Real estate stocks jump up to 4% on relaxation in REIT rules
REITs are property trusts that pool investor money to invest in office buildings, shopping malls and rental housing.
NEW DELHI: Real estate stocks climbed up to 4 per cent in Monday's trade after Sebi relaxed rules on Real Estate Investment Trusts (REITs) by allowing them to invest more in under-construction projects. The market watchdog removed restrictions on special purpose vehicles (SPVs) to invest in other SPV holding the assets and rationalised unit holders' consent on related party transactions.
REITs are property trusts that pool investor money to invest in office buildings, shopping malls and rental housing.
Following the development, shares of Unitech surged 3.71 per cent to Rs 5.87. Phoenix jumped 3.22 per cent to Rs 330. DLF and Sobha Developers advanced 2.19 per cent and 0.95 per cent, respectively. Oberoi Realty, meanwhile, was down 2 per cent at Rs 283.70.
The Sebi board has approved changes to portfolio manager regulations to allow foreign fund managers to relocate to India as an eligible fund manager. REITs are property trusts that pool investor money to invest in office buildings, shopping malls and rental housing.
"Sebi has heard the industry players for finetuning regulations. These steps will help industry players in reaching a conclusion on REITs as an option more efficiently." The regulator said it would align the minimum public holding requirement with its listing requirement, Bhairav Dalal, partner-tax, PwC India told ET.
REITs are property trusts that pool investor money to invest in office buildings, shopping malls and rental housing.
Following the development, shares of Unitech surged 3.71 per cent to Rs 5.87. Phoenix jumped 3.22 per cent to Rs 330. DLF and Sobha Developers advanced 2.19 per cent and 0.95 per cent, respectively. Oberoi Realty, meanwhile, was down 2 per cent at Rs 283.70.
The Sebi board has approved changes to portfolio manager regulations to allow foreign fund managers to relocate to India as an eligible fund manager. REITs are property trusts that pool investor money to invest in office buildings, shopping malls and rental housing.
"Sebi has heard the industry players for finetuning regulations. These steps will help industry players in reaching a conclusion on REITs as an option more efficiently." The regulator said it would align the minimum public holding requirement with its listing requirement, Bhairav Dalal, partner-tax, PwC India told ET.
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