(Image source from: Singapore’s GIC helping Vatika Group for Residential project})
GIC Private Limited, formerly known as Government of Singapore Investment Corporation joined hands with Vatika Group for a residential project in Gurgaon worth of 2000 crore rupees.
Vatika Group has its presence in Real Estate developments of Commercial, Residential, Hospitality sectors. Vatika Group also have Hotels.
GIC is global investing and development entity has partnered with many organizations across the globe.
Government recently relaxed restrictions in FDI in Real sector. Govt. made minimum built area to 20,000 sq.meters from 50,000 sq.meters and relaxed initial capital to USD 5million, earliar it was USD 10million.
How ever above relaxsation can be enjoyed by Foreign firms if and only if they provide 30% total is given for Low-Cost Affordable way.
AW: Kannamsai
