Cabinet approves 100% FDI under automatic route in real estate broking services

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   The Union cabinet on Wednesday approved 100% Foreign Direct Investment (FDI) under automatic route in the real-estate broking service.

   “It has been decided to clarify that real-estate broking service does not amount to real estate business and is therefore, eligible for 100% FDI,” the release said.

   The cabinet chaired by the Prime Minister Narendra Modi gave its approval to a number of amendments in the FDI Policy including permission to allow 100% FDI in single brand retail.

   In the financial year 2016-17, total FDI of US $ 60.08 billion has been received as against US $ 55.46 billion in 2015-16.

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source: ET Realty

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