Schedule-11 - Illustrative List of conditions - Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014

1 [Schedule - XI Illustrative List of conditions [See Regulation 18 (5B)] a) The business of REIT shall be leasing out such assets and not operating such assets. b) REIT along with its HoldCo(s) and SPV(s) shall carry no risk or return of the operating model directly or indirectly in any form or manner. c) The income from such asset should be fixed rental income from leasing out such asset and not operating income from such asset. d) The lease tenure on such assets should be long term in nature. e) The rentals generated on such assets should be based on leasable area. f) The assets should be leased out in cold shell conditions or in warm shell conditions with basic utilities only. g) The license for operation of such assets shall not be in the name of the REIT, its HoldCo or SPV. ] ***************** NOTES:- 1. Inserted vide F. No. SEBI/LAD-NRO/GN/2025/241 dated 22-04-2025