FDI for Construction eased
- Minimum Foreign investment cut to $5m from $10 m
- Conditions set aside for hospital, tourism, SEZ, NRIs and old age homes
- Minimum Floor area cut to 20000 sq m from 50000 sq m
- 3 years lock in removed; developer can exit on completion, if earlier
- Minimum land area condition for serviced housing plots removed
- The Indian entity investing in the project will only be allowed to sell plots for which trunk infrastructure, including roads, water supply, street lighting, drainage and sewerage, have been developed.
- Earlier exits may be allowed
- Investor can transfer stake to another before completion of a project, subject to FIPB clearance.
- In completed projects, 100 per cent FDI under the automatic route is allowed for operation and management of townships, malls/shopping complexes and business centres.
- Projects committing at least 30 per cent of the total cost for low-cost affordable housing would be exempted from the minimum built- p area and capitalization requirements, with a three-year lock-in period.
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