The union government has decided to remove the restrictions in the capital market sectors. These could be in the form of Gold Depository Receipts (GDR’S) and Foreign Currency Convertible Bonds (FCCB) which is introduced by the real estate companies. This is in line with the government decision to review the foreign direct investment which has taken place in the real estate segment. According to the sources available with www.propertykhazana.com the Department of the Industrial Promotion, also known as DIPP, the only agency for various policy on the foreign direct investment, (FDI) has also stressed on the mandatory bolt due to the original investment in the construction segment.
The policy which is launched by the real estate companies, stressed on the fact that GDR’s and FCCB is allowed once the ceiling on the FDI is removed. As per the sources with the website www.propertykhazana.com this will benefits the builders, who include the players like DLF, Unitech, Parsvnath Developers, and Ansal API. Up till now, the constraint is on FCCB and GDR issues for the real estate segment and Very few companies have gone for the FCCB and GDR’s.
“Furthermore, we can issue the GDR, but the investors will not be able to do business on a stock exchange, so the aim gets defeated. The GDR and FCCB are said to the capital market issuances which need to be freely traded”, a CEO of a New Delhi based real estate Company who do not want to go on record. In the month of January 2009 as part of the second incentive package, the government encouraged allowed the real estate companies to obtain the funds through external commercial borrowings. This was done for the construction of integrated township projects. For more and latest real estate updates follow www.propertykhazana.com.
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