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India woos foreign investors in construction
By agencies
|
Friday, 04 March 2005, 20:30 IST
NEW DELHI: Days after the construction sector was thrown open to foriegn investment, the government today eased investment norms and has come out with new guidelines to attract the foreign investors in the sector.
The government has made the law more open and has placed the construction project approval under the automatic route rather than the foreign investment promotion board that usually deals with foreign investments.
The new guidelines, apart from easing the minimum land holding, also make the investor to invest $10 million in each construction project. It has also fixed the minimum area to be developed at 10 hectares and 50,000 sqmt for housing project and development projects respectively.