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Fixed Income & Real Assets

Bonds, REIT & InvIT

Secondary market bonds for yield, 54EC bonds for capital-gains tax saving, and listed REIT/InvIT for real-asset income — all in one place. Returns are indicative and not guaranteed.

Secondary Bonds

Debt securities on the secondary market

Debt securities provide investors with an opportunity to optimise portfolios within a regulated trading environment. All figures from Nuvama Fortnightly Dashboard, June 2026.

New A · ICRA

Muthoot MCred Limited

Nature: Secured
Maturity
~24 Months
Coupon p.a.
9.30%
YTM
10.29%
Interest Payout
Monthly
Min. Investment
₹5 Lakh
About

Kochi-based NBFC specialising in gold loans and allied financial services, with a legacy dating back to 1921 and over 990 branches across India. One of the leading gold loan providers, serving more than 3.5 million customers.

New A · CRISIL

Navi Finserve Limited

Maturity
30 Months
Coupon p.a.
10.75%
YTM
10.50%
Interest Payout
Monthly
Min. Investment
₹5 Lakh
About

Systemically important NBFC under the Navi Group, founded by Sachin Bansal in 2018. Provides digital personal loans and home loans through the Navi app, focusing on simplicity, affordability, and instant access.

New AA Stable · Acuite

Capri Global Capital Limited

Nature: Secured
Maturity
~34 Months
Coupon p.a.
10.75%
YTM
9.15%
Interest Payout
Monthly
Min. Investment
₹5 Lakh
About

Indian NBFC focused on retail and small-business lending. Primarily serves underserved and underbanked customers across India through secured lending products — MSME loans, affordable housing loans, gold loans, and construction finance.

Yields are indicative as at Nuvama Fortnightly Dashboard June 2026; YTM reflects current market price and will change with price. Returns not guaranteed. Read issuer documents before investing.

54EC Capital Gain Tax Exemption Bonds

Save LTCG tax on property sales

Invest long-term capital gains from property in these government-backed bonds within 6 months of sale to claim tax exemption under Section 54EC.

Available from
PFC
Power Finance Corporation
Series X
IRFC
Indian Railway Finance Corporation
Series X
REC
REC Limited
Series XX
HUDCO
Housing and Urban Development Corporation
Series II (Application Portal)
Current Interest Rate
5.25% p.a.
Payable annually
Tax on Interest
Taxable at slab
No TDS deducted
Minimum Investment
₹20,000
Per application
Maximum Investment
₹50,00,000
Per financial year
Lock-in Period
5 Years
No premature exit
Backed by
Govt. entities
PFC / IRFC / REC / HUDCO
How it works: If you have Long-Term Capital Gains from the sale of a property, invest the gains in 54EC bonds within 6 months of the sale. The invested amount (up to ₹50 lakh per FY) is exempt from LTCG tax. Interest earned is taxable at your slab rate, but no TDS is deducted.
REIT / InvIT

Listed real-asset income instruments

Exchange-listed trusts that hold commercial real estate (REIT) or infrastructure assets (InvIT) and distribute rental/toll income quarterly. Returns are indicative.

REIT AAA · Listed

Brookfield REIT (BIRET)

Projected Maturity
3 to 5 Years
Projected YTM
~13% to 14%
Min. Investment
₹10 Lakh
DPU Payout
Quarterly
  • AAA rated publicly listed REIT comprising 12 Commercial Real Estate assets with AUM of US $1 Tn.
  • Listed on 16 Feb 2021 at ₹100 — current NAV ~₹387.
  • ~50% tenants are GCC with 92% Occupancy rate; 6.50 years WALE.
  • Plans to achieve 96% Occupancy rate by renewing existing leases at Mark-to-Market price.
  • Q4 FY26 DPU announced at ₹5.50 — total FY26 DPU ₹21.40 (11% growth YoY).
  • Clients can expect IRR of ~14%: 7% DPU Yield + 7% Capital Gain (indicative).

All figures indicative. IRR, DPU and projected YTM are not guaranteed. REIT/InvIT unit values are market-linked and can fall.

