The Securities and Exchange Board of India (Sebi), the country’s market regulator, yesterday approved the setting-up of real estate investment trusts (Reits), which could potentially tap a market worth US$20 billion.
The announcement comes just a month after the finance minister, Arun Jaitley, said during his budget presentation that Sebi was preparing to allow Reits to be listed and traded on the stock exchanges.
A statement on the Sebi website said that value of assets that Reits must own should be at least 5bn rupees (Dh300 million) and the minimum size of their IPO should be 2.5bn rupees.
The minimum investment limit for investors has been set at 200,000 rupees.
Reits mainly invest in income-producing real estate assets and their earnings are mostly distributed to their shareholders. They generally get special tax treatment.
The regulator also said the trusts should primarily have at least 80 per cent of assets in completed and revenue-generating properties and the other 20 per cent can be invested in mortgage-backed securities, government securities and money-market instruments, among others.
According to the broker Cushman & Wakefield, Reit-funded assets in India may reach $20bn by 2020, of which as much as $12bn could be raised in the first three to five years.
Earlier this month Priyaranjan Kumar, the regional director of capital markets at Cushman & Wakefield in Singapore, told Bloomberg that “Reits could be the game changer for India’s property sector. It will force much-needed transparency at least in the commercial sector, and lower the reliance on financing from banks and incentivise developers to own and manage assets with a long-term view.”
The introduction of Reits will provide a new source of funding for cash-strapped developers who are struggling to reduce debt amid the highest interest rates in Asia and economic growth near the lowest in a decade. The new rules will give investors the ability to participate in the country’s property market without investing directly.
“These initiatives have opened up an additional window of funding support to the infrastructure and real-estate sectors,” said Nirmal Gangwal, the managing director at Brescon Corporate Avisors, an independent financial advisory firm. “This was long overdue.”
The combined debt of India’s six largest developers climbed to a record 394bn rupees in the 12 months through March 31.
* with Bloomberg and Reuters
UK-EU trade at a glance
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Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.
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According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.
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Global state-owned investor ranking by size
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UAE
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UAE currency: the story behind the money in your pockets