Real Estate Development

ASSIGNMENT

REAL ESTATE DEVELOPMENT

FDI in Indian Real Estate Sector

Submitted by Surya.P.S III SemesterUrban Design

Foreign Direct Investment in Indian Real Estate Sector2

ABSTRACT

This paper provides an overview of the critical role played by FDI’s in Indian Real Estate Sector. It discusses the FDIs norms in Real estate, their positive and negative aspects and how they have become a factor in bringing transparency, corporate governance and expanding the market. The study of FDI in Indian Real Estate Sector which is permitted since January 2002 mainly aims to analyze the scale of successes and failures and the factors owing to those successes and failures. It is also an attempt to check the clear policy of FDI in real estate sector, with 100 per cent automatic entry.

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CONTENTS • • •

• • • • • • •

FDI introduction FDI in India FDI in Indian Real estate and economic growth Indian FDI rules – real estate Related developments related to the FDI rules Benefits of FDI in real estate Problems faced by FDI’s in Real estate sector Disadvantages Projects where FDI has played an important role Concluding remarks

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FDI INTRODUCTION Foreign direct investment (FDI) in its classic form is defined as a company from one country making a physical investment into building a factory in another country. It is the establishment of an enterprise by a foreigner Foreign Direct Investment (FDI) basically is the revenue brought into the country by foreign agencies for the purpose of business or investments, through the official Foreign Investment Promotion Board (FIPB). The FDI relationship consists of a parent enterprise and a foreign affiliate which together form an international business or a Multinational Corporation (MNC).

FDI IN INDIA India has among the most liberal and transparent policies on FDI among the emerging economies. FDI up to 100% is allowed under the automatic route in all activities/sectors except some industries like Cigars & Cigarettes of tobacco, Electronic aerospace and defense equipments etc, which require prior approval of the Government. India is the largest democracy and 4th largest economy (in terms of purchase power parity) in the world. India is also the tenth most industrialized country in the world. With its consistent growth performance and abundant high-skilled manpower, India provides enormous opportunities for investment, both domestic and foreign. In the initial periods India was trying to protect itself but after 1991, the policies in Indian trade became very liberal. The reason being, after independence from Britain 50 years ago, India developed a highly protected, semi-socialist autarkic economy. Structural and bureaucratic impediments were vigorously fostered, along with a distrust of foreign business.

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Since the beginning of economic reforms in 1991, major reform initiatives have been taken in the fields of investment, trade, financial sector, exchange control simplification of procedures, enactment of competition and amendments in the intellectual property rights laws, etc. India provides a liberal, attractive, and investor friendly investment climate. India, among the foreign investors, is believed to be a good investment despite political uncertainty, bureaucratic hassles, shortages of power and infrastructural deficiencies. India presents a vast potential for overseas investment and is actively encouraging the entrance of foreign players into the market. FOREIGN INVESTMENTS IN INDIA—SCHEMATIC REPRESENTATION

FII = Foreign Indirect Investment NRI= Non-Resident Indian PIO= Person of Indian Origin SEBI= Securities and Exchange Board of India FVCIs= Foreign Venture Capital Investments VCF= Venture Capital Funds IVCUs= International Venture Capital Units Surya. P.S, III Sem, Urban Design

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FDI IN INDIAN REAL ESTATE AND ECONOMIC GROWTH Pressures from the real estate industry lobbies and potential investors moved the government to ease many restrictions, such as minimum acreage and lock-in period. Foreign companies want to minimize risks and maximize the learning process; hence they prefer smaller schemes. With 100% FDI, real estate see increased liquidity and developers have to deliver in time and as per global standards. Since 2005, 100% FDI is allowed in Real Estate. With this change in the government policy on FDI, all real estate sectors, residential, commercial and retail are currently witnessing huge growth in demand. India, during the first half of 2005-06 fiscal had attracted more than three times foreign investment at US$ 7.96 billion during making it amongst the "dominant host countries" for FDI in Asia and the Pacific (APAC). Foreign Direct Investments in the real estate sector in India also contribute towards making the sector more organized. Besides increasing professionalism in the sector, it would bring in advanced technology and help in the creation of healthy and competitive market environment for both domestic and foreign investors. India in the period (2005-2010) requires investments worth US $ 25 billion with the urban housing sector. This again has opened up opportunities for foreign investments in the real estate sector. The Central government allowed up to 100% FDI for setting up townships in 2002. However, the flow of FDI investments had been thwarted by the 100 acre criterion; since acquiring such a large chunk of land was impossible in metropolitan cities and even satellite cities and state capitals. But another landmark decision taken by the Union government in 2005, where the minimum land area for development by foreign investors was lowered from the earlier floor of 100 acres to 25 acres has thrown open the lucrative parts of the Indian real estate market to global investors. The size of the real estate industry in India is estimated to be around US$ 12 billion. As per studies, this figure is growing at a pace of 30% for the last few years. Majority of the real estate developed in India (almost 80%) is residential space and the rest comprise office, shopping malls, hotels Surya. P.S, III Sem, Urban Design

