Tuesday, July 30, 2013

RPR frank talk on Foreign Direct Investment

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The Union Government has allowed cent percent foreign direct investment in construction sector. The Cabinet Committee on Economic Affairs has taken a decision in this regard. The investment is allowed
under automatic route in townships, housing, built-up infrastructure and construction! development projects.

The minimum area to be developed is 10 hectares for housing and 50,000 sq. mtrs in case
of construction development projects. However foreign investors are not allowed to sell undeveloped land. This would avoid speculation in real estate. Repatriation of original investment will not be allowed for three years. The move would help manufacturing sector like cement. steel, brick making etc.

It is note worthy, that the investor has to obtain completion certificate from local authority, as the project has to confirm to the state!local laws. This would bring more foreign direct investment apart from improving the quality of construction. The local players will be exposed to international standards.

However, this may increase the land prices around urban centres, accelerate urbanisation and disappearance of agricultural lands. The housing may become costly and not affordable by low income group.

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