RMZ Corp, real estate developer and investor, would wait for signals from the government on dividend distribution tax (DDT) before finalising its initial public offering (IPO), a senior company executive said on Thursday.

"We are looking for clarity on the dividend distribution tax and stamp duty in the (upcoming) Union Budget based on which we will decide on how and when to get listed," the executive told IB Times Media on the condition of anonymity.

"India is our first priority for listing and if it does not work out, we will look at Singapore," he added.

In India, dividend is tax-free at the hands of shareholders but the company that distributes dividend is liable to pay tax to the government. "This comprises DDT of 15 percent along with a surcharge of 12 percent and education cess of 3 percent (inclusive of surcharge). Provisions exist to remove the cascading effect of DDT in a holding company-subsidiary relationship," according to a KPMG note.

The Budget session of Parliament will begin from 23 February and end on 13 May, 2016. The railway budget will be presented on 25 February and the union budget on 29 February. The economic survey will presented on 26 February.

Bengaluru-based RMZ hopes to close FY2016 with lease rentals of $200 million and is currently outperforming the market in terms of rentals.

"Rentals are growing in the range of 5 percent to 7 percent every year overall, but we are growing at a rate of 10 percent to 12 percent," the executive said, attributing it to "premier" locations of the company's office properties and better asset management.

The executive said further that the company would be investing about $500 million in the next 12 to 18 months to take its current 20 million sq ft office property portfolio to 80 million sq ft by 2021.

Qatar Investment Authority (QIA) has an investment of about $300 million and Barings Private Equity Partners has invested about $100 million in RMZ Corp.

RMZ Corp's office properties are located in Bengaluru, Chennai, Pune, Mumbai and New Delhi.

The company recently purchased Essar Group's Equinox Business Park in Mumbai for about $360 million, according to a Business Standard.