Securities And Exchange Board Of India - Subsection
Section 18(4) in Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014
(4)Not less than eighty per cent. of value of the REIT assets shall be invested [***] [Omitted 'proportionate to the holding of the REITs' by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] in completed and rent [and/or income] [Inserted by Notification No. SEBI/LAD-NRO/GN/2017-18/022, dated 15.12.2017 (w.e.f. 26.9.2014).] generating properties subject to the following,-(a)if the investment has been made through a [holdco and/or] [Inserted by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] SPV, whether by way of equity or debt or equity linked instruments or partnership interest, only the portion of direct investments in properties by such [holdco and/or] [Inserted by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] SPVs shall be considered under this sub-regulation and the remaining portion shall be included under sub-regulation (5);(b)if any project is implemented in stages, the part of the project which is completed and [rent and/or income generating] [Substituted 'rent-generating' by Notification No. SEBI/LAD-NRO/GN/2017-18/022, dated 15.12.2017 (w.e.f. 26.9.2014).] shall be considered under this sub-regulation and the remaining portion including any contiguous land as specified under proviso to sub-regulation (2) shall be included under clause (a) of sub-regulation (5).
