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Gurgaon real estate developers happy with the government's decision to relax FDI norms
The new government seems eager to revive the real estate industry with new policies benefiting the developers and the real estate market. In order to bring in some cash in the nearly dry industry, the Modi government eased overseas investment rules, which would take care of both faster job creations as well as provide housing for many.

On Wednesday the Union Cabinet approved the comprehensive proposal by the Department of Industrial Policy & Promotion (DIPP). They dropped the minimum 10-hectare rule for serviced housing plots and reduced the minimum floor area for construction from 50,000 sq m to 20,000 sq m. The minimum Foreign Direct Investment (FDI) has also been halved from 10 Million USD to 5 Million USD.

Talking about this development some of the Gurgaon real estate developers said:

Dhiraj Jain, Director of Mahagun Groups

Dhiraj Jain''This decision would definitely provide a relief to the sector and will hopefully result in smooth construction of projects with fresh FDI inflow. Availability of funds will also help developers to carry-on the projects on time and would help them get an extra route of funding their projects which will boost largely real estate industry.''

Aman Agarwal, Director, KV Developers

Aman Aggarwal''This is really a welcome step taken by Modi's government. This move to relax FDI limit will help increase the development of low-cost and affordable housing furthering the government's vision. This move will be a boon for developers as well as real estate industry. This would also help developers get an extra route of funding their projects and it would award a momentum to Indian real estate industry.''

Mr. Pradeep Jain, Chairman, Parsvnath Developers

Pradeep Jain''In order to attract more foreign investment in the construction and real estate sector, this is a remarkable step. We are thankful to the government for this move. The sector is reeling through an acute funding pressure. The foreign investment in real estate has also gone down in the last few years. Hence, this move has sent a positive signal for the real estate sector, which will be shown in coming days.''

''The new government too is keen on improving the current sub 5 per cent GDP figures to 8-9 per cent levels. Such steps will revive the overall economy as well as real estate industry. We are also hoping infra status in near future.''

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