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Published on Thu, Oct 10,2013 | 19:58, Updated at Thu, Oct 10 at 19:58Source : Moneycontrol.com
Today, market regulator SEBI put out draft regulations for Real Estate Investment Trusts. SEBI has proposed that REITs be set up as a Trust under the provisions of the Indian Trusts Act, 1882 and shall not launch any schemes. The draft regulations say that REITs shall raise funds initially through an initial offer; once listed, it may raise funds through follow-on offers. The size of assets under REIT shall not be less than Rs 1000 crore; minimum offer size: Rs. 250 crore and minimum public float: 25%. SEBI has proposed that initially only HNIs and institutions be allowed to invest in REITs. And so the minimum subscription size shall be Rs. 2 lakhs and the unit size shall be Rs 1 lakh. At least 90% of the value of the REIT assets shall be in completed revenue generating properties and REITs shall not invest in vacant/agricultural land, mortgages other than mortgage backed securities. The assets need to be based in India.
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