ASSIGNMENT

REAL ESTATE DEVELOPMENT

FDI in Indian Real Estate Sector

Submitted by Surya.P.S
III SemesterUrban Design
 Foreign Direct Investment in Indian Real Estate Sector2

ABSTRACT

This paper provides an overview of the critical role played by FDI’s in

Indian Real Estate Sector. It discusses the FDIs norms in Real estate, their
positive and negative aspects and how they have become a factor in
bringing transparency, corporate governance and expanding the market.
The study of FDI in Indian Real Estate Sector which is permitted since
January 2002 mainly aims to analyze the scale of successes and failures
and the factors owing to those successes and failures. It is also an
attempt to check the clear policy of FDI in real estate sector, with 100 per
cent automatic entry.

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 Foreign Direct Investment in Indian Real Estate Sector3

CONTENTS
• FDI introduction
• FDI in India
• FDI in Indian Real estate and economic growth
• Indian FDI rules – real estate
• Related developments related to the FDI rules
• Benefits of FDI in real estate
• Problems faced by FDI’s in Real estate sector
• Disadvantages
• Projects where FDI has played an important role
• Concluding remarks

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 Foreign Direct Investment in Indian Real Estate Sector4

FDI INTRODUCTION
Foreign direct investment (FDI) in its classic form is defined as a
company from one country making a physical investment into building a
factory in another country. It is the establishment of an enterprise by a
foreigner Foreign Direct Investment (FDI) basically is the revenue
brought into the country by foreign agencies for the purpose of business
or investments, through the official Foreign Investment Promotion
Board (FIPB). The FDI relationship consists of a parent enterprise and a
foreign affiliate which together form an international business or a
Multinational Corporation (MNC).

FDI IN INDIA
India has among the most liberal and transparent policies on FDI
among the emerging economies.

FDI up to 100% is allowed under the automatic route in all

activities/sectors except some industries like Cigars & Cigarettes of
tobacco, Electronic aerospace and defense equipments etc, which require
prior approval of the Government.

India is the largest democracy and 4th largest economy (in terms of
purchase power parity) in the world. India is also the tenth most
industrialized country in the world. With its consistent growth
performance and abundant high-skilled manpower, India provides
enormous opportunities for investment, both domestic and
foreign.

In the initial periods India was trying to protect itself but after 1991, the
policies in Indian trade became very liberal. The reason being, after
independence from Britain 50 years ago, India developed a highly
protected, semi-socialist autarkic economy. Structural and bureaucratic
impediments were vigorously fostered, along with a distrust of foreign
business.

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 Foreign Direct Investment in Indian Real Estate Sector5

Since the beginning of economic reforms in 1991, major reform initiatives

have been taken in the fields of investment, trade, financial sector,
exchange control simplification of procedures, enactment of competition
and amendments in the intellectual property rights laws, etc. India
provides a liberal, attractive, and investor friendly investment
climate.

India, among the foreign investors, is believed to be a good investment

despite political uncertainty, bureaucratic hassles, shortages of power and
infrastructural deficiencies. India presents a vast potential for overseas
investment and is actively encouraging the entrance of foreign players
into the market.
FOREIGN INVESTMENTS IN INDIA—SCHEMATIC REPRESENTATION

FII = Foreign Indirect Investment

NRI= Non-Resident Indian
PIO= Person of Indian Origin
SEBI= Securities and Exchange Board of India
FVCIs= Foreign Venture Capital Investments
VCF= Venture Capital Funds
IVCUs= International Venture Capital Units

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Foreign Direct Investment in Indian Real Estate Sector6

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 Foreign Direct Investment in Indian Real Estate Sector7

FDI IN INDIAN REAL ESTATE AND ECONOMIC GROWTH

Pressures from the real estate industry lobbies and potential investors
moved the government to ease many restrictions, such as minimum
acreage and lock-in period. Foreign companies want to minimize risks and
maximize the learning process; hence they prefer smaller schemes. With
100% FDI, real estate see increased liquidity and developers have to
deliver in time and as per global standards.
Since 2005, 100% FDI is allowed in Real Estate. With this change in the
government policy on FDI, all real estate sectors, residential, commercial
and retail are currently witnessing huge growth in demand. India, during
the first half of 2005-06 fiscal had attracted more than three times foreign
investment at US$ 7.96 billion during making it amongst the "dominant
host countries" for FDI in Asia and the Pacific (APAC). Foreign Direct
Investments in the real estate sector in India also contribute
towards making the sector more organized. Besides increasing
professionalism in the sector, it would bring in advanced
technology and help in the creation of healthy and competitive
market environment for both domestic and foreign investors.

