New REIT Advisory Committee to Accelerate Realty Investments
Originally announced in the Fiscal Year of 2014, REITs (Real Estate Investment Trust) did not offer any tax sops to attract potential investors in the cash-strapped realty market. The BSE has now launched a 11-member advisory group on REITs, to engage long term funds from national and international investors.
In order to popularise REITs, various tax incentives were announced by Finance Minister Arun Jaitley, such as exemptions from long term capital gains, which enable retail and institutional investors to buy or sell securities. According to BSE, the newly proposed framework of REIT will serve the purpose of attracting investors while it develops in an orderly manner. This is guaranteed by the 11-member advisory group comprising real estate and banking experts, as well as legal professionals.
Hiranandani Group Managing Director Niranjan Hiranandani is optimistic about the outcome of REITs in India. According to him, REITs are capable of bringing in revenue worth USD 10 billion in the form of foreign funds, by the end of this fiscal year alone.
The 11-Member Advisory Group
Saurabh Chawla of DLF, Vinod Rohira of K Raheja Corp, Vipul Bansal of DB Group, Apurva Shah of Deutsch Equity, Deepak Chabaria of RMZ Corp, Gesu Kaushal of Kotak Capital, Gautam Bhalla of Vatika Group, Jesal Sanghvi of Capacity Real Estate, Sanjay Chandel of Azure Capital Advisors, Shobhit Agarwal of JLL India, and Siddharth Shah of Khaitan & Co are the present members of this advisory team.
Source: Business Standard
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