建筑/房地产行业是印度经济中最关键的行业之一，因为它对经济具有巨大的乘数效应。该行业是印度第二大就业来源，也是 2020-21 财年印度第二大外国直接投资（FDI）接收行业。房地产行业的任何波动都会直接影响经济增长。
外国直接投资（FDI）在印度建筑业的发展中发挥了至关重要的作用。随着政府致力于优化营商环境，建筑行业的外国直接投资流入量激增。建筑业是印度 GDP 的最大贡献者之一，预计到 2025 年，该行业规模将达到 1.4 万亿美元。
鉴于该行业因巨大的市场需求而对外国投资有着公认的迫切需要，外国直接投资（FDI）渠道已成功吸引了外国投资者对该领域的关注。
2005 年，印度允许在建筑开发领域进行最高 100% 的外国直接投资（FDI），并实行自动审批路径，且附带特定条款和条件，这意味着该领域的外国直接投资无需政府审批。建筑开发领域包括城镇、住房、建筑开发项目领域以及已建成基础设施。
1. 允许外国直接投资的建筑开发领域：城镇、住房及已建成基础设施
根据工业政策与促进部（DIPP）发布的最新政策，即《2020 年综合外国直接投资政策通告》，有关建筑开发领域外国直接投资政策的详情如下：
FDI in Construction-Development Projects
| Sector |
% of Equity/ FDI Cap |
Entry Route |
|
Construction-development projects including development of townships,
construction of residential/commercial premises, roads or bridges, hotels, resorts,
hospitals, educational institutions, recreational facilities, city and regional
level infrastructure, townships
|
100% |
Automatic |
2. 建筑行业外国直接投资的条款与条件
就外国直接投资政策而言，建筑开发项目的每个阶段都将被视为一个独立的项目。投资须遵守以下条件：
- 投资者可在项目完工后，或在主干基础设施（即道路、供水、路灯、排水和排污系统）开发完成后获准退出。
- 项目的完工认定将依据当地附例/规则以及邦政府的其他相关法规执行。
- 此外，对于城镇、商场/购物中心和商务中心的运营与管理，允许通过自动审批路径进行 100% 的外国直接投资。
外国投资完成后，也允许将受资公司的所有权和/或控制权从居民转移给非居民。
然而，投资适用 3 年的锁定期，该期限将根据每一笔外国直接投资分期计算。因此，在此期间内，不得转让不动产或其部分。
- 外国投资者可以在项目完工前通过自动审批路径退出项目并汇回外国投资。但前提是必须已满足根据每一笔外国投资分期计算的 3 年锁定期。
此外，非居民之间进行的股权转让（不涉及投资汇回）不受任何锁定期限制，也无需事先获得印度储备银行（RBI）的批准。
注：
以下情况也不适用 3 年锁定期：
- 酒店与旅游度假村、
- 医院、
- 经济特区、
- 教育机构、
- 养老院以及非居民印度人（NRI）的投资。
- 项目应符合相关邦政府/市政/地方机构的建筑控制法规、附例、规则及其他规定中所规定的规范和标准，包括土地使用要求以及社区便利设施和公共设施的配置。
- 印度受资公司仅获准出售已开发的土地。
“Developed Plot” means where trunk infrastructure i.e. roads, water supply, street lighting, drainage and sewerage, have been made available.
- Indian Investee Company is responsible for obtaining all approvals including following:
- Approval for 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/bye- laws/regulations of the State Government/Municipal/Local government bodies.
- The State Government/Municipal/Local Body concerned, which approves the building/development plans, will monitor compliance of the above conditions by the developer.
- “Transfer", in relation to FDI policy on the sector, includes—
- The sale, exchange or relinquishment of the asset
- The extinguishment of any rights therein
- The compulsory acquisition thereof under any law
- Any transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882 (4 of 1882)
- Any transaction, by acquiring shares in a company or by way of any agreement or any arrangement or in any other manner whatsoever, which has the effect of transferring, or enabling the enjoyment of, any immovable property.
- It is important to note that, It has been clarified that real-estate broking service does not amount to real estate business and 100% foreign investment is allowed in the activity under automatic route.
3. Sectors where FDI is not permitted
- As per Consolidated FDI Policy, FDI is not permitted in an entity which is engaged or proposes to engage in:
- real estate business,
- construction of farmhouses and
- trading in transferable development rights (TDRs).
- As per Clause 5.1 of FDI policies, these sectors are prohibited for FDI.
- “Real estate business” means dealing in land and immovable property with a view to earning profit there from and it does not include construction and development of following:
- Townships,
- residential/ commercial premises
- Roads or bridges
- Educational institutions
- Recreational facilities
- City and regional level infrastructure, townships.
- However the earning of rent/ income on lease of the property, not amounting to transfer, does not amount to ‘Real Estate Business’.
