Summer Training Project Report 200

“International Finance in
Development of Integrated
Township in India”

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9

Project Introduction:

In India, Real estate is one of the fastest growths in different

business sector. The popularity of Township is more and more. Many
states have a policy regarding township development. Due to
inadequacy of domestic fund foreign funds plays a significant role in
funding in township development. Government also realizes that the
importance of foreign funds it makes diff policy for acquiring foreign
funds.

International finance plays a significant role in the development of

Integrated Township in India. It is an integral part of the sources of
funds for real estate Company’s who plans to developed Integrated
Township. Advantages of foreign funds for township development
can be enjoyed to full extent through various Government policies
and international investment architecture.

The inflow of International funds helps the developing countries to

develop a transparent, broad, and effective policy environment for
investment issues as well as, builds human and institutional
capacities to execute the same.

Government realize that the significant of foreign investment for the

economic development of the country. So, it makes different policy
for acquiring foreign funds, removes complexities and many
restriction regarding foreign investment. Since 2003, 100% FDI for
Integrated Township development under automatic route has been
allowed.

Scope of the Study:

The topic of the study is “International Finance in development of

Integrated Township in India”. The scope of the study would include:
• Township developed in different states in India.
• International finance funds policy in India ( FDI,ECB)
• Housing & Real Estate (which include township, commercial
place, multiplex etc) FDI inflow in India.

Integrated Township:

Integrated townships have essentially been housing projects

offering a combination of row houses, villas, bungalows and group
housing—all with essential urban infrastructure and amenities— at
differential price points to consumers. Today, townships have
evolved to include all the ancillary facilities like commercial

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premises, hotels, recreational and retail services, along with other
amenities. However, there is no standard definition of integrated
townships from a regulatory standpoint.

Township is to be a self-
contained town having
all the modern civic
amenities required by
city – dwellers like
power, water, roads,
garbage management,
hospital, school, parks,
swimming pools,
recreation centre, gym,
ground for outdoor
games, restaurant,
hotel, shopping mall,
cinema hall, auditorium,
higher learning institute,
transport facilities etc it would not depend on the Government for
amenities.

As per Government definition "Integrated Township includes

housing, commercial premises, hotels, resorts, city and regional
level urban infrastructure facilities such as roads and bridges and
mass rapid transit systems. Development of card and allied
infrastructure forms an integrated part of township development."

William Rattazzi, CEO-

Residential, Emaar MGF
land, explain township as
a place designed to create
a lifestyle, taking into
consideration all the
needs of the end-user.
And yes, they have to be
sustainable — not just
environmentally but also
with respect to the fabric
of the society. “They are
the way for the future,” he
adds.

The township format, although it’s been around for a while, is still
not a unified one across the country. This lack of common definition
the size of integrated townships can vary from as small as only 25
acres to some as large as 3,000 acres or more. It all depends on a

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developer’s ability to buy land and the rate at which he gets it.
However, individual state governments and planning authorities
have specified key prerequisites for a project to be called a
township.

In Gurgaon (Haryana),
Maharashtra and
Bengaluru, the minimum
area for a township
project is 100 acres.
Besides, there are other
norms like minimum road
width, percentage of land
usage, etc specified by
the authorities.
Depending on size, a
township project is
expected to provide
certain social infrastructure and ancillary facilities as well. For
example, all townships must provide schools and basic medical care
facilities, while those above 1,000 acres in size must provide a
college as well.

Most of the township developer had taken loan from certain bank
within India and foreign counties. Foreign Direct Investment (FDI) in
India has registered growth in terms of both FDI flows in India and
outflow from India. The FDI statistics and data are evident of the
materialization of India as both a potential investment market for
township construction planning, residential property, and
commercial property, hotel projects, IT Park and investing country.
To take foreign loans there are certain rules and policy to be
followed by the developers through automatic route or approval
route.

