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of <h1>REITs must invest only in specified SPVs/holdcos and properties, keep 80% income assets, three-year hold, 90% distributions</h1> A REIT may invest only in specified Indian SPVs, holdcos, properties, securities or TDRs per its offer document; it cannot invest in vacant or agricultural land except contiguous extensions. At least 80% of assets must be in completed, income-generating properties, with up to 20% in permitted non-income or construction, debt, securities and cash equivalents subject to holding/holding-period conditions. The REIT must hold completed rent-generating assets for three years, distribute minimum percentages of net distributable cash flows (90% from SPVs to REIT/90% from REIT to unitholders), ensure governance controls in SPVs/holdcos, limit lending, and monitor compliance semi-annually, remedying breaches within prescribed periods.
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