It has been announced that investment in Indian property is to become a more viable option for those in the property market, as guidelines have been approved for real estate mutual funds.

The Securities and Exchange Board of India (SEBI) has authorised a Real Estate Mutual Fund Scheme (REMFS) which will have an objective to invest both directly and indirectly in real estate property.

There are restrictions on the scheme which state that only close-ended funds may be launched and that a net asset scheme value must be declared on a daily basis, Finance Asia reports.

The primary areas in which funds will be permitted to invest are properties within India, mortgage-backed securities and equity shares and bonds of companies which deal in property investment and development.

The price of Indian property is currently on the increase, owing to demand outstripping supply.

A wider range of investors will now be able to get involved in this activity, as previously restrictions had limited investment to being focused in corporate areas such as banks and insurance companies.

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    Carol McDonald