India has relieved
rules for foreign investment towards construction and property development, as
Prime Minister Narendra Modi continues
ahead with his plan to develop smart cities, motivate economic growth and build
every citizen a home by 2019.
Companies
now only require a minimum project-size of 20,000 square metres to invite
overseas investors, rather than the previous 50,000 square metres mandated, as
announced by India’s cabinet late yesterday. A previous condition on the
minimum size of plots for housing construction was also removed. The cabinet
also halved the paid-up capital requirement for projects to $5million.
