Uttaranchal waits for foreign investment

January 2nd, 2009 - 5:31 pm ICT by ANI  

By Ashish Goel
Dehradun, Jan 2 (ANI): Real estate of Uttaranchal is vying for sufficient foreign investments for its development.
The real estate in Dehradun is growing at a frantic pace. It opens up opportunities in industry, tourism, commerce and investment.
The state is swarmed by dozens of real estate builders.
Most builders have already come up with various theme townships in the state. Though, commercial and residential properties in major locations like Dehradun look for land in these tourist spots.
“The state has all the advantages that can attract any foreign investor to invest in the real estate. It has a pollution free environment, there is no problem of law and order. There is no problem of connectivity as we have an international airport. Labour is surplus as we have them from Himachal Pradesh and the nearby states even. Uttaranchal might top the preference list of foreign investors who wants to invest in India,” said Rakesh Chauhan, Director, Digvijay Real Estate Development Private Limited, Uttarakhand.
With government policy of 100 per cent tax exemption for ten years from central exercise and income tax exemption for next five years, housing and building companies are competing to develop virgin lands of Dehradun.
Although the real estate developers are fine with the government’’s policies on real estate yet they want government to be more flexible.
“There is a lot of scope for investments here because the mediums which we have whether they are hydro, tourism or medicinal plants, each have its own scope for investments. But whether it manages to attract international investors or not, we will have to see to it. But the way the state has represented its picture, I am hopeful that foreign investors might hop on,” said B.C Khanduri, Uttaranchal Chief Minister.
After reduction of the minimum mandatory area to allow FDI in real estate sector from 100 acres to 25 acres there has been a sudden spurt in the real estate investment in India.
The new FDI policy, allows up to 100 per cent investment under automatic route in townships, housing, built-up infrastructure, and construction-development projects.
With 100 per cent FDI in real estate, more opportunities are opening. (ANI)

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