Urban development minister, H S Puri, informed that the government is set to allow 100% foreign direct investment (FDI) in the affordable rental housing as it focuses on economical dwelling solutions for the urban poor where their population is estimated to be around 600 million by 2030. The government has approved the Affordable Rental Housing Complexes (ARHCs) as a sub-scheme under the Pradhan Mantri Awas Yojana (Urban) to provide ease of living to the poor urban migrants. FDI in real estate is allowed via automatic route in under-construction residential projects. There is a lock-in period of 3 years, calculated with reference to each tranche of FDI, and transfer of immovable property or part is not permitted during this period but the same is not allowed for completed projects and also real estate brokerage is eligible for 100% FDI under the automatic route. In the last 15 years, the sector attracted around $25 billion in equity investments from foreign PE investors, of which $16.6 billion came during 2015-19.
📅Published on:
06 August 2020
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