India in the period (2005-2010) requires investments worth US $ 25 billion

with the urban housing sector. This again has opened up opportunities for
foreign investments in the real estate sector. The Central government
allowed up to 100% FDI for setting up townships in 2002. However, the
flow of FDI investments had been thwarted by the 100 acre criterion;
since acquiring such a large chunk of land was impossible in metropolitan
cities and even satellite cities and state capitals. But another landmark
decision taken by the Union government in 2005, where the minimum
land area for development by foreign investors was lowered from
the earlier floor of 100 acres to 25 acres has thrown open the
lucrative parts of the Indian real estate market to global investors.

The size of the real estate industry in India is estimated to be around US$
12 billion. As per studies, this figure is growing at a pace of 30% for the
last few years. Majority of the real estate developed in India (almost 80%)
is residential space and the rest comprise office, shopping malls, hotels

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 Foreign Direct Investment in Indian Real Estate Sector8

and hospitals. This incredible growth is mainly attributed to the off-shoring

business, including high-end technology consulting, call centres and
software programming houses.

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 Foreign Direct Investment in Indian Real Estate Sector9

In 2003-04, India received total FDI inflow of US$ 2.70 billion, of which
only 4.5% was committed to real estate sector. In 2004-05 this increased
to US$ 3.75 billion of which, the real estate shares was 10.6%. However,
in 2005-06, while total FDIs in India were estimated at US$ 5.46 billion,
the real estate share in them was only around 16%.

Source: ASSOCHAM report

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 Foreign Direct Investment in Indian Real Estate Sector10

INDIAN FDI RULES – REAL ESTATE

[Government of India (Ministry of Commerce & Industry) - PRESS NOTE NO. 2
(2006 SERIES)]
Foreign Direct Investment (FDI) in townships, housing, built-up infrastructure and
construction-development projects

The Government, vide Press Note 2 (2005 Series) dated 2.3.2005, had
notified the policy for Foreign Direct Investment (FDI) in townships,
housing, built-up infrastructure and construction-development projects.
With a view to catalyzing investment in townships, housing, built-up
infrastructure and construction-development projects as an instrument to
generate economic activity, create new employment opportunities and
add to the available housing stock and built-up infrastructure, the
Government has decided to allow FDI up to 100% under the automatic
route in townships, housing, built-up infrastructure and construction-
development projects (which would include, but not be restricted to,
housing, commercial premises, hotels, resorts, hospitals, educational
institutions, recreational facilities, city and regional level infrastructure),
subject to the following guidelines:
a. Minimum area to be developed under each project would be as under:
i. In case of development of serviced housing plots, a minimum land
area of 10 hectares
ii. In case of construction-development projects, a minimum built-up
area of 50,000 sq.mts
iii. In case of a combination project, anyone of the above two
conditions would suffice

b. The investment would further be subject to the following conditions:

i. Minimum capitalization of US$10 million for wholly owned
subsidiaries and US$ 5 million for joint ventures with Indian
partners. The funds would have to be brought in within six months
of commencement of business of the Company.
ii. Original investment cannot be repatriated before a period of three
years from completion of minimum capitalization. However, the
investor may be permitted to exit earlier with prior approval of the
Government through the FIPB

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 Foreign Direct Investment in Indian Real Estate Sector11

c. At least 50% of the project must be developed within a period of five

years from the date of obtaining all statutory clearances. The investor
would not be permitted to sell undeveloped plots. For the purpose of
these guidelines, "undeveloped plots" will mean where roads, water
supply, street lighting, drainage, sewerage, and other conveniences, as
applicable under prescribed regulations, have not been made available.

