million
Future Development:	INR 537 million

Achievable market rent is INR 90 per sq. ft. per month for SEZ area and INR 99 per sq. ft. per month for Non-SEZ area (including parking charges).

Candor TechSpace G1, Sector-48, Gurugram

Candor TechSpace G1 is an IT/ITeS SEZ development in Gurugram South with 12 completed buildings (3,792,416 sq. ft.) and one future development building (103,884 sq. ft.). Committed occupancy stands at 88.67%. The REIT holds 50% share. The market value is inclusive of the fair value of INR 2,785 million pertaining to the property management company (MIOP), wholly owned by the REIT.

Component:	Market Value (31st March 2026)
Completed Buildings:	INR 59,924 million
Future Development:	INR 565 million
REIT's 50% Share:	INR 31,637 million

Candor TechSpace N1, Sector-62, Noida

Candor TechSpace N1 is an IT/ITeS development in Sector-62, Noida with 7 completed buildings (2,023,237 sq. ft.) and 2 future development buildings (8,58,463 sq. ft.). Committed occupancy stands at 97.96%. The REIT holds 100% share.

Component:	Market Value (31st March 2026)
Completed Buildings:	INR 26,026 million
Future Development:	INR 3,459 million

Achievable market rent is INR 72 per sq. ft. per month (including parking charges).

Candor TechSpace N2, Sector-135, Noida

Candor TechSpace N2 is an IT/ITeS development in Sector-135, Noida with 14 completed buildings (39,15,881 sq. ft.) and future development (7,70,873 sq. ft.). Committed occupancy stands at 93.52%. The REIT holds 100% share.

Component:	Market Value (31st March 2026)
Completed Buildings:	INR 47,064 million
Future Development:	INR 2,346 million

Achievable market rent is INR 70 per sq. ft. per month for SEZ area and INR 75 per sq. ft. per month for Non-SEZ area (including parking charges).

Aerocity District (DIAL) Portfolio

Worldmark 1, Aerocity District

Worldmark 1 is a leasehold office cum retail development (leasehold till 2066) with a total leasable area of 6,07,892 sq. ft. and committed occupancy of 99.36%. The REIT holds 50% share.

Metric:	Value
Market Value (31st March 2026):	INR 18,856 million
REIT's 50% Share:	INR 9,428 million
Achievable Market Rent (Office):	INR 235 per sq. ft. per month

Worldmark 2 and 3, Aerocity District

Worldmark 2 and 3 are leasehold office cum retail developments (leasehold till 2066) with a combined leasable area of 8,47,326 sq. ft. and committed occupancy of 92.90%. The REIT holds 50% share.

Component:	Market Value (31st March 2026)
Worldmark 2 (Completed):	INR 14,376 million
Worldmark 3 (Completed):	INR 13,687 million
REIT's 50% Share (WM2):	INR 7,188 million
REIT's 50% Share (WM3):	INR 6,844 million

Worldmark Gurugram, Sector-65

Worldmark Gurugram is a freehold mixed-use complex (office cum retail) in Sector-65, Golf Course Extension Road, Gurugram with a total leasable area of 7,51,397 sq. ft. and committed occupancy of 92.2%. The REIT holds 50% share.

Metric:	Value
Market Value (31st March 2026):	INR 10,912 million
REIT's 50% Share:	INR 5,456 million
Achievable Market Rent (Office):	INR 85 per sq. ft. per month
Achievable Market Rent (Retail):	INR 120 per sq. ft. per month

Bharti Airtel Centre, Sector-18, Gurugram

Bharti Airtel Centre is a freehold Grade-A office development in Gurugram North with a leasable area of 6,92,585 sq. ft., 100% occupied by Bharti Group of Companies. The REIT holds 50% share.

Metric:	Value
Market Value (31st March 2026):	INR 14,284 million
REIT's 50% Share:	INR 7,142 million
Achievable Market Rent:	INR 135 per sq. ft. per month

Pavilion Mall, Civil Lines, Ludhiana

Pavilion Mall is a freehold retail mall in Civil Lines, Ludhiana with a leasable area of 3,89,845 sq. ft. and committed occupancy of 79.15%. The REIT holds 50% share.

Metric:	Value
Market Value (31st March 2026):	INR 3,450 million
REIT's 50% Share:	INR 1,725 million
Cap Rate:	8.75%

Bengaluru Portfolio — Ecoworld, Outer Ring Road

Ecoworld is the REIT's newest acquisition, acquired on 24th December 2025. It is a Grade-A IT/ITeS SEZ campus located along the Outer Ring Road in the Bellandur-Marathahalli region of Bengaluru. The property comprises 15 completed buildings with a total leasable area of 7,652,675 sq. ft. and an effective committed occupancy of 94.3%. The property also has a future development of 79,634 sq. ft. expected to be completed by Q3 FY 2027-28. The REIT holds 100% share through Arliga Ecoworld Business Parks Private Limited.

Component:	Market Value (31st March 2026)
Completed Buildings:	INR 147,583 million
Future Development:	INR 696 million
Total:	INR 148,279 million

The achievable market rent is INR 116 per sq. ft. per month (inclusive of parking charges) for both SEZ and Non-SEZ area, revised from INR 114 per sq. ft. in the September 2025 valuation. A cap rate of 7.75% was applied, reflecting the asset's superior performance and location fundamentals in the Competitive REIT micro market.

