Regulation 49A - Definitions - Securities and Exchange Board of India (Mutual Funds) Regulations, 1996

1 [CHAPTER VIA REAL ESTATE MUTUAL FUND SCHEMES Definitions 49A. For the purposes of this Chapter, unless the context otherwise requires- (a) real estate asset means an identifiable immovable property- (i) which is located within India in such city as may be specified by the Board from time to time or in a special economic zone within the meaning of clause (za) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005); (ii) on which construction is complete and which is usable; (iii) which is evidenced by valid title documents; (iv) which is legally transferable; (v) which is free from all encumbrances; (vi) which is not subject matter of any litigation; but does not include- I. a project under construction; or 4 II. vacant land; or III. deserted property; or IV. land specified for agricultural use; or V. a property which is reserved or attached by any Government or other authority or pursuant to orders of a court of law or the acquisition of which is otherwise prohibited under any law for the time being in force; (b) real estate valuer means a qualified valuer of real estate assets who has been accredited by a credit rating agency registered with the Board. ] ************* NOTES:- 1 Inserted by the SEBI (Mutual Funds) (Amendment) Regulations, 2008, w.e.f. 16-4-2008.