India top township city:

Property Samachar- India Real Estate News had published t some of

the top 10 Integrated Township destination cities in India. These top
integrated township destination cities of India are:
• Bangalore
• Delhi- NCR
• Mumbai
• Lucknow
• Kolkata
• Jaipur
• Chandigarh

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• Chennai
• Pune
• Panipat

Two main instruments to acquired foreign funds for

Township Development:

Since the setting up of township in India many builders and

developers had take foreign funds for building township. Foreign
funds are gaining popularity in many of builders and developers in
India. In order to get foreign funds there are two main types of
instrument which are to be followed by builders and developers. The
two main instruments are ECB and FDI:

ECB (External Commercial Borrowings):

External Commercial Borrowings (ECB) are defined to include

commercial bank loans, buyers' credit, suppliers' credit, securitized
instruments such as Floating Rate Notes and Fixed Rate Bonds etc.,
credit from official export credit agencies and commercial
borrowings availed from non-resident lenders with minimum
average maturity of 3 years.

Eligible borrowers can raise ECB from internationally recognized

sources such as (i) international banks, (ii) international capital
markets, (iii) multilateral financial institutions (such as IFC, ADB,
CDC, etc.,), (iv) export credit agencies, (v) suppliers of equipment,
(vi) foreign collaborators, and (vii) foreign equity holders (other than
erstwhile Overseas Corporate Bodies).

Indian companies registered under the Companies Act, 1956 are

permitted to raise ECBs up to US $ 500 million from reputed lenders
in any one financial year (April to March). Financial intermediaries
like banks, financial institutions, housing finance companies, NBFCs,
Trusts, Non-Profit making Organizations (NPOs),
Proprietorship/Partnership Concerns and Individuals are not eligible
to raise ECBs under automatic route.

ECB Policy for the purpose of developing Integrated

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Township:

Amount and maturity:

Corporate can avail of ECB of an additional amount of USD 250

million with average maturity of more than 10 years under the
approval route, over and above the existing limit of USD 500 million
under the automatic route, during a financial year. Other ECB
criteria, such as end-use, recognized lender, etc. need to be
complied with. Prepayment and call/put options, however, would not
be permissible for such ECB up to a period of 10 years.

The ECB Policy Changes:

1) RBI had withdrawn the exemption accorded to the

development of integrated township as a permissible end-use
of ECB. It has been decided to permit corporate engaged in
the development of integrated township, as defined in Press
Note 3 (2002 Series) dated January 04, 2002 issued by the
Ministry of Commerce & Industry, to avail of ECB under the
Approval Route of RBI.(May 2007)
2) The ECB Policy was modified in May 2008 to allow the
infrastructure companies to raise up to $100 million from
overseas markets at comparatively lower interest rates. (May
2008).
3) The previous limit of USD 20 million for Rupee expenditure for
permissible end-users under the Approval route was hiked to
USD 50 million. (May 2008).
4) Considering the huge funding requirement in infrastructure
sector, the borrowers in the infrastructure sector were allowed
to raise up to USD 500 million per year from previous USD 100
million, under the Approval Route.(September 2008)
5) The definition of ‘Infrastructure’ sector was expanded to
include’ mining, exploration and refinery’ sector. Therefore,
the infrastructure sector will be defined in the ECB policy as 1)
power 2) telecommunication 3) railways 4) road including
bridges 5) sea port and airport 6) industrial parks 7) urban
infrastructure (water supply, sanitation and sewage projects)
8) mining, exploration and refining.(October 2008).
6) The RBI allows ECB in real estate projects involving integrated
townships of 100 acres or more. In real estate projects, a
large portion of money is required for land acquisition, which
is classified as working capital. But end-use restrictions like

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not allowing ECB money to be used for working capital take
away its attractiveness.

Eligibility:

The minimum area to be developed should be 100 acres subject to

local rules. In the absence of local rules and bye-laws at least 2,000
dwelling units for a population of 10,000 needs to be built.
Integrated township includes housing, commercial premises, hotels,
resorts and city and regional level urban infrastructure.

