The regulator on Friday notified 35 ‘urban agglomerations/cities’ having population of more than one million as per the Census Statistics of India (2001).

Twenty seven municipal corporations are also included in this list including cities like include Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Ahmedabad, Pune, Surat, Kanpur, Lucknow, Nagpur, Patna, among various others.

Sebi has defined the real estate asset as an immovable property located in the country in cities specified by the board, the construction on which has completed and is legally transferable.

According to Sebi guidelines for Real Estate Mutual Funds, not more than 30 per cent of a scheme’s net assets shall be invested in a single city, and not more than 15 per cent in a single real estate project.

In addition to specified cities, such funds can also invest in SEZs.