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Revised fdi guidelines to help
Source : The Hindu Property Plus Published On : 2009-02-14 City : Kochi

Amid the continuing gloom over the economy, including in the real estate sector, has come some good news for property developers as for with other sectors in the economy, including telecom and the media.

A substantial revision of the Foreign Direct Investment (FDI) policy of the government announced this week in New Delhi holds out some cheer, though experts believe its influence on the now-stumbling property business will unfold only over a long period.

The FDI policy revision has been aimed at making future FDI processes simple and transparent. It was proposed by the Department of Industrial Policy and Promotion and considered by the Group of Ministers. Finer details of the new guidelines are awaited over the next two weeks.

This can act as a stimulus to the realty business given that efforts made by the Reserve Bank of India (RBI) to provide a boost to the market has substantially been aimed at the real estate business which is a great employment generator.

Recent RBI directives included paring of interest rates on loans up to Rs.20 lakh and scaling down the risk weight age on loans on property. It has also been reported that the government may approve projects that have lesser area — both in commercial and residential projects, than what is stipulated now for FDI approvals.

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