Beyond brick and mortar: determinants of retail investors’ investment intention in indirect real estate through REITs in India

Purpose This research aims to identify the factors that influence the investment intention of retail investors in Indian REITs. The study incorporates the theory of planned behavior and innovation diffusion theory as the research framework, with perceived risk and mass media influence as additional constructs. Design/methodology/approach Primary data were collected using self-administered questionnaires from 534 potential investors in India. The data were analyzed using partial least square structural equation modeling. Findings The study showed that factors such as relative advantage, compatibility, attitude, subjective norms, perceived behavioral control and mass media significantly and positively influence investment intention in Indian REITs. However, perceived risk was found to have a negative and significant influence, while complexity did not affect investment intention. Originality/value This is the first quantitative investigation into determining the factors influencing the investment intention of Indian retail investors on Indian REITs.