Himachal Govt to allow FDI in realty

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After FDI in multi brand retail, the Himachal Pradesh government has decided to allow foreign direct investment (FDI) in realty for developing new satellite towns near Shimla, Solan, Dharamsala and Mandi.

Town and Country Planning and Urban Development Minister Sudhir Sharma said that Govt has decided to develop new satellite towns near Shimla, Solan, Dharamsala and Mandi towns and these townships would be developed by private players in joint venture with HIMUDA (Himachal Pradesh Urban Development Authority).

Cabinet Minister believes that new satellite towns would help to decongest the main towns. However, the cabinet has yet to give its nod to FDI in real estate.