The real estate industry which has been hoping for rapid development and growth since the #NDA government took over at the centre, gets a place of importance in this budget. The Confederation of Real Estate Developers Associations of India (Credai) is confident that with liberal norms for FDI and tax incentives for #REITs (real estate investment trusts), besides the focus on low-cost housing, infrastructure and the budget allocation of Rs 7,060 crore for development or upgradation of 100 smart cities along with the promise to deliver `pucca housing for all by 2022, Achhe Din will soon arrive for the real estate sector. CREDAI president C Shekar Reddy, said, “The industrys demand for easing the norms for FDI in the real estate sector, has been accepted by the FM. To encourage development of smart cities, which will also provide habitation for the neo middleclass, requirement of the built-up area for FDI is being reduced from 50,000 sq m to 20,000 sq m and capital conditions reduced from $10 million to $5 million, with a three-year post completion lock in. Read More at: tinyurl/q4h3g35
Posted on: Fri, 25 Jul 2014 13:59:35 +0000
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