The market watchdog Sebi relaxed rules on Real Estate Investment Trusts (REITs) by allowing to invest more in under-construction projects,Real estate stocks climbed up to 4 per cent in Monday's trade The market watchdog removed restrictions on special purpose vehicles (SPVs) to invest in other SPV holding the assets and rationalised unit holders' consent on related party transactions.
REITs are property trusts that pool investor money to invest in office buildings, shopping malls and rental housing.
Following the development, shares of UnitechBSE -4.67 % surged 3.71 per cent to Rs 5.87. Phoenix jumped 3.22 per cent to Rs 330. DLF and Sobha DevelopersBSE -0.61 % advanced 2.19 per cent and 0.95 per cent, respectively. Oberoi RealtyBSE -0.45 %, meanwhile, was down 2 per cent at Rs 283.70.