In order to make Real Estate Investment Trusts (REITs) more attractive to investors and real estate players, the Securities and Exchange Board of India (SEBI) in a recent move has proposed to relax norms for transactions and allowed these Trusts to invest more in under-construction assets. As a matter of fact, SEBI also proposed removal of restrictions on REITs in regards with investment in Special Purpose Vehicle (SPV) structures while norms relating to party transactions would also be eased. The move would allow upto 20% investment by REITs in under-construction projects, up from a maximum of 10% allowed currently. Besides, relaxations would be made to provisions relating to compliance of minimum public holding norms and for investments by associate entities of trustees, as per the consultation paper. In this connection, the draft papers have been put in place after SEBI's board last month approved a proposal for issuance of a consultation paper to amend the REIT regulations, said SEBI sources.
📅Published on:
23 July 2016
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