SEBI notifies 35 cities for REMF schemes

Mumbai: The Market regulator, SEBI, on notified the cities in which real estate assets will be eligible for investment under the recently announced Real Estate Mutual Funds scheme guidelines.

The regulator has notified 35 ‘urban agglomerations/cities’ having population of more than one million as per the Census Statistics of India (2001). Twenty seven municipal corporations are also included in this list.

According to the recently notified SEBI guidelines for Real Estate Mutual Funds, not more than 30 per cent of a scheme’s net assets shall be invested in a single city, and not more than 15 per cent in a single real estate project.