Market Context

The Competitive REIT micro market in Bengaluru (Outer Ring Road) recorded a vacancy of 6.7% as of Q1 CY 2026, with the Bengaluru overall market at 8.2%. The Gurugram North micro market recorded a vacancy of 4.5%, while Rajarhat (Kolkata) stood at 5.4%. The Andheri & Powai micro market in Mumbai recorded a vacancy of 8.1% in the Competitive REIT micro market. Market rent growth of 5% per annum from FY28 onwards has been assumed across the portfolio for medium to long term projections.

Brookfield India Real Estate Trust has filed its quarterly statement of deviation(s) or variation(s) in the utilisation of proceeds raised through institutional placements and a preferential issue of units, for the quarter ended March 31, 2026. The filing was made pursuant to paragraph 4.17 of SEBI's REIT Master Circular (Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 dated July 11, 2025) and covers four separate fund-raising instruments. Across all four annexures, the trust has confirmed that there are no deviations or variations in the use of proceeds relative to the stated objects in their respective placement documents.

Overview of Fund-Raising Instruments

The quarterly disclosure encompasses four distinct fund-raising events. The following table summarises the key details of each:

Parameter:	QIP-2023	QIP-2024	QIP-2025	Preferential Issue-2025
Mode:	Institutional Placement	Institutional Placement	Institutional Placement	Preferential Issue
Date of Allotment:	August 2, 2023	December 12, 2024	December 10, 2025	September 2, 2025
Amount Raised:	₹ 23,053,590,622.50	₹ 35,000 million	₹ 35,000 million	₹ 10,000,000,150/-
Quarter Reported:	March 31, 2026	March 31, 2026	March 31, 2026	March 31, 2026
Deviation/Variation:	No	No	No	No

QIP-2023: Utilisation Details

The QIP-2023 raised ₹ 23,053,590,622.50 through an institutional placement allotted on August 2, 2023. The proceeds were primarily directed towards funding the acquisition of Kairos Properties Private Limited (earlier known as Kairos Property Managers Private Limited) and Candor Gurgaon One Realty Projects Private Limited. The following table details the allocation and utilisation as of March 31, 2026:

Original Object:	Original Allocation (Rs./Mn)	Funds Utilised till March 31, 2026 (Rs./Mn)	Deviation/Variation
Funding acquisition of Kairos and Candor G1	22,000.0	21,896.80	NIL
General Purpose	203.6	206.28	NIL
Issue Related Expenses	850.0	732.89	NIL

As disclosed in the placement document dated August 1, 2023, the manager retains flexibility to utilise balance net proceeds and any unutilised issue proceeds for purposes connected with the Kairos and Candor G1 acquisition, general operations, and other permitted uses. An amount of Rs. 2.7 million has been utilised for general purposes under this flexibility.

QIP-2024: Utilisation Details

The QIP-2024 raised ₹ 35,000 million through an institutional placement allotted on December 12, 2024. The primary stated object was the partial or full pre-payment or scheduled repayment of certain debt facilities availed by the REIT and Asset SPVs. The utilisation as of March 31, 2026 is as follows:

Original Object:	Original Allocation (Rs./Mn)	Funds Utilised till March 31, 2026 (Rs./Mn)	Deviation/Variation
Debt repayment/pre-payment	32,000	31,991.06	-
General Purpose	2,300	2,337.51	-
Issue Related Expenses	700	671.43	-

Per the placement document dated December 12, 2024, the manager has flexibility to deploy balance and unutilised proceeds for general purposes. An amount of Rs. 204.01 million has been utilised for general purposes under this provision.

QIP-2025: Utilisation Details

The QIP-2025 raised ₹ 35,000 million through an institutional placement allotted on December 10, 2025. The primary stated object was funding the upfront consideration for the Ecoworld Acquisition—specifically, the acquisition of 100% equity share capital of Arliga Ecoworld Business Parks Private Limited. The utilisation as of March 31, 2026 is detailed below:

Original Object:	Original Allocation (Rs./Mn)	Funds Utilised till March 31, 2026 (Rs./Mn)	Deviation/Variation
Funding Ecoworld Acquisition	33,000	33,000	-
Debt repayment/pre-payment	1,000	1,000	-
General Purposes	50	48.02	-
Issue Expenses	950	815.54	-

As per the placement document dated December 9, 2025, the manager retains flexibility to deploy balance and unutilised proceeds for general purposes. An amount of Rs. 48.02 million has been utilised for general purposes under this provision.

Preferential Issue-2025: Utilisation Details

The Preferential Issue-2025 raised ₹ 10,000,000,150/- through an allotment on September 2, 2025. The entire amount raised has been fully utilised as of March 31, 2026, in line with the stated object of acquiring economic interests in companies owning real estate assets and/or providing real estate, property management, and operational services through purchase and/or subscription of equity securities, debt securities, and/or shareholder loans.

Original Object:	Original Allocation (in Rs.)	Funds Utilised till March 31, 2026 (in Rs.)	Deviation/Variation
Acquisition of economic interest in real estate companies	₹ 10,000,000,150/-	₹ 10,000,000,150/-	Nil

The filing was signed by Saurabh Jain, Company Secretary & Compliance Officer of Brookprop Management Services Private Limited, the manager of Brookfield India Real Estate Trust, on May 11, 2026. Copies were also addressed to Axis Trustee Services Limited and IDBI Trusteeship Service Limited, the debenture trustee for the NCDs.