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Real Estate Facilitating Indian Economy Growth
| February 13, 2008 |   (1 votes, average: 1 out of 5) Loading ... |
Speaking at the “National Convention ‘NATCON 2008, Kamal Nath, Union minister for commerce and Industry said that developments in the Indian real estate sector symbolizes the changing face of nation and is a reflection of the growth in the Indian economy brought about by high rates of GDP and also by India’s integration with the global economy. The minister further added that in recent years real estate sector has been the main driving force of the Indian economy’.
Describing the present upswing in the economy Kamal Nath emphasized the requirement of creating international standard infrastructure and residential real estate to sustain the growth rate projected in the 11th Five Year Plan.
The Minister further stated that we have already opened construction development sector for FDI and the policy permits wholly owned subsidiary in this sector in India by a foreign company. “Of course, there are conditions regarding minimum area for real estate development and minimum capitalization to be brought in by the foreign investor. A number of global players have entered the Indian market and many more have shown interest. Growth and investment have also created opportunities for investment in real estate sector, he said.
“While the role of the Government is expected to be primarily as a facilitator to the development process, the private sector participation is aimed at bringing technical and managerial expertise in delivering good quality mass housing projects. It is a good sign that many State governments are joining hands with private entrepreneurs in resolving the acute scarcity of residential real estate in urban areas. The private sector and Government has to work in tandem towards a common goal. It is equally important to address the institutional and regulatory aspects as well as strengthen and expand the capacity of financing institutions for further growth of the sector,” Nath said.
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