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The Real Estate (Regulation and Development) Bill passed by both the houses of Parliament during the budget session is expected to facilitate more foreign direct investments (FDI) in the sector, developers say. According to them, one overweening factor which prevented more foreign investment from coming to the Indian real estate sector was its opaqueness. The bill pending before parliament since 2013 was passed by the Lok Sabha last Tuesday. The Rajya Sabha had cleared it on March 10. According to the latest data by the central government's Department of Industrial Policy and Promotion (DIPP), during the first nine months of the current fiscal, India attracted only Rs 673 crore of FDI in construction development, including townships, housing and built-up infrastructure. The sector, however, attracted Rs 4,264 crore of FDI inflows in the same period of 2014-15. (Express Photo)
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On Saturday, the company reported 54 per cent increase in consolidated net profit at Rs 19.32 crore for the quarter ended September 30, 2016, from Rs 12.53 crore in the year-ago period. (Express Photo)
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"The bill will help boost the overall image of Indian real estate as an attractive investment avenue from all over, including foreign investors," industry chamber Ficci's president Harshavardhan Neotia said. Neotia, who is also chairman of the Ambuja Neotia Group that has interest in real estate, said the legislation aimed to do away with improper business practices of the unorganised real estate sector, and bring builders within the ambit of regulations pertaining to timely delivery of projects. "The bill also aims to put in place a seamless framework for resolving disputes between builders and home buyers. All this is likely to improve credibility of the sector and make it more attractive for investment," he said. Another developer, Kishor Pate, felt investment funds, so far, have not been able to perceive the comfort levels they require to invest confidently. "This state of affairs is now set to change drastically," Pate, chairman and managing director of Amit Enterprises Housing, said. (Express Photo)
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Industry body Credai's Bengal president Sushil Mohta said the bill will bring more transparency to the sector. "It was necessary, but not sufficient, to route more foreign investments in the country. Unless the process of project sanctions, approval and clearances get simplified, foreign investment would not come in a big way," he said. Pate also said with the bill bringing in high levels of transparency into the Indian real estate sector, it will become very attractive for foreign funds. (Express Photo)
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The investments are critical as most private sector firms remain over-leveraged and are are not in a position to add fresh capacity. (Express Photo)
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