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Malls Excluded from Realty for FDI purposes
| February 25, 2007 |  (1 votes, average: 5 out of 5) Loading ... |
As per the new guidelines, the government has excluded shopping arcades and multiplexes from the purview of foreign direct investments (FDI) for real estate. They will be included under the automatic route with foreign direct investment up to 100% in hospitality sector including development work and set up of cinemas.
FDI rules for construction projects pertaining to property market include accommodation units, commercial spaces, resorts, educational institutions, recreational facilities, and regional level infrastructure, etc.
The current FDI policy does not address whether owning, developing, and constructing a multipurpose malls and multiplex theatres would fall under real estate or not.
ESSEL group is parking a handsome amount of money to develop 45 family entertainment centers in tier II and tier III cities across the country. The project requires the fund over $453 million and the group will raise $145 million through FII placements.
News Published Under: Real Estate India, Foreign Direct Investment in India |
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