RBI had permitted real estate companies to raise funds through ECB
window for integrated townships late last year to boost activity in
the housing sector and fight domestic credit crunch. On review of
the prevailing condition, it has been decided to extend the
permission up to December 31, 2009, under approval route. The
credit market had been tight since the fall of US investment bank
Lehman Brothers past September 2008. But none of the domestic
real estate players looked at the ECB option to raise funds after RBI
eased the norms. DLF is possibly the first player in the real estate
space to explore this route.

FDI (Foreign Direct Investment):

Meaning:

The simplest explanation of FDI would be a direct investment by a

corporation in a commercial venture in another country. A key to
separating this action from involvement in other ventures in a
foreign country is that the business enterprise operates completely
outside the economy of the corporation’s home country.

The definition of FDI originally meant that the investing corporation

gained a significant number of shares (10 percent or more) of the
new venture. In recent years, however, companies have been able
to make a foreign direct investment that is actually long-term
management control as opposed to direct investment in buildings
and equipment.

Foreign Direct Investment (FDI) has been recognized as one of the

important drivers of the economic growth of our country.

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Government has, therefore, been making all efforts to invite and
facilitate FDI and investment from Non Resident [NRIs- which also
includes Persons of Indian Origin (PIO)] to complement and
supplement domestic investment.

Foreign Direct Investment in India is allowed through four basic

routes namely, financial collaborations, technical collaborations and
joint ventures, capital markets via Euro issues, and private
placements or preferential allotments.

FDI Policy:

Foreign direct investment is freely allowed in all sectors including

the services sector, except a few sectors where the existing and
notified sectoral policy does not permit FDI beyond a ceiling. FDI for
virtually all items/activities can be brought in through the Automatic
route under powers delegated to the Reserve Bank of India (RBI),
and for the remaining items/activities through Government
approval. Government approvals are accorded on the
recommendation of the Foreign Investment Promotion Board (FIPB).

Policy for Automatic route:

(a) New Ventures

All items/activities for FDI/NRI investment up to 100% fall under the

Automatic route except the following:

(i) All proposals that require an Industrial License which includes:

(a) The item requiring an Industrial License under the Industries

(Development & Regulation) Act, 1951;

(b) Foreign investment being more than 24 per cent in the

equity capital of units manufacturing items reserved for
small scale industries; and

(c) All items which require an Industrial License in terms of the

locational policy notified by Government under the New
Industrial Policy of 1991.

(ii) All proposals in which the foreign collaborator has a

previous/existing venture/tie up in India in the same or allied
field. (DIPP - Press Note No. 18 dated 14.12.1998 of 1998
Series)

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(iii) All proposals relating to acquisition of shares in an existing
Indian company by a foreign/NRI investor.

(iv) All proposals falling outside notified sectoral policy/caps or

under sectors in which FDI is not permitted.

Whenever any investor chooses to make an application to the FIPB

and does not want to avail of the automatic route, he or she may do
so.

Investment in public sector units as also for EOU/EPZ/EHTP/STP

units would also qualify for the automatic route. Investment under
the automatic route shall continue to be governed by the notified
sectoral policy and equity caps and RBI will ensure compliance of
the same. The National Industrial Classification (NIC) 1987 shall
remain applicable for description of activities and classification for
all matters relating to FDI/NRI investment:

RBI has granted general permission under Foreign Exchange

Management Act (FEMA) in respect of proposals approved by the
Government. Indian companies getting foreign investment approval
through FIPB route do not require any further clearance from RBI for
the purpose of receiving inward remittance and issue of shares to
the foreign investors. Such companies are, however, required to
notify the Regional office concerned of the RBI of receipt of inward
remittances within 30 days of such receipt and to file the required
documents with the concerned Regional offices of the RBI within 30
days after issue of shares to the foreign investors.

For inward remittance and issue of shares to NRI up to 100 per

cent equity also, prior permission of RBI is not required. These
companies have to file the required documents with the concerned
Regional offices of RBI within 30 days after the issue of shares to
NRIs.