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and hospitals. This incredible growth is mainly attributed to the off-shoring business, including high-end technology consulting, call centres and software programming houses.

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In 2003-04, India received total FDI inflow of US$ 2.70 billion, of which only 4.5% was committed to real estate sector. In 2004-05 this increased to US$ 3.75 billion of which, the real estate shares was 10.6%. However, in 2005-06, while total FDIs in India were estimated at US$ 5.46 billion, the real estate share in them was only around 16%.

Source: ASSOCHAM report

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INDIAN FDI RULES – REAL ESTATE [Government of India (Ministry of Commerce & Industry) - PRESS NOTE NO. 2 (2006 SERIES)] Foreign Direct Investment (FDI) in townships, housing, built-up infrastructure and construction-development projects

The Government, vide Press Note 2 (2005 Series) dated 2.3.2005, had notified the policy for Foreign Direct Investment (FDI) in townships, housing, built-up infrastructure and construction-development projects. With a view to catalyzing investment in townships, housing, built-up infrastructure and construction-development projects as an instrument to generate economic activity, create new employment opportunities and add to the available housing stock and built-up infrastructure, the Government has decided to allow FDI up to 100% under the automatic route in townships, housing, built-up infrastructure and constructiondevelopment projects (which would include, but not be restricted to, housing, commercial premises, hotels, resorts, hospitals, educational institutions, recreational facilities, city and regional level infrastructure), subject to the following guidelines: a. Minimum area to be developed under each project would be as under: i. In case of development of serviced housing plots, a minimum land area of 10 hectares ii. In case of construction-development projects, a minimum built-up area of 50,000 sq.mts iii. In case of a combination project, anyone of the above two conditions would suffice b. The investment would further be subject to the following conditions: i. Minimum capitalization of US$10 million for wholly owned subsidiaries and US$ 5 million for joint ventures with Indian partners. The funds would have to be brought in within six months of commencement of business of the Company. ii. Original investment cannot be repatriated before a period of three years from completion of minimum capitalization. However, the investor may be permitted to exit earlier with prior approval of the Government through the FIPB Surya. P.S, III Sem, Urban Design

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c. At least 50% of the project must be developed within a period of five years from the date of obtaining all statutory clearances. The investor would not be permitted to sell undeveloped plots. For the purpose of these guidelines, "undeveloped plots" will mean where roads, water supply, street lighting, drainage, sewerage, and other conveniences, as applicable under prescribed regulations, have not been made available. d. It will be necessary that the investor provides this infrastructure and obtains the completion certificate from the concerned local body/service agency before he would be allowed to dispose of serviced housing plots e. The project shall conform to the norms and standards, including land use requirements and provision of community amenities and common facilities, as laid down in the applicable building control regulations, byelaws, rules, and other regulations of the State Government/Municipal/Local Body concerned f. The investor shall be responsible for obtaining all necessary approvals, including those of the building/layout plans, developing internal and peripheral areas and other infrastructure facilities, payment of development, external development and other charges and complying with all other requirements as prescribed under applicable rules/byelaws/regulations of the State Government/Municipal/Local Body concerned g. The State Government/Municipal/Local Body concerned, which approves the building/ development plans, would monitor compliance of the above conditions by the developer

