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Malls not to get FDI

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According to the sources available with www.propertykhazana.com, the government has removed shopping malls and cinema complexes from the purview of Foreign Direct Investments (FDI) for realty and they will be integrated under the mechanical way with FDI up to 100% in hospitality segment comprising development work and set up of cinemas. Foreign Direct Investments norms for building up the ventures relating to land market comprises housing units, commercial spaces, resorts, educational institutions, recreational amenities and also regional level infrastructure.
the present Foreign Direct Investments rules will not address whether possessing, developing and constructing a multi-use shopping malls and multiplex theaters will drop under realty or not. ESSEL Group is spacing a handful amount of funds to develop 45 family amusements hubs in Tier II & III cities in India, claimed a source at the www.propertykhazana.com . The venture needs the money for more than $453 Million and the group will hike $145 Million during FII appointments.
Source: NIMMA BENGALURU

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