REAL ESTATE MUTUAL FUND SCHEMES (REMFS) :

“Real Estate Mutual Fund Scheme” means a mutual fund scheme that invests directly or indirectly in real estate assets or other permissible assets in accordance with SEBI (Mutual Funds) Regulations, 1996.

“Real estate assets” means an identifiable immovable property-

(i) which is located within India in such city as may be specified by SEBI from time to time or in a special economic zone within the meaning of section 2 of the Special Economic Zones Act, 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

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.