The government eased foreign direct investment (FDI) norms
for the construction
development sector, which is expected to provide a
substantial boost to the sector in terms of greater foreign capital inflows.Notifying the decision taken by the Cabinet in November, the Department of Industrial Policy and Promotion (DIPP), the nodal agency for all FDI policy, said foreign developers would now be allowed to exit a project only after completion or after completing the basic trunk infrastructure such as roads, water supply, street lighting, drainage and sewage.
Earlier foreign developers were not allowed to take out the invested amount before three years from completion of minimum capitalization. However, now the foreign firm can take its money out or transfer its stake to another non-resident company before completing the project on approval from the government.
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_real_estate_sector #foreign_direct_investment #NRI #investment
Courtesy: Different Sources
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