100% FDI in affordable rental housing desirable: Hardeep Singh Puri


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The government may allow 100% foreign direct investment (FDI) in affordable rental housing as it focuses on economical dwelling solutions for urban poor. “I’m for 100% FDI in affordable rental housing because (it gels with) our objectives, which are that we have to cater to a situation where urban population by 2030 would be around 600 million,” urban development minister, H S Puri said.

On July 8, the government approved Affordable Rental Housing Complexes (ARHCs) as a sub scheme under Pradhan Mantri Awas Yojana (Urban) to provide ease of living to poor urban migrant.

At present, FDI in real estate is allowed via automatic route in under construction residential projects. However, there is a lock-in-period of 3 years, calculated with reference to each tranche of FDI, and transfer of immovable property or part is not permitted during this period. The same is not allowed for completed projects. This was announced in 2017 when government came out with its consolidated FDI policy. Real estate brokerage is also eligible for 100% FDI under automatic route.

More~ https://www.financialexpress.com/in...housing-desirable-hardeep-singh-puri/2041382/