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RELATED DEVELOPMENTS RELATED TO THE FDI RULES REITs or REMFs - This new concept of Real Estate Investment Trusts (REIT) was introduced in India. This is one good way of raising funds in the money starved real estate sector. Industry experts believe that REMFS and REITS will definitely ensure more availability of funds to the developers and faster growth of real estate sector. A few real estate entities like HDFC Real Estate Fund, ICICITishman Speyer, Ascendas India IT Park Fund, Kotak Mahindra Realty Fund, IDFC, and Edelweiss Capital have received approval and started investing in real estate. Under FDI policy as on date, 100% foreign investment, without government approval (automatic route), is permitted in townships, housing, built-up infrastructure and construction-development projects. Regulated by Press Note 2 (2005), these investments are subject to certain minimum capitalization norms and conditions prescribing the minimum area to be developed. Press Note 2 also stipulates that the original investment cannot be repatriated before a period of three years from completion of the minimum capitalisation, except with prior government approval. It is pertinent to highlight that investments in SEZs, hotels and hospitals are exempt from all, including inter alia, the investment conditions, as stipulated in Press Note 2 Earlier, Foreign Direct Investments in the real estate was restricted to development of industrial parks, hotels, integrated townships and SEZ's. But with the introduction of new rules on March 3, 2005, the Government of India replaced the integrated township policy to permit Foreign Direct Investments upto 100% in townships, housing, built-up infrastructure & construction - development projects, under automatic route (Press Note 2 (2005 series)). This amendment broadened the scope of FDI in Indian real estate arena & opened path towards investments in: • • • •

Townships Housing Commercial Premises Hotels Surya. P.S, III Sem, Urban Design

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• • • • • •

Resorts Hospitals Industrial parks Educational Institutions Recreational Facilities SEZ's, etc

Further, it was ensured that FDI backed projects would be accorded national treatment at par with local developers. The State Government's/ Municipal bodies now approve projects for construction-development involving foreign investment.

BENEFITS OF FDI IN REAL ESTATE FDI in real estate can create major inflows of funds that can enhance domestic investment to achieve a higher level of real estate development. FDI can certainly bring in the funds at reasonably cheaper rates, besides new ideas and technologies, which would enhance the efficiency of the Indian construction industry. A major part of the cumbersome procedures of the government and RBI are simplified with the FDI policy. So, the impact on the real estate industry can be significant, leading to increased competition levels among the local developers, in terms of price, quality and timing. The potential of growth and contribution of the real estate industry to the GDP is tremendous in India, as compared to other countries. To realize this potential, FDI is a must.

Construction Sector Growth (94-98) - Comparisons 15.5%

15.1%

15.0%

10.6% 9.2%

4.2%

China

Brazil

Taiwan

Korea

Thailand

India

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Comparison of Construction Sector Growth (94-98) (Source: McKinsey Report, Research@Indiaproperties)

Construction's Contribution to the GDP( 1999) 18.0%

17.0% 12.5%

12.0% 8.0%

7.8%

7.0%

6.0%

5.2%

India

Slovak Republic

Japan

USA

UK

Poland

Canada

Ireland

Portugal

Construction’s Contribution to the GDP (1999) (Source: McKinsey Report, Research@Indiaproperties)

Breakdown of Cost of Construction in India Vs US (1999) US

India

9%

18% 49%

24%

5% 37%

28%

Land Cost

Profits

30%

Labour Cost

Material Cost

Breakdown of Cost of Construction in India Vs US (1999) (Source: McKinsey Report, Research@Indiaproperties)

The real estate market was characterized by small players. None of the local developers had a truly national presence and large companies were not fully involved in real estate development. None of the players have Surya. P.S, III Sem, Urban Design

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the financial strength to invest in large-scale development projects. The development of new towns and cities would require huge massive investment and technical expertise that domestic players alone cannot provide. FDI is a route to overcome this hurdle. Allowing FDI in the real estate sector will result in the following advantages: i. It will provide the much-needed investment for the funds-starved sector; ii. It will bring in professional players equipped with expertise in real estate development; iii. The introduction of new technology and quality real estate assets will have a demonstration effect on the local developers; iv. It will lower real estate costs in the long run; v. It will generate employment and revenue; vi. It will improve the quality of related infrastructure.

The active participation of FDI's in the Indian real estate industry has propelled an extensive growth & expansion of the industry, leading to a boom in the real estate investment. Further, enhancing Indian infrastructure & providing a sustainable growth.

