Pulling out all stops as far as Real Estate Investment Trust (REIT) is concerned, Security and Exchange Board of India (SEBI) has set up a dedicated committee on REITs to address concerns of interested players. New SEBI norms on Real Estate Investment Trusts (REITs) are likely to be finalised by October this year, reports Kevin Lee of CNBC-TV18. Developers DLF, K Raheja and Embassy have been having weekly consultations with the committee to address their grievances. The regulator is doing all it can to ease the concerns about inadequate public interest in REIT.While K Raheja is eyeing REIT listing of 35 million square feet portfolio in 18 months, DLF is looking at Rs 6,000 crore REIT listings after its debt restructuring is complete. The committee has also proposed to remove minor regulatory hurdles on REIT and may allow up to 5 sponsors for REIT. Furthermore, SEBI may allow hotels to be listed and REIT may be granted to invest in holding companies with rent-yielding projectss via special purpose vehicle (SPVs).Not just this, the regulator body may also allow 20 percent of REIT capital to be spent on under construction projects and is is awaiting public response on new REIT norms by August 7.
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