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Govt may allow real estate investment trusts

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(From left) The Chief Minister of Haryana, Mr Bhupinder Singh Hooda; the FICCI President, Mr Onkar S. Kanwar; and the Chairman, Housing and Public Works Committee, FICCI, Mr Sushil Ansal; at a meeting in the Capital on Friday. Kamal Narang
(From left) The Chief Minister of Haryana, Mr Bhupinder Singh Hooda; the FICCI President, Mr Onkar S. Kanwar; and the Chairman, Housing and Public Works Committee, FICCI, Mr Sushil Ansal; at a meeting in the Capital on Friday. Kamal Narang

Our Bureau

New Delhi, Nov. 11

THE Government is considering permitting real estate investment trusts (REITs), which will be similar to mutual funds, offering investment opportunities to investors in the real estate sector.

"We are considering the option of REITs as an investment tool," Mr Anil Baijal, Secretary, Ministry of Urban Development, said here at FICCI international seminar on real estate.

It was high time for India to look into this modern tool of investment, he said. "We have to develop an exclusive model with inputs from industry," he added.

Terming the Environmental Impact Assessment (EIA) guidelines for the sector as restrictive, Mr Baijal said while his Ministry was in consultation with the Ministry of Environment and Forests, the industry too should put up its case to ensure that the EIA guidelines are practical.

(This article was published in the Business Line print edition dated November 12, 2005)
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