(b) Existing Companies

1) Besides new companies, automatic route for FDI/NRI investment

is also available to the existing companies proposing to induct
foreign equity. For existing companies with an expansion
programme, the additional requirements are that:

i) Increase in equity level must result from the expansion of the

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equity base of the existing company without the acquisition of
existing shares by NRI/foreign investors.

ii) Money to be remitted should be in foreign currency.

iii) Proposed expansion programme should be in the sector(s)

under automatic route. Otherwise, the proposal would need
Government approval through the FIPB. For this the proposal
must be supported by a Board Resolution of the existing Indian
company.

2) For existing companies without an expansion programme, the

additional requirements for eligibility for automatic approval are:

i) They are engaged in the industries under automatic route.

ii) Increase in equity level must be from expansion of the equity

base.

iii) Foreign equity must be in foreign currency.

3) The earlier SEBI requirement, applicable to public limited

companies, that shares allotted on preferential basis shall not be
transferable in any manner for a period of 5 years from the date of
their allotment has now been modified to the extent that not more
than 20 per cent of the entire contribution brought in by promoter
cumulatively in public or preferential issue shall be locked-in.

4) The automatic route for FDI and/or technology collaboration

would not be available to those who have or had any previous joint
venture or technology transfer/trade mark agreement in the same
or allied field in India.

5) Equity participation by international financial institutions such as

ADB, IFC, CDC, DEG, etc. in domestic companies is permitted
through automatic route subject to SEBI/RBI regulations and sector
specific cap on FDI.

Procedure of Automatic Approval for New & Existing

Companies:

The proposals for approval under the automatic route are to be

made to the Reserve Bank of India in the FORM FC (RBI) (Paragraph
10B.2) form. In a major drive to simplify procedures for foreign
direct investment under the ‘automatic route’, RBI has given

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permission to Indian Companies to accept investment under this
route without obtaining prior approval from Reserve Bank of India.
However, investors are required to notify the concerned Regional
offices of RBI of receipt of inward remittances within 30 days of such
receipt and will have to file the required documents with the
concerned Regional office of the RBI within 30 days after issue of
shares to foreign investors. This facility is available to NRI
investment also.

Policy for Government Approval:

All activities which are not covered under the automatic routes
cited above. Government approvals for FDI/NRI through the FIPB
(Foreign Investment Promotion Board) shall be necessary.
Areas/sectors/activities hitherto not open to FDI/NRI investment
shall continue to be so unless otherwise decided and notified by
Government. Any change in sectoral policy/sectoral equity cap is
notified from time to time by the Secretariat for Industrial
Assistance (SIA) in the Department of Industrial Policy & Promotion.

For greater transparency in the approval process, Government

has announced guidelines for consideration of FDI proposals by the
FIPB. The guidelines are stated in Annexure-III. The sector specific
guidelines for FDI and Foreign Technology Collaborations are stated
in Annexure IV.

Procedure for obtaining Government Approval:

(i) All proposals for foreign investment requiring Government

approval are considered for approval by the Foreign Investment
Promotion Board (FIPB). The FIPB also grants composite approvals
involving foreign investment/foreign technical collaboration.

(ii) For seeking the approval applications in form FC-IL for FDI other
than NRI Investments and 100% EOU should be submitted to the
Department of Economic Affairs (DEA), Ministry of Finance

(iii) FDI applications with NRI Investments and 100% EOU should be
submitted to the Entrepreneur Assistance Unit (EAU) of Secretariat
of Industrial Assistance (SIA), Department of Industrial Policy &
Promotion.

(iv) Plain paper applications carrying all relevant details are also
accepted. No fee is payable. The following information should form
part of the proposals submitted to FIPB: -

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(a) Whether the applicant has had or has any previous/existing
financial/technical collaboration or trade mark agreement
in India in the same or allied field for which approval has
been sought; and
(b) If so, details thereof and the justification for proposing the
new venture/technical collaboration (including trade
marks).
(v) Applications can also be submitted with Indian Missions
abroad who will forward them to the Department of Economic
Affairs for further processing.
(vi) Foreign investment proposals received in the DEA are placed
before the Foreign Investment Promotion Board (FIPB) within 15
days of its receipt. The recommendations of FIPB in respect of
project proposals involving a total investment of up to Rs. 6 billion
are considered and approved by the Finance Minister. Projects with
a total investment exceeding Rs. 6 billion are submitted to the
Cabinet Committee on Economic Affairs (CCEA) for decision.
(vii) The decision of the Government in all cases is usually
conveyed by the DEA within 30 days.