InvIT AAA · Listed

Capital Infra InvIT

Projected Maturity
3 to 5 Years
Projected YTM
~11% to 12%
Min. Investment
₹1 Lakh
DPU Payout
Quarterly
  • AAA rated publicly listed road InvIT comprising 9 NHAI HAM road assets — NHAI as counterparty.
  • AUM of ₹4,282 Cr delivering stable, predictable returns.
  • Listed 17 Jan 2025; market cap ₹2,726 Cr — distributed ~31% on IPO price of ₹99 (TRI at 105–106).
  • FY26: 3 assets added — overall EV increases 63% from ₹4,028 Cr to ₹6,557 Cr.
  • Plans to add 5 assets in FY27 — EV from ₹6,800 Cr to ₹10,000 Cr.
  • Expected DPU H2 FY26: ₹5.5–6; FY27 expected ₹8–9.
  • Clients can expect IRR of ~11% without price uptake; cash yield 10–12% (indicative).

All figures indicative. IRR, DPU and projected YTM are not guaranteed. REIT/InvIT unit values are market-linked and can fall.

Read before you invest

Risk factors & disclosures

Credit / default risk

Repayment depends on the issuer's financial health. A rating of A or AA means investment-grade, but it is not a guarantee. Ratings can be downgraded.

Liquidity risk

Secondary bonds are traded on the exchange, but the market can be thin — exiting before maturity may require accepting a price discount.

REIT / InvIT NAV risk

REIT and InvIT unit prices are market-linked. The NAV can fall; DPU distributions depend on the occupancy / toll-collection revenue of underlying assets.

Interest-rate risk

If market interest rates rise, the value of existing fixed-income bonds typically falls. Yields quoted today are not locked in for new purchases.

54EC lock-in

54EC bonds have a mandatory 5-year lock-in. Premature exit is not permitted. The 5.25% interest rate may be lower than prevailing fixed-income alternatives.

Returns are indicative

All YTM, DPU and projected IRR figures are indicative. They are not guaranteed and depend on issuer performance, market conditions and distribution decisions.

Questions

Bonds & REITs, answered plainly

A secondary bond is an existing debt security being sold by a current holder on the exchange — as opposed to a primary / fresh issue direct from the company. The coupon and maturity are already fixed; the YTM reflects the current market price at which you buy.

The Coupon is the fixed annual interest rate printed on the bond. YTM (Yield to Maturity) is the effective annual return you earn if you buy at today's market price and hold to maturity — it accounts for any discount or premium to face value.

Section 54EC bonds (issued by PFC, IRFC, REC, HUDCO) allow you to save Long-Term Capital Gains tax on property sales by investing within 6 months of the sale. The investment is locked in for 5 years; the interest is taxable at your slab rate but no TDS is deducted.

A Real Estate Investment Trust (REIT) holds income-producing commercial properties; an Infrastructure Investment Trust (InvIT) holds infrastructure assets like roads or power lines. Both are listed and pay regular DPU (Distribution Per Unit) quarterly, combining rental/toll income with potential NAV appreciation.

Distributions from REITs/InvITs can be a mix of interest, dividend, repayment of capital and capital gains — each taxed differently. Listed units held over 12 months attract LTCG at 12.5%. Confirm current tax treatment with your advisor.

Secondary bonds: ₹5 Lakh. 54EC bonds: ₹20,000 (max ₹50 lakh per FY). Brookfield REIT: ₹10 Lakh. Capital Infra InvIT: ₹1 Lakh.

Talk to our fixed-income desk

We'll share current allocations, live YTMs and the full risk picture before you invest.

Important disclosures

Secondary bonds are subject to credit, liquidity and interest-rate risk. All coupon, YTM and yield figures are indicative, sourced from the Nuvama Fortnightly Partners Dashboard (June 2026), and are not guaranteed — YTM changes with market price. 54EC bonds carry a mandatory 5-year lock-in; interest is taxable at your applicable slab rate. REIT and InvIT unit values are market-linked and can fall; projected IRR and DPU figures are indicative and depend on occupancy, toll receipts and distributions declared by the respective trusts. Past performance is not indicative of future results. This page is for general information only and does not constitute investment, legal or tax advice, nor an offer or solicitation. Please read all offer documents carefully and consult your financial and tax advisor before investing.