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PROBLEMS FACED BY FDI’s IN REAL ESTATE SECTOR India is widely regarded as an ‘underperformer’ when it comes to attracting foreign direct investment (FDI), particularly in comparison with China and the rest of East Asia. However, there are major differences in the definition of FDI and the interpretation of FDI data. Foreign Direct Investment (FDI) flows are usually preferred over other forms of external finance because they are non-debt creating, non-volatile and their returns depend on the performance of the projects financed by the investors. India is, moreover, a multi-cultural society and a large number of multinational companies (MNC) do not understand the diversity and the multi-plural nature of the society and the different stakeholders in this country. Success in India will depend on the correct estimation of the country's potential, underestimation of its complexity or overestimation of its possibilities can lead to failure. While calculating, due consideration should be given to the factor of the inherent difficulties and uncertainties of functioning in the Indian system. Though in several cases, the foreign investor is discouraged even before he seriously considers a project, 220 of the Fortune 500 companies have some presence in India and several surveys (JBIC, Japan Exim bank, A T Kearney) show India as the most promising and profitable destination. On the other hand China is viewed as ‘more business oriented,’ its decisionmaking is faster and has more FDI friendly policies. Policy Framework Most of the problems for investors arise because of domestic policy, rules and procedures and not the FDI policy its rules and procedures. The FDI policy, which has a lot of positive features, is summarized first, before highlighting the domestic policy related difficulties that are commonly the focus of adverse comment by investors and intermediaries FDI Policy India has one of the most transparent and liberal FDI regimes among the emerging and developing economies.8 By FDI regime we mean those restrictions that apply to foreign nationals and entities but not to Indian nationals and Indian owned entities. The differential treatment is limited

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to a few entry rules spelling out the proportion of equity that the foreign entrant can hold in an Indian (registered) company or business. Domestic Policy The Urban Land Ceiling Acts and Rent Control Acts in States are a serious constraint on the entire real estate sector. These Acts need to be repealed if a construction boom is to be initiated that would reverse the decline in overall investment, attract FDI, generate employment and make rental accommodation available to the poor. The Centre has already repealed the Urban Land Ceiling Act but each State has to issue a notification to repeal the Act in that State. Rent Control is a State subject and each State would have to reform its Rent control Act. Image and Attitude Though economic reforms welcoming foreign capital were introduced in the nineties it does not seem so far to be really evident in our overall attitude. There is a lingering perception abroad that foreign investors are still looked at with some suspicion. There is also a view that some unhappy episodes in the past have a multiplier effect by adversely affecting the business environment in India. When a foreign investor considers making any new investment decision, it goes through four stages in the decision making process and action cycle, namely, (a) screening, (b) planning, (c) implementing and (d) operating and expanding. The biggest barrier for India is at the first, screening stage itself in the action cycle. “Often India looses out at the screening stage itself” (BCG). This is primarily because we do not get across effectively to the decision-making “board room” levels of corporate entities where a final decision is taken. Our promotional effort is quite often of a general nature and not corporate specific.

DISADVANTAGES Increased inflow of estate investments in India arising out of flexible FDI policies will have a direct impact on the real restate scenario of India. More and more of NON Resident Indians are interested in investing in India. More investments mean more job opportunities and more jobs means more workforces. This has created a huge demand and supply gap in housing in India. Surya. P.S, III Sem, Urban Design

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Huge inflows in real estate has led to a boom in the sector, but completely disconnected from local economic fundamentals. The current scenario is that of the dusty suburbs of Bangalore, Delhi and Mumbai with high rises that have no reliable power or water supply, battered roads if at all, no public transport, and these houses command huge prices. How sustainable are half a million dollar apartments in a country with an average wage of about $1000 (a year)? Sure there are rich people in poor countries. May be enough to keep things going merrily forever, maybe not. Also, the growth, whatsoever has only been limited to Tier-I cities. The tier 2 cities are getting increasingly prominent in the press but it will still be awhile before they compete with tier I cities for the FDI investments. It is required that there are policies proposed which cater to lower entry cost cities for real estate investment than to make real estate pitches for high FDI investment. Else, given the fizz going out of the global markets, the Indian bubble may probably be short lived too.

