(a) whether the multi-nationals and foreign investors including Non-Resident Indians have
shown interest in the construction of residential complexes in a big way;
(b) if so, whether the Government propose to clear the proposals submitted by them and
instruct the State Governments to do the same;
(c) if so, the details thereof; and
(d) the details of states and the major cities where such residential complexes are proposed
to be set up by the multinational, foreign investors and NRIs?
MINISTER OF URBAN EMPLOYMENT AND POVERTY ALLEVIATION (SHRI SUKHDEV SINGH DHINSA)
(a) : Foreign investment is already permitted to Non-Residents of Indian nationality/
origin and overseas corporate bodies predominantly owned by NRIs/PIO having atleast 60% of
beneficial interest in such bodies in the housing and real estate development sector. 100%
foreign direct investment (FDI) is not yet permitted in the housing sector.
(b) & (c) : Since the inception of the Scheme in 1993 and upto December, 1999, the
Reserve Bank of India is reported to have granted permission for an investment of a total sum of
Rs.559.02 crore by the Non-Residents of Indian nationality/origin/overseas corporate bodies in
the equity of Indian/joint venture companies engaged in housing and real estate development
activities as envisaged in the Scheme.
(d) : As per information furnished by Reserve Bank of India, the NRIs/PIO/OCBs have
shown interest in in setting up residential/commercial projects in major metro cities viz.
Mumbai, Chennai, Ahmedabad, Bangalore, Hyderabad, New Delhi, Trivandrum, Calcutta and
Secunderabad.