India can attract $1 B FDI in real estate: Assocham

By agencies   |   Thursday, 26 May 2005, 07:00 Hrs
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NEW DELHI:India could attract as much as $1 billion in Foreign Direct Investment in real estate by 2010 if certain Acts pertaining to Urban Land Ceiling, Rent Control and Land Acquisition were repealed.

Besides, attracting more FDI, the repeal of Acts could also create over 2.5 million jobs directly and indirectly, according to an Assocham study.

"All these prototype legislations are proving to be major stumbling blocks on way of builders and real estate creators not only in land acquisition but also in putting up townships for property buyers," it said.

These observations came up during a conference attended by senior executives of real estate companies and banks like DLF, Omaxe, Larsen and Toubro, Siemens, PNB Housing, Allahabad Bank, HDFC and ICICI Bank.

Another issue that figure during the conference was about the need for uniform stamp duty on transfer of property, which at present varies from 4.0-12.5 percent across states.

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