#RealtyNewsRoundup: Sebi Comes Up With Norms For Public Issue Of REITs [Video]

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Realty News Roundup is PropGuide's selection of the day's top stories from the real estate sector.

Markets regulator Securities and Exchange Board of India (Sebi) recently put in place detailed guidelines for the public issuance of the Real Estate Investment Trusts (REITs) , including allocation of units to institutional investors. While the trusts, its promoters and directors, which have been barred from accessing the securities markets, or those in the 'wilful defaulter' list would not make any public issue, in a circular by Sebi said up to 75 per cent would be allocated to institutional investors and 25 per cent to other investors.

Lenders attempt to sell the erstwhile headquarters of defunct Kingfisher Airlines, Kingfisher House, in Mumbai failed for the third time as none of the bidders turned up at the auction, which saw a 15 per cent cut in its reserve price. The prime property, with a built-up area of over 17,000 sqft, is located in the plush Vile Parle area.

Maharashtra government's minorities department will survey as many as 235 Wakf properties in Pune and over 1,400 in Parbhani from January next year. Spread over one lakh acre in Pune, Aurangabad, Nagpur and Nashik divisions, the state government has sanctioned Rs 1.7 crore for the first phase while the entire exercise will cost Rs 4.28 crore.

In a first, the Lucknow Municipal Corporation will come up with four housing projects in two prominent areas of the city — Shaheed Path and Hardoi Road, where as many as 1,800 flats catering to all the segments would be built by 2019. State minister of urban development Azam Khan would lay the foundation stone of the project on December 25.

Source: Media reports