Eligibility for Investment in India:

A person resident outside India (other than a citizen of

Pakistan) or an entity incorporated outside India, (other than an
entity incorporated in Pakistan) can invest in India, subject to the
FDI Policy of the Government of India. A person who is a citizen of
Bangladesh or an entity incorporated in Bangladesh can invest in
India under the FDI Scheme, with the prior approval of the FIPB.

Overseas Corporate Body (OCB) means a company,

partnership firm, society and other corporate body owned directly or
indirectly to the extent of at least sixty per cent by Non-Resident
Indians and includes overseas trust in which not less than sixty per
cent beneficial interest is held by Non-Resident Indians, directly or
indirectly, but irrevocably. OCBs have been de-recognised as a class
of investors in India with effect from September 16, 2003. Erstwhile
OCBs which are incorporated outside India and are not under
adverse notice of Reserve Bank can make fresh investments under
the FDI Scheme as incorporated non-resident entities, with the prior
approval of Government of India if the investment is through
Government Route; and with the prior approval of Reserve Bank if
the investment is through Automatic Route.

Prohibition on investment in India:

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i) Foreign investment in any form is prohibited in a company or a
partnership firm or a proprietary concern or any entity, whether
incorporated or not (such as, Trusts) which is engaged or proposes
to engage in the following activities:

a) Business of chit fund, or

b) Nidhi company, or
c) Agricultural or plantation activities, or
d) Real estate business, or construction of farm houses, or
e) Trading in Transferable Development Rights (TDRs).

ii) It is clarified that “real estate business” does not include

development of townships, construction of residential / commercial
premises, roads or bridges educational institutions, recreational
facilities, city and regional level infrastructure, townships. It is
further clarified that partnership firms /proprietorship concerns
having investments as per FEMA regulations are not allowed to
engage in print Media sector.

iii) In addition to the above, investment in the form of FDI is also

prohibited in certain sectors such as

a) Retail Trading (except single brand product retailing)

b) Atomic Energy
c) Lottery Business
d) Gambling and Betting
e) Business of chit fund
f) Nidhi company
g) Trading in Transferable Development Rights(TDRs)
h) Activities / sectors not opened to private sector investment
i) Agriculture (excluding Floriculture, Horticulture, Development of
seeds, Animal Husbandry, Pisciculture and cultivation of vegetables,
mushrooms, etc. under controlled conditions and services related to
agro and allied sectors) and Plantations (other than Tea Plantations)

Type of instruments:

i) Indian companies can issue equity shares, fully and mandatory

convertible debentures and fully and mandatory convertible
preference shares subject to pricing guidelines / valuation norms
prescribed under FEMA Regulations.

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ii) Issue of other types of preference shares such as, non-
convertible, optionally convertible or partially convertible, have to
be in accordance with the guidelines applicable for External
Commercial Borrowings (ECBs).Since these instruments are
denominated in rupees, the rupee interest rate will be based on the
swap equivalent of London Interbank Offered Rate (LIBOR) plus the
spread permissible for ECBs of corresponding maturity.

iii) As far as debentures are concerned, only those which are fully
and mandatory convertible into equity, within a specified time
would be reckoned as part of equity under the FDI Policy.

FDI in Development of Integrated Township:

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 2001, FDI in this sector was
permissible with prior Government Approval (DIPP PN No.4 (2001
series) in townships, housing, built-up infrastructure and
construction-development project (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 fulfillment of conditions
prescribed in Department of Industrial Policy & Promotion Press
Note No.2 (2005 Series) dated 03.03.2005.

