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Pankaj Bajaj Eldeco: Country Needs World Class Construction Practices
Total Articles: 2
The size of the real estate industry in India is estimated to be around US$ 12 billion. As per studies, this figure is growing at a pace of 30% for the last few years. Majority of the real estate developer in India (almost 80%) is residential space and the rest comprise office, shopping malls, hotels and hospitals. This incredible growth is mainly attributed to the off-shoring business, including high-end technology consulting, call centres and software programming houses. Evidently, this is the ideal time to invest in the country, even as the policymakers have begun to emphasize on developing adequate infrastructure for the country. Mr Pankaj Bajaj Eldeco speaks on foreign investments in the sector and says that:
“The move to allow 100% FDI in construction is welcomed by the real-estate industry. Our country needs world-class construction practices and technology if we are to seriously address the goal of ‘housing for all’. Foreign players in construction will not only introduce best practices, they will also make our domestic construction industry more competitive. Real-estate industry is a customer for the construction industry and the benefit of faster construction cycles or lower cost would accrue to it and ultimately to the general public.”
The decision to liberalize the FDI norms in the construction sector is perhaps the most significant economic policy decision taken by the Government of India. Until now, only Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) were permitted to invest in the housing and the real estate sectors. Foreign investors, other than NRIs, were allowed to invest only in the development of integrated townships and settlements, either through a wholly owned subsidiary or through a joint venture company in India, along with a local partner. However, the guidelines prescribed via Press Note 2 (2005) series, issued by Ministry of Commerce & Industry, have further opened out FDI in townships, housing, built-up infrastructure and construction-development projects. Major corporations are taking initiative and are wooing international players soliciting investments for major projects.
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