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| FDI in real estate may not have many takers : survey | | | / Business Standard November 20,2001 | | | |
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| Fdi In Real Estate May Not Have Many Takers : Survey |
| / BUSINESS STANDARD Nov 20, 2001, 00:00 IST |
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Contrary to the popular perception, the foreign direct investment (FDI) in real estate will not have many takers, says a survey conducted by Chesterton Meghraj. The survey findings reveal that only 36 per cent of the corporates were interested in investing in Indian real estate.
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| “Interestingly, while a majority of the multinationals -- 37 per cent --was interested in residential sector, 27 per cent of them wanted to come in for information technology parks and 18 per cent each for integrated townships and office and retail sector,” Chesterton Meghraj managing director Anuj Puri said. He was speaking at a seminar on housing sector reforms organised by Ficci.
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Regarding the expectations on lock-in period of investment in Indian property sector, 55 per cent multinationals wanted the lock-in period to be less than 12 months.
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The survey said that 55 per cent corporates expected a pre-tax and pre-currency return of over 30 per cent, 36 per cent wanted it to be between 20-30 per cent and about nine per cent expected it to be 15-20 per cent.
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Addressing the seminar, union minister for urban development and poverty alleviation Ananth Kumar said that the stamp duties should be brought down from the present 14-23 per cent levels to 5 per cent.
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The minister has already announced setting up of a task-force within next 15 days for drawing up a roadmap for urban and housing development. The task force would advice the government on framing a road-map for urban and housing development. He is also in talks with various government departments including Railways, Delhi Development Authority (DDA) and others to unlock their land potential.
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