By Accommodation Times News Service
Shares of real estate developers surged up to 6 per cent in trade on Monday, after capital markets watchdog Sebi approved regulations for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). Reacting to the news Puravankara Projects LtdBSE 2.86 % surged as much as 6.5 per cent, followed by Oberoi RealtyBSE 1.18 % which rose by 5.6 per cent, Phoenix Mills rose 4.6 per cent, and DLF was rose nearly 4 per cent in trade today.
Final guidelines were issued after a meeting of the capital market regulator’s board in New Delhi on Sunday that also eased registration requirements for stock brokers and clearing members. Finance minister Arun Jaitley also addressed the board on Sunday. The new norms for setting up of real estate and infrastructure investment trusts will help attract more foreign investors to these key sectors and facilitate inflows worth $ 15-20 billion from domestic and overseas sources, according to industry experts and officials.