"We have already started the ground work. We were waiting for some positive steps from the government. We are evaluating all the regulatory issues and are hopeful to get some clarity on it by next year," Embassy Property Developments Chief Executive for Commercial Real Estate Division Michael Holland told reporters on the sidelines of an event here today.
He said his company expected more clarity on these issues, including exemption from capital gains, tax among other issues after the next Budget.
"We wish to increase the portfolio to 30 million sq ft by looking at assets in the top five metros. We may consider this portfolio that is likely to have a value of USD 2 billion on the stock exchanges. Further, listing here makes more sense for our investors here," he said.
He said both the companies are currently working towards meeting challenges on the operational and regulatory fronts.
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In his Budget, the Union Finance Minister had announced REITs as a pass-through entity and other incentives for it, including exemption form long-term capital gains tax.
The government had issued draft regulations for REITs way back in 2008, but was forced to shelve plans after the global financial crisis dried up investor interest and an economic downturn dimmed outlook for real estate investments.