Govt ready to review FDI norms for realty

Friday, 25 October 2002, 07:00 Hrs
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The Indian government Friday expressed willingness to revise guidelines for FDI in the real estate sector.

NEW DELHI: This was announced by urban development minister Ananth Kumar while speaking at a seminar on real estate organised by the CII in New Delhi today.

The government is ready to approach the environment and forests ministry for reviewing the CRZ guidelines to enable coastal land to be unlocked for development of real estate, he said.

"Revision of CRZ norms would also help the country to develop its tourism industry," he added.

Kumar criticized the governments of Andhra Pradesh, West Bengal and Maharashtra for failing to repeal the urban land ceiling act, and said that large tracts of land were lying under-developed in metros like Mumbai and Kolkata.

He also said that stamp duties and registration charges would be reduced from 15% to 5% in a phased manner

Source: IANS

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