REITs vs Property: Which is Better In Terms of XIRR (Return)?

I ran the same Rs. 1 crore, 10-year investment model on three listed Indian REITs: Embassy, Mindspace, and Brookfield. I’ve used their actual financial data to estimate future returns. The results were surprising: two of the three REITs outperformed physical property on both absolute corpus and XIRR, while also carrying zero property tax, zero maintenance cost, and full liquidity. Here is the complete data, all assumptions explained, and my final verdict on which REIT gives the best return.