India's Reit rules update sparks calls for more tax reform

India’s clarification of real estate investment trust (Reit) rules may have opened up a new channel for developers to shed assets, said industry players. But there have been calls for further harmonisation of India’s tax code, particularly from the Asia Pacific Real Estate Association (Aprea), the Reit industry lobby group. In the budget last Saturday, Indian finance minister Arun Jaitley presented a clearer version of Reit rules. Under the new regulations, transferring real est…