Industry associations and corporate property developers are giving shape to the country's first and only property manual fund (PMF). The fund, to be called Housing & Urban Development Infrastructure Fund (Hudif), is awaiting clearances from statutory authorities, according to a press release here yesterday.
The details of the fund, including pricing, listing on major stock exchanges and property price indexing are being worked out.
Hudif will combine the capital of several investors to acquire property or finance property development. The value of the unit of instrument will be determined by the underlying asset value of the property, the dividend yield and anticipated growth from operations. The Hudif units will be freely traded on bourses.