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Review of the policy on foreign Direct Investment (FDI) in Construction Development Sector - Clarification on Press Note 10 of 2014 dated 03/12/2014

FEMA - Press Note - Dated:- 13-3-2015 - Government of India Ministry of Commerce & Industry Department of Industrial Policy & Promotion Press Note No. 4 (2015 Series) Sl. No. Issue Clarification/ Comment 1. Whether FDI can be brought if the minimum capitalization was not completed within the period of six months of the commencement of the project? No new FDI can be brought in the project if the minimum capitalization of US $ 5 million has not been achieved within six months of commenceme .....

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ust addendum/modification to the first approval. 3. Whether exit is permitted under automatic route after completion of three years without completion of project or trunk infrastructure? Exit is permitted with FIPB approval on case to case basis even before completion of the project or development of trunk infrastructure. 4. Is the exit in residential/commercial projects only after completion of project? The exit is allowed automatically after the completion of project. However, in case of any p .....

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6. Who will certify the completion of trunk infrastructure? A certificate from an architect registered with Council of Architecture certifying the completion of development of trunk infrastructure would be sufficient to prove that trunk infrastructure development is complete. 7. Whether exit is permitted on earlier of the completion of project or after development of trunk infrastructure? Exit is permitted on completion of project or after development of trunk infrastructure, whichever is earli .....

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