Cabinet defers decision on FDI in real estate

Cabinet defers decision on FDI in real estate

By agencies   |   Thursday, 17 February 2005, 08:00 Hrs
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NEW DELHI: The Union Cabinet on Thursday deferred a decision on a proposal to allow FDI in construction sector.

"The proposal has been deferred due to ongoing elections in Bihar and Jharkhand," Commerce and Industry Minister Kamal Nath said.

The proposal was to relax existing 100-acre norm for FDI inflow and allow it in the office accommodation sector of 50,000 sq ft.

Besides this, the earlier stipulation of FDI in integrated township development is also sought to be relaxed.

The Cabinet Committee on Economic Affairs was expected to consider allowing FDI in construction starting from 25 acres against the current practice of allowing FDI in 100 acres applicable only in integrated towns

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