To relax conditions on foreign direct investment (FDI) in the construction development sector of the country, the Union Department of Industrial Policy and promotion (DIPP) has moved a Cabinet note. The move is to bring foreign money into Indian real estate sector that is facing fiscal problems.
Currently, 100 per cent FDI is allowed through the automatic route in the sector, which includes townships, housing, commercial premises, hotels, resorts, hospitals, educational institutions, recreational facilities, city and regional level built-up infrastructure.