The amendment inserts a new definition of ‘institutional investor’, expanding it to include qualified institutional buyers, high- net-worth family trusts, and SEBI registered intermediaries with net worth above Rs 500 crore. It also updates the meaning of ‘qualified institutional buyer’ by aligning it with ICDR Regulations. It revises the definition of ‘strategic investor’, widening eligibility to include institutional investors, foreign portfolio investors, and RBI registered middle, upper, and top- layer NBFCs, along with other entities as may be notified. Strategic investors must jointly or individually invest at least 5% of the REIT offer size.