Reuters • 2 years ago
India paved the way for the stock market listing of real estate investment trusts (REITs) on Thursday in a move to boost foreign investment in the property sector that has been hit by slowing economic growth. India issued draft regulations for the listing of REITs in 2008, but was forced to shelve the plans after the global financial crisis dried up investor interest and an economic downturn dimmed the outlook for real estate investments. Streamlining the tax rules will give existing investors such as Blackstone Group, which is gearing up to introduce a trust in India with its local development partner, an option to exit some of its investments. "I intend to provide necessary incentives for REITS which will have pass through for the purpose of taxation," said Finance Minister Arun Jaitley in the new government's maiden budget for the fiscal year ending in March 2015.
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|52wk Range||3.45 - 8.30|
|Day's Range||7.60 - 8.30|
|Avg Vol (3m)||37,160,798|
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