Urban Dev ministry approves FDI for constructing townships

HYDERABAD: The Union Ministry of Urban Development has approved a policy for 100 per cent Foreign Direct Investment (FDI) for development of integrated townships in the country.
The ministry has laid down certain rules and conditions regarding development of the township which requires 100 acres of land and construction of 2000 houses with 10,000 population, Urban Development Minister Bandaru Dattatreya told reporters here today.Two Malaysian companies -- Feeback Integrated Infrastructure Develoment Corporation and IJM Infrastructure Ltd -- has already entered into agreement in development of townships at Gurgaon in Haryana and Kukatpally in Hyderabad, he said.
Explaining the concept of townships development in the country, Dattatreya said the growing demand for housing and infrastructure like roads, overbridges, hospitals, post offices and educational institutes would help in easing out the congestion in urban areas.
The two projects at Gurgaon and Hyderabad with an investment of USD 15 and five million respectively, would be grounded soon as a separate cell of the ministry for the purpose is completing the formalities, Dattatreya said without specifying the time frame for completion of these projects.