PROJECTS WHERE FDI HAS PLAYED AN IMPORTANT ROLE PROJECT I – 100 ACRES RESIDENTIAL TOWNSHIP IN GURGAON

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After a year of opening the gates to foreign direct investments this was the first real estate project approved by Foreign Investment promotion board. The project has reached in the initial stage of making a master plan and they already launched for the overseas market. The township is developing on a 100 acre land and it will have pre-built plotted housing and condominiums, healthcare, education and entertainment facilities. The township is constructed as a self-contained township. About four per cent of the space is commercial while the remaining is residential. The project is targeted at both domestic and international buyers. Feedback ventures Ltd has tied up with Malaysia based real estate Company for the project costing Rs 800 Crores. The project will have 74 per cent of equity coming from Malaysia and the Middle East. The Malaysian equity will be put in by two companies Westport and Kontur Bintang while the Middle East investment will be made by Tricolour Investments. The remaining 26 per cent equity will be from Feedback Ventures and the Dalmiya group. The total equity in the project would be Rs 100 crore and the remaining funds are likely to come in as advance payment from the customers. These kinds of large scale projects would not be raise without the FDI’s and a country like India is able to do it because of these benefits.

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PROJECT II– PROJECTS UNDER MANTRI DEVELOPERS Morgan Stanley has invested $68 million in Mantri Developers. On an average, the fund looks at a return of more than 30 per cent annually. The company has interests in both commercial and residential projects. It plans to diversify into shopping malls, hotels, hospitals and education centres. It has ongoing residential and commercial projects in Mumbai's suburbs - the Oberoi Mall in Goregaon, Oberoi Chambers and Garden Estate in Andheri, among others. Bangalore-based Mantri Developers’ retail real estate push has got Rs 310 crore investment in 2007. The company has taken up six projects totaling 12 million square feet in Bangalore and expected to launch projects in Chennai (one million square feet) and Hyderabad (two million square feet) this year. The projects include • The mall on Sampige Road which is an 8 lakh square feet project and houses a multiplex, hypermarket and a few large department stores in addition to branded retail stores. • The mall at J P Nagar which is expected to house well known brands. • 1.5 million square feet IT park in Pune. Now, with the chance to capitalize on the country's increasingly free markets, investors like Morgan Stanley Real Estate are extending their Asian reach into India real estate. There are a lot of advantages to being in the Indian market. India's factory and labor costs are often lower than China's, its government more business-friendly and its secondary real estate markets particularly retail and industrial are growing rapidly. For example, some 200 shopping malls are expected to be built by the end of this year, or about 90 million square feet of retail space. And with some of the half-billion people under the age of 25 entering the workforce this year, a boom in office and residential developments isn't far behind.

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PROJECT III– SEVEN TOWNSHIPS OF DLF DLF sold 49 per cent stake in its seven townships to Merrill Lynch and Brahma Investments to raise Rs 1,675 crore. Merrill Lynch will pay Rs.1481 crore ($375 million) to acquire a 49 percent equity stake in seven projects being built by DLF. In a separate transaction, Brahma Investments will be buying 49 percent stake in a middle-income housing project at Panchkula in Haryana for Rs.194 crore ($49 million). The company will be implementing the mid-income housing projects in Chennai, Banglore, Kochi and Indore. These projects will be developed in seven to eight years.

PROJECT IV– IREO UPTOWN GURGAON Encouraged by the success of maiden project, The Grand Arch, Ireo, foreign direct investment (FDI) from a private equity fund dedicated to the Indian real estate sector and an integrated real estate development company has launched Ireo Uptown, a new premium development in Gurgaon. Priced at Rs 3,800, per sq ft, the project is offering a wide choice of two, three and four-bedroom apartments spread across five towers. There would be 534 apartments on offer with sizes ranging between 1,430 sq ft and 2,012 sq ft. spread over 11 acres, about 84 per cent of the project would have exquisitely landscaped lawns with abundant greenery and large open spaces. The lawns would have an organic fruit orchard and an herb section aimed at promoting healthy lifestyle for the residents. Situated in Sector 66, near Golf Course Road and close to the Delhi Metro line extension, the premium township would have quick and easy connectivity to Delhi airport and NCR. The project is expected to be ready for occupation by 2012. The complex would have a full feature clubhouse equipped with a gym, swimming pool with a pool-side cafe, a 24×7 coffee bar, squash court, Surya. P.S, III Sem, Urban Design

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snooker room, table tennis, basket ball court, badminton courts, video games room, kids play room, yoga/dance studio, foot reflexology zone, and a multi-purpose party room. Outdoor recreational facilities will include a jogging trail and a fitness walk.

