Page 21 - Built Expressions - Online Construction Magazine - November 2014 Issue

NEWS SCAN Cash Starved Real Estate Sector Gets Shri Babul Supriyo Baral Relaxation On FDI Norms By Government, takes over as Minister Boosts Growth In Allied Sector As Well of State for Urban Government of India approved easing of rules for FDI in the construction sector in Development and HUPA regards to built-up area, capital requirement and exit norm. The foor area is reduced to minimum 20,000 sq mt from the earlier limit of 50,000 sq mt. The minimum capital requirement also reduced to minimum of USD 5 million from earlier USD 10 million. The Shri Babul Supriyo Baral recently took charge earlier condition of minimum land requirement of 10 hectares has been removed, as Minister of State for Urban Development In case of development of serviced plots. Apart from a better infow of money in and Housing & Urban Poverty Alleviation. Shri construction sector, new areas like development of plots for serviced housing and Venkaiah Naidu introduced senior offcials of the low cost affordable housing and development of smart cities, would attract more both the Ministries to the new minister and in investments. Foreign investors are now allowed to exit either on project completion a rare gesture, later accompanied Shri Supriyo or 3 years from the date of fnal investment. FY 2006-07 & FY 2009-10 witnessed a Baral to his chamber in Nirman Bhawan. Shri rise in FDI in the construction sector and since then it was declining consistently; Naidu told media that government’s decision to liberalise the FDI policy will work as a catalyst to boost Shri Supriyo Baral the sector, some experts feel. Developers would get an option route of funding is young, energetic their projects; and if committed at least 30 % of the total project cost for low-cost and enthusiastic and housing then centre has also excused earlier conditions of minimum foor area and his induction will capital investment required both. Since last 2to 3 years the real estate sector has strengthen his hands. witnessed a slowdown resulting into liquidity crunch and huge postponement in Speaking to the completion schedules of residential and commercial projects. Investments infow media after assuming in construction and real estate sector would contribute to growth in economy offce, Shri Supriyo as it would trigger infrastructure development and more employment would Baral said that he will be created. The overall growth would eventually create demand for building strive to live up to the products.. ‘performance doctrine’ This relaxation move is also in line with the government’s budget (2014-2015) of Prime Minister Shri announcement on affordable housing and Prime Minister Narendra Modi’s vision of Narendra Modi. The “Housing for all” by 2022. Minister observed that he is in the company of stalwarts like Shri Venkaiah Naidu and he will give out his best as Minister of State. Asked about One More PDA Between India And Nepal his priorities, Shri Supriyo Baral said he will understand the Ministries in about a week and To Produce hydroelectric Power to begin with housing for urban poor is a priority issue. On being asked about his contribution to Negotiations are on and may continue the state of West Bengal as a union minister, Shri tomorrow as well for a 900 MW Arun-III project Supriyo Baral said that he would like to work as a between Investment Board Nepal and Satluj bridge between the centre and the state of West Jal Vidyut Nigam Limited, India to sign second Bengal. Noting that a lot needs to be done for his India and Nepal home state, the Minister said that his constituency The formats of the said, PDA will the same of Asansol will receive his due attention. as the one signed between the two countries Born on December 15, 1970, Shri Supriyo Baral for 900 MW Upper Karnali project. Nepal is hails from Uttarapara in Hooghly district of West expected to get 22% of the energy for free Bengal. Elected to the Lok Sabha for the frst from the project and 27% free equity share as time from Asansol, Shri Baral holds B.Com(Hons) well in the said project. Similar to the provisions were made during GMR had signed degree from Calcutta University. He worked for a agreement with Nepal authorities earlier in September 2014 while implementing multinational bank before deciding to pursue his agreement for 900MW Upper Karnali project. The 2 countries have also agreed on passion of singing. Power Trading last month to allow exchange of power between India and Nepal. Source: Press Bureau of Information Source: Infrabuddy.com Vol: 3 Issue: 11 November 2014 Built Expressions PG 21