The Reserve Bank of India (RBI) on Thursday allowed banks to invest in real estate investment trusts (REITs) as well as infrastructure investment trusts (InvITs).
A REIT is a special form of corporation that invests primarily in real estate. REITs do not pay federal income taxes as long as they pay out 90% of their earnings to shareholders in the form of dividends.
As a result, DLF, Prestige Estates, Unitech, and Godrej Properties, among others surged between 1 and 6 percent intraday. A few of them even clocked their 52-week highs.
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