REIT offer and allotment rules restrict initial public offerings by requiring registration, asset and public-holding conditions and procedural safeguards. Regulation 14 requires a REIT to be registered and to meet minimum asset, offer-size and public-holding conditions before making an initial public offer; non-compliance may be addressed by a binding pre-allotment agreement with mandated disclosures. Draft offer documents filed through a merchant banker must be hosted for public comment and accompanied by a lead merchant banker due diligence certificate; the Board may require modifications which must be addressed before filing the offer document with stock exchanges. The regulation prescribes timelines, dematerialised issuance, book-building pricing, minimum subscription rules, proportional allotment, refund triggers, manager liability for delayed allotment/listing/refund, holding-period conditions for offers for sale, and limits on general-purpose proceeds.