Looking for SEBI norms for REITs

PE investors in real estate projects are waiting for SEBI’s REIT Regulations so that they get an exit option once their investments mature.
In the absence of REIT regulations, PE investors are unable to unlock the investments made in realty projects in the last 4-5 years. An estimated 3 – 4 billion dollars investments mostly at the project level, majority of which came through the FDI route, are awaiting exit options like REIT or REMF.
Though SEBI had issued draft REIT regulations almost 2 years ago in December 2007, it has not yet made up its mind on the final regulations.
Even in the case of REMF scheme, which was notified in May last year, the regulator has held back permission to a couple of entities – HDIL Constructions and Kumar Housing Corporation.
Valuation of realty by accredited valuers is yet to be sorted out, since SEBI has not issued a list of real estate valuers.
REITs have become a preferred vehicle for investment in properties around the world. Global market for REIT is estimated at over 450 billion dollar with Asia alone accounting for seventy billion dollar market share.