d. It will be necessary that the investor provides this infrastructure and

obtains the completion certificate from the concerned local body/service
agency before he would be allowed to dispose of serviced housing plots

e. The project shall conform to the norms and standards, including land
use requirements and provision of community amenities and common
facilities, as laid down in the applicable building control regulations, bye-
laws, rules, and other regulations of the State
Government/Municipal/Local Body concerned

f. The investor shall be responsible for obtaining all necessary approvals,

including those of the building/layout plans, developing internal and
peripheral areas and other infrastructure facilities, payment of
development, external development and other charges and complying
with all other requirements as prescribed under applicable rules/bye-
laws/regulations of the State Government/Municipal/Local Body concerned

g. The State Government/Municipal/Local Body concerned, which

approves the building/ development plans, would monitor compliance of
the above conditions by the developer

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 Foreign Direct Investment in Indian Real Estate Sector12

RELATED DEVELOPMENTS RELATED TO THE FDI RULES

REITs or REMFs - This new concept of Real Estate Investment Trusts
(REIT) was introduced in India. This is one good way of raising funds in the
money starved real estate sector.
Industry experts believe that REMFS and REITS will definitely ensure more
availability of funds to the developers and faster growth of real estate
sector. A few real estate entities like HDFC Real Estate Fund, ICICI-
Tishman Speyer, Ascendas India IT Park Fund, Kotak Mahindra Realty
Fund, IDFC, and Edelweiss Capital have received approval and started
investing in real estate.
Under FDI policy as on date, 100% foreign investment, without
government approval (automatic route), is permitted in townships,
housing, built-up infrastructure and construction-development projects.
Regulated by Press Note 2 (2005), these investments are subject to
certain minimum capitalization norms and conditions prescribing the
minimum area to be developed. Press Note 2 also stipulates that the
original investment cannot be repatriated before a period of three years
from completion of the minimum capitalisation, except with prior
government approval. It is pertinent to highlight that investments in SEZs,
hotels and hospitals are exempt from all, including inter alia, the
investment conditions, as stipulated in Press Note 2
Earlier, Foreign Direct Investments in the real estate was restricted to
development of industrial parks, hotels, integrated townships and SEZ's.
But with the introduction of new rules on March 3, 2005, the Government
of India replaced the integrated township policy to permit Foreign Direct
Investments upto 100% in townships, housing, built-up infrastructure &
construction - development projects, under automatic route (Press Note 2
(2005 series)). This amendment broadened the scope of FDI in Indian
real estate arena & opened path towards investments in:
• Townships
• Housing
• Commercial Premises
• Hotels

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 Foreign Direct Investment in Indian Real Estate Sector13

• Resorts
• Hospitals
• Industrial parks
• Educational Institutions
• Recreational Facilities
• SEZ's, etc
Further, it was ensured that FDI backed projects would be accorded
national treatment at par with local developers. The State Government's/
Municipal bodies now approve projects for construction-development
involving foreign investment.

BENEFITS OF FDI IN REAL ESTATE

FDI in real estate can create major inflows of funds that can enhance
domestic investment to achieve a higher level of real estate
development. FDI can certainly bring in the funds at reasonably
cheaper rates, besides new ideas and technologies, which would
enhance the efficiency of the Indian construction industry. A major part of
the cumbersome procedures of the government and RBI are simplified
with the FDI policy. So, the impact on the real estate industry can be
significant, leading to increased competition levels among the local
developers, in terms of price, quality and timing. The potential of
growth and contribution of the real estate industry to the GDP is
tremendous in India, as compared to other countries. To realize this
potential, FDI is a must.

Construction Sector Growth (94-98) - Comparisons

15.5% 15.1% 15.0%

10.6%
9.2%

4.2%

China Brazil Taiwan Korea Thailand India

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 Foreign Direct Investment in Indian Real Estate Sector14

Comparison of Construction Sector Growth (94-98)

(Source: McKinsey Report, Research@Indiaproperties)

Construction's Contribution to the GDP( 1999)

18.0%
17.0%

12.5% 12.0%

8.0% 7.8% 7.0%

6.0%
5.2%
Portugal

Ireland

Canada

Poland

UK

USA

Japan

Republic

India
Slovak

Construction’s Contribution to the GDP (1999)

(Source: McKinsey Report, Research@Indiaproperties)

Breakdown of Cost of Construction in India Vs US (1999)

India US
9%
18% 24%

49% 5%
37%

28% 30%

Land Cost Profits Labour Cost Material Cost

Breakdown of Cost of Construction in India Vs US (1999)

