Property developers gain on REIT guidelines

Reuters Market Eye - Shares of real estate developers gain after the market regulator announced draft rules to allow the establishment of real estate investment trusts (REITs) in the country.

DLF Ltd gains 4.75 percent, while Unitech Ltd rises 7.52 percent and Indiabulls Real Estate Ltd is up 2.77 percent.

A REIT structure would likely allow India's debt-laden property developers to monetise their assets by spinning them off into separate listed entities.

(Reporting by Himank Sharma)