President PHD Chamber of Commerce and Industry, Mr. Sharad Jaipuria welcomed Union Cabinet decision, easing overseas investments rules in construction, terming it a right move which was long over due, saying that it will not only amount to job creation but also enable India earn foreign direct investment (FDI) in a significant manner.
In a statement issued here today, Mr. Jaipuria added that proposal forwarded to the Cabinet by DIPP for dropping the minimum 10 hectare rule for serviced housing plots and slashing the minimum floor area for construction development projects to 20,000 sqm from 50,000 sqm is a praiseworthy step which will fulfill the dream of Indian Prime Minister for creation of 100 smart cities.
The PHD Chamber appreciates the Modi government for taking pro-active reforms oriented decisions and one such has been witnessed in the construction sector is something which needs to be applauded.
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