(Source: McKinsey Report, Research@Indiaproperties)

The real estate market was characterized by small players. None of the
local developers had a truly national presence and large companies were
not fully involved in real estate development. None of the players have

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 Foreign Direct Investment in Indian Real Estate Sector15

the financial strength to invest in large-scale development projects. The

development of new towns and cities would require huge massive
investment and technical expertise that domestic players alone cannot
provide. FDI is a route to overcome this hurdle.
Allowing FDI in the real estate sector will result in the following
advantages:
i. It will provide the much-needed investment for the funds-starved
sector;
ii. It will bring in professional players equipped with expertise in real
estate development;
iii. The introduction of new technology and quality real estate assets
will have a demonstration effect on the local developers;
iv. It will lower real estate costs in the long run;
v. It will generate employment and revenue;
vi. It will improve the quality of related infrastructure.

The active participation of FDI's in the Indian real estate industry has
propelled an extensive growth & expansion of the industry, leading to a
boom in the real estate investment. Further, enhancing Indian
infrastructure & providing a sustainable growth.

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PROBLEMS FACED BY FDI’s IN REAL ESTATE SECTOR

India is widely regarded as an ‘underperformer’ when it comes to
attracting foreign direct investment (FDI), particularly in comparison with
China and the rest of East Asia. However, there are major differences in
the definition of FDI and the interpretation of FDI data. Foreign Direct
Investment (FDI) flows are usually preferred over other forms of external
finance because they are non-debt creating, non-volatile and their returns
depend on the performance of the projects financed by the investors.
India is, moreover, a multi-cultural society and a large number of
multinational companies (MNC) do not understand the diversity and the
multi-plural nature of the society and the different stakeholders in this
country. Success in India will depend on the correct estimation of the
country's potential, underestimation of its complexity or overestimation of
its possibilities can lead to failure. While calculating, due consideration
should be given to the factor of the inherent difficulties and uncertainties
of functioning in the Indian system.
Though in several cases, the foreign investor is discouraged even before
he seriously considers a project, 220 of the Fortune 500 companies have
some presence in India and several surveys (JBIC, Japan Exim bank, A T
Kearney) show India as the most promising and profitable destination. On
the other hand China is viewed as ‘more business oriented,’ its decision-
making is faster and has more FDI friendly policies.
Policy Framework
Most of the problems for investors arise because of domestic policy, rules
and procedures and not the FDI policy its rules and procedures. The FDI
policy, which has a lot of positive features, is summarized first, before
highlighting the domestic policy related difficulties that are commonly the
focus of adverse comment by investors and intermediaries
FDI Policy
India has one of the most transparent and liberal FDI regimes among the
emerging and developing economies.8 By FDI regime we mean those
restrictions that apply to foreign nationals and entities but not to Indian
nationals and Indian owned entities. The differential treatment is limited

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 Foreign Direct Investment in Indian Real Estate Sector17

to a few entry rules spelling out the proportion of equity that the foreign
entrant can hold in an Indian (registered) company or business.
Domestic Policy
The Urban Land Ceiling Acts and Rent Control Acts in States are a serious
constraint on the entire real estate sector. These Acts need to be repealed
if a construction boom is to be initiated that would reverse the decline in
overall investment, attract FDI, generate employment and make rental
accommodation available to the poor. The Centre has already repealed
the Urban Land Ceiling Act but each State has to issue a notification to
repeal the Act in that State. Rent Control is a State subject and each State
would have to reform its Rent control Act.
Image and Attitude
Though economic reforms welcoming foreign capital were introduced in
the nineties it does not seem so far to be really evident in our overall
attitude. There is a lingering perception abroad that foreign investors are
still looked at with some suspicion. There is also a view that some
unhappy episodes in the past have a multiplier effect by adversely
affecting the business environment in India.
When a foreign investor considers making any new investment decision, it
goes through four stages in the decision making process and action cycle,
namely, (a) screening, (b) planning, (c) implementing and (d) operating
and expanding. The biggest barrier for India is at the first, screening stage
itself in the action cycle. “Often India looses out at the screening stage
itself” (BCG). This is primarily because we do not get across effectively to
the decision-making “board room” levels of corporate entities where a
final decision is taken. Our promotional effort is quite often of a general
nature and not corporate specific.

