Tata MF to launch real estate mutual fund

Tata Mutual Fund is all set to to launch a Real Estate Mutual Fund (REMF) scheme and is awaiting regulatory approvals.

"We are ready with our plan for the real estate scheme, however, awaiting market regulator to effect amendment in SEBI (Mutual Funds) Regulations," Ved Prakash Chaturvedi, MD of Tata Assest Management, said.

The fund would be in the market for subscription two months after the final approval from SEBI in the form of necessary amendment. "Since guidelines were finalised last month, I believe by December the fund house will have its scheme in the market," Chaturvedi said.

Real estate is emerging as the new asset class and as part of Tata Group, which has a large asset base, it will definitely have an advatage over other mutual funds, Chaturvedi said.