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CONCLUDING REMARKS This paper analyzed the changing patterns of FDI in India. The evolution of FDI has been divided into two waves- ‘First Wave’ covering the period 1975-90 and ‘Second Wave’ covering the period 1991 onwards. The analysis shows that the FDI in India has increased considerably during Second Wave as compared to First Wave. Property prices in India are rising fast, and not just in the biggest cities. As the tech boom spreads across the country, as more Indians buy homes, and as the economy grows at faster than 8% a year, real estate is attracting more investors, many of them from abroad. With its consistent growth performance and abundant high-skilled manpower, India provides enormous opportunities for investment, both domestic and foreign. India is a multi-cultural society and a large number of multinational companies (MNC) do not understand the diversity and the multi-plural nature of the society. Huge inflows in real estate has led to a boom in the sector, but completely disconnected from local economic fundamentals. In this context the question arises “How sustainable are half a million dollar apartments in a country with an average wage of about $1000 (a year)?” The new current and benefits brought by the FDI development in Indian real Estate Sector is not improving the major poor population in India. If there are some schemes allowing this section of population to get benefit from the new real estate developments brought by FDI it would have been better.

REFERENCES 1. Report of the Steering group on Foreign Direct Investment , Planning Commission, Government of India, New Delhi 2. Foreign Direct Investments In Real Estate, Sandesh Savant, Executive Director, Indiaproperties 3. Foreign Direct Investment in India in 1990’s, Trends and issues, R Nagaraj, Economic and Political Weekly, Vol. 38, No. 17 (Apr. 26 - May 2, 2003), pp. 1701-1712

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4. What Is the True Level of FDI Flows to India?, Sadhana Srivastava, Economic and Political Weekly, Vol. 38, No. 7 (Feb. 15-21, 2003), pp. 608610 5. FDI%20net/FDI%20in%20Real%20Estate%20Delhi,Fdi%20in%20Real %20Estate%20in%20Delhi,FDI%20in%20SEZ,FDI%20in%20Industrial %20Park.htm 6. Foreign%20Direct%20investment%20in%20Real%20estate%20in %20India,%20real%20estate%20law%20firm%20India.htm 7. 20Latest%20FDI%20News%20and%20Update%20on%20Property %20Market%20in%20India.htm 8. Anand%20Kulkarni%20And%20Associates%20%20Surveyors,%20Valuers, %20Architects,%20Valuers,%20Engineers.htm 9. Indian%20real%20estate%20%20boom%20or%20bubble %20%20%20%20Property%20Bytes.htm 10.Morgan%20Stanley%20invests%20Rs%20675%20cr%20in%20Oberoi %20Constructions,Indian%20Economy,%20News%20Analysis,%20India %20News%20Online.htm 11.Mantri%20Developers%20retail%20real%20estate%20push%20gets %20bigger.htm 12.Morgan%20Stanley%20Real%20Estate%20Drops%20$68M%20in%20India %20Real%20Estate%20Investment%20%20%20Asia%20%20%20South %20Asia%20from%20AllBusiness.com.htm 13.Ireo%20Launches%20Ireo%20Uptown,%20a%20New%20premium %20Development%20in%20Gurgaon.htm 14.Real%20Estate%20Property%20in%20India%20–%20Buy%20Residential %20Property%20for%20Sale%20–%20NRI%20Properties%20–%20New %20Residential%20Projects%20from%20Builders%20Developers.htm 15.IndiaRealEstate.org%20»%20FDI%20Investments%20in%20Indian %20Real%20Estate%202008.htm 16.DLF%20to%20raise%20$424%20million%20by%20selling%20stakes%20in %20housing%20projects%20to%20private%20equity%20firms%20%20International%20Business%20Times.htm 17.Badal%20lays%20stone%20of%20100-acre%20residential%20township %20near%20city %20 Real%20Estate%20News,%20Property

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%20classified,%20property%20listing,%20realty,%20real%20estate %20India.htm 18.Gurgaon%20Township%20Project%20To%20Get%20Rs%20800-crore %20FDI.htm 19.Merrill%20Lynch%20forms%20JV%20with%20DLF%20in%20India %20%20Indian%20Real%20Estate%20Discussion%20Forum.htm

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