Nath favours easier norms in real estate

Government is keen on attracting higher foreign direct investment (FDI) in the real estate sector and favours an easier investment norm in this regard, Commerce Minister Kamal Nath said.

"We want to attract foreign investment in the real estate sector for construction activities and not merely in the buying and selling of land," Nath told reporter.

The construction sector has wide linkages with the rest of the economy and can speed up the overall growth process, Nath said.

On the issue of opening up the retail sector, Nath said "we are looking at some aspects of opening up issue".

Commerce Minister, however, said that without disturbing the common
retail market in the country, the government would move towards making India a global retail hub.

The policy would be aimed at contributing to the existing retail networks through a greater market without replacing or disturbing the existing ones, Nath added.