“As on date, Central Government permitted setting up integrated

townships at the following places:- 1) Gurgaon (Haryana), 2)
Hyderabad (Andhra Pradesh)(two projects) 3) Mohali (Punjab), 4)
Chennai (Tamil Nadu), 5) Bangalore (Karnataka), 6) Kolkata (West
Bengal)”

Condition for development of Integrated Township:

1) The foreign company intending to invest, shall be registered

as an Indian Company under Companies Act 1956 and will
henceforth be allowed to take up land assembly and its
development as a part of Integrated Township Development. All
such cases would be processed by FIPB on the recommendation of
Ministry of Urban Development & Poverty Alleviation and other
concerned Ministries / Departments. Ministry of Urban Development

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& Poverty Alleviation will develop an exclusive cell to deal with such
cases.

2) The core business of the company seeking to make

investment should be integrated township development with a
record of successful execution of such projects elsewhere.

3) The minimum area to be developed by such a company

should be 100 acres for which norms and standards are to be
followed as per local bylaws / rules. In the absence of such bylaws /
rules, a minimum of 2000 (two thousand) dwelling units for about
10000 (ten thousand) population will need to be developed by the
investor.

4) The investing Foreign Company should achieve clear

milestones once their proposal has been approved.

5) Conditions regarding the use of land for commercial purposes,

development charges, external development charges and other
charges as laid down in Master Plan / Bylaws, preparation of layout
and building plan, development of internal and peripheral
development, development of other infrastructure facilities
including the trunk services etc., will be the responsibility of the
investor as per planning norms and standards on similar lines as
those applicable to local investors. In the absence of such
standards and norms, every State Government may decide their
own conditions for which the Urban Development Plan Formulation
and Implementation guidelines circulated by the Ministry of Urban
Development & Poverty Alleviation may serve as a guiding principle.

6) Land with assembled area for peripheral services such as

police stations, milk booths will be handed over free of cost to the
Government / local authority / agency as the case may be.

7) The Developer will retain the lands for community services

such as (i) schools (ii) shopping complex (iii) community centres (iv)
ration shop (v) hospital / dispensary. These services will be
developed by developer himself and shall be made operational
before the houses are occupied.

8) The developer, after properly developing playgrounds, park,

will make it available to the local authorities free of cost.

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9) The developer will ensure the norms and standards as
applicable under local laws / rules.

10) Complete at least 50% of the integrated project within five

years from the date of obtaining all clearances.

11) Do not repatriate original investment before three years from

completion of minimum capitalization. Early exits require prior
approval of the Foreign Investment and Promotion Board.

Advantages of Foreign Direct Investment:

Attracting foreign direct investment has become an integral part of
the economic development strategies for India. FDI ensures a huge
amount of domestic capital, production level, and employment
opportunities in the developing countries, which is a major step
towards the economic growth of the country. FDI has been a
booming factor that has bolstered the economic life of India, but on
the other hand it is also being blamed for ousting domestic inflows.
FDI is also claimed to have lowered few regulatory standards in
terms of investment patterns. The effects of FDI are by and large
transformative. The incorporation of a range of well-composed and
relevant policies will boost up the profit ratio from Foreign Direct
Investment higher. Some of the biggest advantages of FDI enjoyed
by India have been listed as under:

Economic growth- This is one of the major sectors, which is

enormously benefited from foreign direct investment. A remarkable
inflow of FDI in various industrial units in India has boosted the
economic life of country.

Trade- Foreign Direct Investments have opened a wide

spectrum of opportunities in the trading of goods and services in
India both in terms of import and export production. Products of
superior quality are manufactured by various industries in India due
to greater amount of FDI inflows in the country.

Employment and skill levels- FDI has also ensured a

number of employment opportunities by aiding the setting up of
industrial units in various corners of India.

Technology diffusion and knowledge transfer- FDI

apparently helps in the outsourcing of knowledge from India
especially in the Information Technology sector. It helps in
developing the know-how process in India in terms of enhancing the
technological advancement in India.

