Construction gets 100% FDI via automatic route

    townships
    In an attempt to inject yet another booster to the real estate, the Cabinet has recently approved 100% FDI under automatic route in the construction development segment covering the construction of townships, housing, built-up infrastructure and real estate broking services. The timing for this announcement is significant as the retail sector is poised to receive significant real estate supply in the near future. As a matter of fact, the announcement of 100% FDI in single brand retail through direct route will open up India as a global retail market, said Amit Modi, Vice-President, CREDAI – Western UP, adding that the move is a welcome step as real estate was the only sector where players were demanding 100% FDI. Not only will it bring clean money into the system, but it will also pave the way for the entry of some of the international trade practices into the Indian real estate market. Managing Director, Retail JLL India, Pankaj Renjhen, said that after a prolonged period of slowdown in the retail sector, the last few years witnessed a strong comeback with developers and investors betting high on the sector as the retail sector saw significant increase in PE investments in 2016-17 indicating a significant growth in retail real estate in the coming years. Echoing this viewpoint, Anuj Puri, Chairman, ANAROCK Property Consultants, said that it is clearly a great move at this point of time; it will bring more investment, transparency, and governance in the sector.
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