Mumbai-based developer Hubtown mulls REIT

Mumbai-based public listed property developer Hubtown Ltd (formerly Ackruti City) is mulling the option of listing its commercial assets under real estate investment trust (REIT) and has sought the nod of shareholders to add a new clause in the Memorandum of Association of the Company to include the same, the company said in a stock market disclosure.

The firm did not provide details of any proposed REIT listing as yet.

The firm’s plan to list its assets under REIT comes almost a month after Securities and Exchange Board of India (SEBI) came out with final set of guidelines for real estate investment trust (REIT) and infrastructure investment trust (InvIT).

It is expected that these trusts will provide a positive push to the Indian capital markets and real estate & infrastructure sectors. It is also expected that they will bring liquidity for realty and infra players.

Hubtown, which has presence across residential spaces, office spaces, IT parks and Special Economic Zones, has 45 ongoing projects covering 72 million sq ft in Mumbai, Pune, Bangalore and Gujarat.

(Edited by Joby Puthuparampil Johnson)

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