Small & Medium REITs (SM-REIT) became reality on 07-Oct-2025 as SEBI lowered entry barrier to ₹10 L for sponsors and ₹10 k for investors, enabling fractional ownership of commercial real estate. Structure: SPV holds building, SM-REIT issues units, listed on NSE Emerge. Yield target: Net DPU 8% (post-tax). Liquidity: daily match-making, T+3 settlement. Risks: lower liquidity vs main-REITs, valuation volatility, sponsor quality. We compare with Strata & PropShare platforms and recommend max 10% portfolio exposure. Keywords: fractional ownership India, SM-REIT SEBI, commercial property ₹10 k.