The Securities and Exchange Board of India (Sebi) on Sunday set the stage for launch of Real Estate and Infrastructure Investment Trusts, commonly referred to as REITs and InvIT.

In the final regulations, the market regulator has made some major changes to what it had proposed earlier. These include allowing foreign institutional investor (FII) participation and reducing the minimum asset size for a REIT. Those in the sector said these two new instruments had the potential of attracting nearly Rs 1 lakh crore to the cash-starved real estate and infrastructure sector.

The proposals were cleared at a meeting of the Sebi board, which was addressed by Finance Minister Arun Jaitley. In Budget 2014-15, the finance minister had announced giving a pass-through status to these trusts.

In his first interaction with Sebi's board after assuming charge as finance minister, Jaitley asked the regulator to be vigilant about possible violations in the marketplace and to come up wit measures to attract retail investors and address their grievances. Sebi Chairman U K Sinha said after the meeting that these trusts would help in the progress of the real estate and infrastructure sectors.

While the draft guidelines did not give a clarity on foreign investments in these trusts, the final norms have permitted foreign entities to invest in REITs. These investments, however, will be subject to certain guidelines, which will be issued by the Reserve Bank of India.

Among other changes, the minimum asset size of REITs, fixed at Rs 1,000 crore in the draft guidelines, has been reduced to Rs 500 crore. This is expected to bring in more assets under these trusts.

The final guidelines have also liberalised norms related to sponsors of REITs. It has increased the number of sponsors to three (from one), provided an individual owns at least five per cent of the fund.

The final guidelines have also relaxed investment norms. Now, investment of up to 20 per cent is allowed under construction assets, shares, debts of real estate companies, mortgage-backed securities, against 10 per cent proposed in under-construction assets.

"Reducing asset size to Rs 500 crore is a significant move, as it will allow more players to access this platform. Allowing REITs to invest up to 20 per cent in real estate equity and debt, will give room to diversify investment portfolio," said Bhairav Dalal, associate director, PwC India.

However, small investors would have to wait for some time before they are allowed to invest in these new products, as minimum investment amount has been fixed at Rs 2 lakh for REITs and at Rs 10 lakh for InvITs, given the complex nature and potential risks associated with these.

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Sebi clears decks for REIT launch

Elevated Decks, Retaining Walls, Design Construction
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An Everett man wanted in connection with an attempted murder in Malden eluded police this morning by jumping off the Tobin Bridge, where he got tangled in safety netting under the span because of ongoing construction, authorities said.

Authorities said that just before 10 a.m. Chelsea police saw the suspect, Mostafa Laassal, 49, behind the wheel of a black Lincoln Town Car with livery plates that had been part of an advisory put out by Malden police in connection with an attempted murder with a knife.

Police chased the car onto the Tobin Bridge where Laassal stopped just north of the tolls on the upper deck. Thats when state police said Laassal got out of the car and jumped off the bridge.

Luckily for him there was netting below, Chelsea Police Capt. Keith Houghton said. I dont think he thought that when he jumped.

State police said Laassal tried to free himself before Chelsea officers with the assistance of the Chelsea Fire department climbed 25 feet down into the net and pulled him out. He was arrested and transported to a hospital with lower body injuries, police said.

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Murder suspect jumps off Tobin Bridge after police chase

An Everett man wanted in connection with an attempted murder in Malden eluded police this morning by jumping off the Tobin Bridge, where he got tangled in safety netting under the span because of ongoing construction, authorities said.

Authorities said that just before 10 a.m. Chelsea police saw the suspect, Mostafa Laassal, 49, behind the wheel of a black Lincoln Town Car with livery plates that had been part of an advisory put out by Malden police in connection with an attempted murder with a knife.

Police chased the car onto the Tobin Bridge where Laassal stopped just north of the tolls on the upper deck. Thats when state police said Laassal got out of the car and jumped off the bridge.

Luckily for him there was netting below, Chelsea Police Capt. Keith Houghton said. I dont think he thought that when he jumped.

State police said Laassal tried to free himself before Chelsea officers with the assistance of the Chelsea Fire department climbed 25 feet down into the net and pulled him out. He was arrested and transported to a hospital with lower body injuries, police said.

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Everett man jumps off Tobin Bridge after police chase

BEER-MAKING and cranberry drying are regular activities at Dave Flotree and Ellen Hauptmanns place in suburban Innis Arden. The couple use every inch of their two-thirds-of-an acre hillside to grow everything from native Northwest wildflowers to hops, from cactuses to cranberries.

When the couple bought their home in 1996, the front garden was Japanese in style and so thickly planted they could hardly find the house. Now frogs sing a chorus in a pond in front of the house, and ducks hang out in the network of waterfalls and ponds that weave down the back slope. The front garden is no longer shrouded in stiff, bland hedging. Designer Cameron Scott of Exteriorscapes replaced it with a mixed hedgerow of deciduous and evergreen shrubs that provide privacy while delighting a variety of birds.

Rainwater harvested off the roof and stored in cisterns is used to replenish the ponds and to water new plants until they adjust to the tough-love, no-water regime. A rain chain directs water into the frog pond, which overflows down streams, over waterfalls, into ponds and on to the cranberry bog. The overflow then drains into a dry stream bed in the lower garden, preventing storm erosion and runoff.

Flotree and Hauptmann built a series of decks down the back slope so theyd have level areas for enjoying their view of Puget Sound and the garden. They took out all the grass on the back hillside, wrestling to remove St. Johns wort and bracken fern. Then they hired Scott to help them stabilize the slope and beautify the garden.

Cameron seems to have the knack of making stone look natural, as if it had always been here, says Flotree of the stone paths and steps that now contour the back garden and make it navigable. Scott brought in not only lots of stone but also fresh soil, which the couple promptly planted in native trees, shrubs, food and flowers. They grow tiny treasures like lewisia and cactuses in the warm microclimate between stones.

I like to tinker Flotree says of his cranberry growing. He converted part of a pond to a bog by adding a liner and peat, then figured out how to dry the cranberries. That wasnt easy, it took experimenting, says Flotree, who also cultivates blueberries and huckleberries.

When they took out a diseased old willow, the couple ended up with a sunny space toward the bottom of the slope. We wanted to create habitat with native plants, explains Hauptmann of the wildflower meadow she tends. Pacific Coast iris, penstemon, shooting stars (Dodecatheon spp.), dicentra, camas lilies and a host of little bulbs brighten the meadow through the seasons. Hauptmann collects the seed to share, trading with other native-plant enthusiasts.

If youre a weed, you dont want to grow in Ellens yard, says Flotree of his wifes careful tending of the meadow. She deadheads regularly, waters new plants by hand, adds compost and mulch. Its weed as you go, weed all the time, Hauptmann says with a sigh.

Woody natives like winter-flowering currant, shore pines and vine maple line the paths in the lower garden. Pacific wax myrtle (Myrica californica) has proved a good choice for evergreen screening. We have to be concerned about tree height in this neighborhood of views, says Flotree.

Its almost like . . . what hasnt done well? he says of their native-plant arboretum, the cranberries and his latest project, a bed of hops for brewing beer. And, yes, the refuse from making beer, as well as coffee grounds and garden waste, goes into the compost, then back onto the garden.

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Hillside garden is tamed with native plants and decks