Bring FDI in real estate under FIPB route: Ramesh

BANGALORE: Union Minister of State for Commerce, Jairam Ramesh, today favoured routing foreign direct investment in the Indian real estate sector, through FIPB (Foreign Investment Promotion Board) route, to deal with sharp appreciation of the rupee.

"My own personal view is that we need to relook at FDI in real estate sector.I think it should make it through the FIPB route", Ramesh told reporters in response to questions.

"I do believe huge inflow in real estate sector is what's causing this rupee appreciation", he said.

Routing FDI through FIPB would allow it to be regulated with more control. Right now, it's a free, unbriddled flow, the Minister added.