The Government of India has, by way of an official press release dated 29 October 2014, confirmed that the Union Cabinet (chaired by Prime Minister Narendra Modi) has approved proposed amendments to the Foreign Direct Investment (FDI) policy in relation to the "Construction Development Sector". The existing FDI Policy allows 100% FDI in the Construction Development Sector subject to certain conditions. With a view to boost FDI inflows into the sector, increase demand, build smart cities and generate low-cost affordable housing in India, the Government has decided to relax these conditions. As of now, the Government has issued a press release on the Press Information Bureau website and it is expected that formal amendments would be notified soon. This alert by Trilegal summarizes the FDI policy changes.
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