The regulator, over the weekend, approved amendments to the Sebi (Real Estate Investment Trusts) Regulations, 2014, to create a new regulatory framework for small and medium REITS.
It said small and medium REITS can have an asset value of at least ₹50 crore, instead of the current minimum asset value of ₹500 crore for existing REITS.
Small and medium REITs shall have the ability to create separate schemes for owning real estate through special purpose vehicles constituted as companies, the Sebi said. Fractional ownership platforms in the country were operating within a fragile legal structure, prompting Sebi to raise serious questions about the legality of such structures in its consultation paper released in May this year, said Anuranjan Mohnot, managing director, Lumos Alternate Investment Advisors.
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