New Delhi: As the Union Government has cleared 51 percent Foreign Direct Investment (FDI) in the multi-brand retail sector, decks have been cleared for the foreign giants to enter India and against this backdrop, the country’s real estate developers are busy drawing up plans to cash in on the new situation. They have geared up tap the fresh demand the development will generate in the commercial realty sector. Mainly, the foreign players once they enter Indian market will be in need of huge space for their outlets.
R K Arora, chairman and managing director (CMD), Supertech, a national capital region (NCR)-based real estate developer, said that global retail chains like Walmart, Carrefour, Metro, Spar and a few others are in touch with us for a tie-up and taking up space in our mixed use projects and the mall e-square. He said as the demand for urban space is likely to pick up now, “we plan to go for more of retail space in terms of malls in the near future.
Like Supertech, many other real estate players are focussing on the commercial projects. The government recently decided to open up the multi-brand retail sector to up to 51 per cent of foreign direct investment (FDI). The government had notified rules to increases FDI in single brand retail to 100 per cent from 51 per cent.
No comments:
Post a Comment