DISADVANTAGES
Increased inflow of estate investments in India arising out of flexible FDI
policies will have a direct impact on the real restate scenario of India.
More and more of NON Resident Indians are interested in investing in
India. More investments mean more job opportunities and more jobs
means more workforces. This has created a huge demand and supply gap
in housing in India.

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 Foreign Direct Investment in Indian Real Estate Sector18

Huge inflows in real estate has led to a boom in the sector, but completely
disconnected from local economic fundamentals. The current scenario is
that of the dusty suburbs of Bangalore, Delhi and Mumbai with high rises
that have no reliable power or water supply, battered roads if at all, no
public transport, and these houses command huge prices.
How sustainable are half a million dollar apartments in a country with an
average wage of about $1000 (a year)? Sure there are rich people in poor
countries. May be enough to keep things going merrily forever, maybe
not.
Also, the growth, whatsoever has only been limited to Tier-I cities. The tier
2 cities are getting increasingly prominent in the press but it will still be
awhile before they compete with tier I cities for the FDI investments.
It is required that there are policies proposed which cater to lower entry
cost cities for real estate investment than to make real estate pitches for
high FDI investment. Else, given the fizz going out of the global markets,
the Indian bubble may probably be short lived too.

PROJECTS WHERE FDI HAS PLAYED AN IMPORTANT ROLE

PROJECT I – 100 ACRES RESIDENTIAL TOWNSHIP IN GURGAON

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 Foreign Direct Investment in Indian Real Estate Sector19

After a year of opening the gates to foreign direct investments this was
the first real estate project approved by Foreign Investment promotion
board. The project has reached in the initial stage of making a master
plan and they already launched for the overseas market.

The township is developing on a 100 acre land and it will have pre-built
plotted housing and condominiums, healthcare, education and
entertainment facilities. The township is constructed as a self-contained
township. About four per cent of the space is commercial while the
remaining is residential. The project is targeted at both domestic and
international buyers.

Feedback ventures Ltd has tied up with Malaysia based real estate
Company for the project costing Rs 800 Crores. The project will have 74
per cent of equity coming from Malaysia and the Middle East. The
Malaysian equity will be put in by two companies Westport and Kontur
Bintang while the Middle East investment will be made by Tricolour
Investments.

The remaining 26 per cent equity will be from Feedback Ventures and the
Dalmiya group. The total equity in the project would be Rs 100 crore and
the remaining funds are likely to come in as advance payment from the
customers.

These kinds of large scale projects would not be raise without the FDI’s
and a country like India is able to do it because of these benefits.

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 Foreign Direct Investment in Indian Real Estate Sector20

PROJECT II– PROJECTS UNDER MANTRI DEVELOPERS

Morgan Stanley has invested $68 million in Mantri Developers. On an

average, the fund looks at a return of more than 30 per cent annually. The
company has interests in both commercial and residential projects. It
plans to diversify into shopping malls, hotels, hospitals and education
centres. It has ongoing residential and commercial projects in Mumbai's
suburbs - the Oberoi Mall in Goregaon, Oberoi Chambers and Garden
Estate in Andheri, among others.

Bangalore-based Mantri Developers’ retail real estate push has got Rs 310
crore investment in 2007.

The company has taken up six projects totaling 12 million square feet in
Bangalore and expected to launch projects in Chennai (one million square
feet) and Hyderabad (two million square feet) this year. The projects
include
• The mall on Sampige Road which is an 8 lakh square feet project
and houses a multiplex, hypermarket and a few large department
stores in addition to branded retail stores.
• The mall at J P Nagar which is expected to house well known brands.
• 1.5 million square feet IT park in Pune.

Now, with the chance to capitalize on the country's increasingly free

markets, investors like Morgan Stanley Real Estate are extending their
Asian reach into India real estate. There are a lot of advantages to being
in the Indian market. India's factory and labor costs are often lower than
China's, its government more business-friendly and its secondary real
estate markets particularly retail and industrial are growing rapidly. For
example, some 200 shopping malls are expected to be built by the end of
this year, or about 90 million square feet of retail space. And with some of
the half-billion people under the age of 25 entering the workforce this
year, a boom in office and residential developments isn't far behind.

