"I believe developers should merge their assets into these REITs instead of floating their own REITs. Finally the country should have for to five big REITs," Virvani said at a webinar hosted by National Real Estate Development Council and Asia Pacific Real Estate Association today.
He said Embassy will sell more assets to the listed REIT.
"We own 15 per cent in the REIT. We do not need to own everything . As long as we control what is going into REIT and get the right value, we are okay with it," Virvani said.
Real Estate merger with Embassy he said, "The merger was properly timed. They wanted to divest, Blackstone was keen to join and it was a listed entity," he said.
"Whatever we do, we will do with this new platform," he said.
Virvani said Embassy shield away from residential properties as it needed lot of equity sahi adde that they would Embassy's residential business with that of Indiabulls.
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