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 Foreign Direct Investment in Indian Real Estate Sector21

PROJECT III– SEVEN TOWNSHIPS OF DLF

DLF sold 49 per cent stake in its seven townships to Merrill Lynch and
Brahma Investments to raise Rs 1,675 crore. Merrill Lynch will pay
Rs.1481 crore ($375 million) to acquire a 49 percent equity stake in seven
projects being built by DLF. In a separate transaction, Brahma
Investments will be buying 49 percent stake in a middle-income housing
project at Panchkula in Haryana for Rs.194 crore ($49 million).

The company will be implementing the mid-income housing projects in

Chennai, Banglore, Kochi and Indore. These projects will be developed in
seven to eight years.

PROJECT IV– IREO UPTOWN GURGAON

Encouraged by the success of maiden project, The Grand Arch, Ireo,

foreign direct investment (FDI) from a private equity fund dedicated to the
Indian real estate sector and an integrated real estate development
company has launched Ireo Uptown, a new premium development in
Gurgaon.

Priced at Rs 3,800, per sq ft, the project is offering a wide choice of two,
three and four-bedroom apartments spread across five towers. There
would be 534 apartments on offer with sizes ranging between 1,430 sq ft
and 2,012 sq ft. spread over 11 acres, about 84 per cent of the project
would have exquisitely landscaped lawns with abundant greenery and
large open spaces. The lawns would have an organic fruit orchard and an
herb section aimed at promoting healthy lifestyle for the residents.
Situated in Sector 66, near Golf Course Road and close to the Delhi Metro
line extension, the premium township would have quick and easy
connectivity to Delhi airport and NCR. The project is expected to be ready
for occupation by 2012.

The complex would have a full feature clubhouse equipped with a gym,
swimming pool with a pool-side cafe, a 24×7 coffee bar, squash court,

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 Foreign Direct Investment in Indian Real Estate Sector22

snooker room, table tennis, basket ball court, badminton courts, video
games room, kids play room, yoga/dance studio, foot reflexology zone,
and a multi-purpose party room. Outdoor recreational facilities will include
a jogging trail and a fitness walk.

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 Foreign Direct Investment in Indian Real Estate Sector23

CONCLUDING REMARKS
This paper analyzed the changing patterns of FDI in India. The evolution of
FDI has been divided into two waves- ‘First Wave’ covering the period
1975-90 and ‘Second Wave’ covering the period 1991 onwards. The
analysis shows that the FDI in India has increased considerably during
Second Wave as compared to First Wave.
Property prices in India are rising fast, and not just in the biggest cities. As
the tech boom spreads across the country, as more Indians buy homes,
and as the economy grows at faster than 8% a year, real estate is
attracting more investors, many of them from abroad. With its consistent
growth performance and abundant high-skilled manpower, India provides
enormous opportunities for investment, both domestic and foreign.
India is a multi-cultural society and a large number of multinational
companies (MNC) do not understand the diversity and the multi-plural
nature of the society. Huge inflows in real estate has led to a boom in the
sector, but completely disconnected from local economic fundamentals.
In this context the question arises “How sustainable are half a million
dollar apartments in a country with an average wage of about $1000 (a
year)?” The new current and benefits brought by the FDI development in
Indian real Estate Sector is not improving the major poor population in
India. If there are some schemes allowing this section of population to get
benefit from the new real estate developments brought by FDI it would
have been better.

REFERENCES
1. Report of the Steering group on Foreign Direct Investment ,
Planning Commission, Government of India, New Delhi
2. Foreign Direct Investments In Real Estate, Sandesh Savant, Executive
Director, Indiaproperties
3. Foreign Direct Investment in India in 1990’s, Trends and issues, R Nagaraj,
Economic and Political Weekly, Vol. 38, No. 17 (Apr. 26 - May 2, 2003), pp.
1701-1712

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 Foreign Direct Investment in Indian Real Estate Sector24

4. What Is the True Level of FDI Flows to India?, Sadhana Srivastava,

Economic and Political Weekly, Vol. 38, No. 7 (Feb. 15-21, 2003), pp. 608-
610
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6. Foreign%20Direct%20investment%20in%20Real%20estate%20in
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Surya. P.S, III Sem, Urban Design

 Foreign Direct Investment in Indian Real Estate Sector25

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Surya. P.S, III Sem, Urban Design