Linkages and spillover to domestic firms- Various foreign

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firms are now occupying a position in the Indian market through
Joint Ventures and collaboration concerns. The maximum amount of
the profits gained by the foreign firms through these joint ventures
is spent on the Indian market.

Disadvantages of FDI in India:

The disadvantages of foreign direct investment occur mostly in case

of matters related to operation, distribution of the profits made on
the investment and the personnel. One of the most indirect
disadvantages of foreign direct investment is that the economically
backward section of the host country is always inconvenienced
when the stream of foreign direct investment is negatively affected.

The situations in countries like Ireland, Singapore, Chile and China

corroborate such an opinion. It is normally the responsibility of the
host country to limit the extent of impact that may be made by the
foreign direct investment. They should be making sure that the
entities that are making the foreign direct investment in their
country adhere to the environmental, governance and social
regulations that have been laid down in the country.

The various disadvantages of foreign direct investment are

understood where the host country has some sort of national secret
– something that is not meant to be disclosed to the rest of the
world. It has been observed that the defense of a country has faced
risks as a result of the foreign direct investment in the country.

At times it has been observed that certain foreign policies are

adopted that are not appreciated by the workers of the recipient
country. Foreign direct investment, at times, is also
disadvantageous for the ones who are making the investment
themselves.

Foreign direct investment may entail high travel and

communications expenses. The differences of language and culture
that exist between the country of the investor and the host country
could also pose problems in case of foreign direct investment.

Yet another major disadvantage of foreign direct investment is that

there is a chance that a company may lose out on its ownership to
an overseas company. This has often caused many companies to
approach foreign direct investment with a certain amount of
caution.

At times it has been observed that there is considerable instability

in a particular geographical region. This causes a lot of

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inconvenience to the investor.

The size of the market, as well as, the condition of the host country
could be important factors in the case of the foreign direct
investment. In case the host country is not well connected with their
more advanced neighbors, it poses a lot of challenge for the
investors.

At times it has been observed that the governments of the host

country are facing problems with foreign direct investment. It has
less control over the functioning of the company that is functioning
as the wholly owned subsidiary of an overseas company.

This leads to serious issues. The investor does not have to be

completely obedient to the economic policies of the country where
they have invested the money. At times there have been adverse
effects of foreign direct investment on the balance of payments of a
country. Even in view of the various disadvantages of foreign direct
investment it may be said that foreign direct investment has played
an important role in shaping the economic fortunes of a number of
countries around the world.

STATEMENT OF HOUSING & REAL ESTATE FDI INFLOWS:

By using April 2000 as base year, monthly wise FDI inflow in

Housing and Real Estate from June 2008 – June 2009 are as
follows:

Table - 1
Housing & Real Estate Amount FDI Inflows Percentage
(Including Cineplex, Multiples, of total FDI
(Amount in Million)
Integrated Township & inflows (In
Commercial complex etc) Rs)

(In Rs.) (In US$)

April 2000 – June 2008 154,385.46 3,745.32 5.56

April 2000 – July 2008 166,417.79 4,026.28 5.59

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April 2000 – August 2008 179,504.02 4,331.06 5.84

April 2000 – September 2008 179,686.24 4,335.06 5.56

April 2000 – October 2008 189,517.22 4,537.11 5.81

April 2000 – November 2008 189,517.22 4,537.11 5.81

April 2000 – December 2008 197,324.58 4,696.77 5.83

April 2000 – January 2009 217,936.02 5,118.85 6.20

April 2000 – February 2009 224,772.08 5,257.63 6.26

April 2000 – March 2009 237,828.28 5,512.49 6.45

April 2000 – April 2009 255,875.22 5,872.98 6.72

April 2000 – May 2009 265,833.77 6,078.17 6.80

April 2000 – June 2008 295,208.10 6,693.06 7.32

Total Inflow 2,753,806.00 64,741.89

Percentage covered by Housing and Real Estate sector from the

total FDI inflows in India from June 2008 to June 2009.

(April 2000 is used as based year for every month)

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Note: The share of Housing and Real Estate has been increasing
(except in September 2008) from the total inflows of FDI in India.
From April 2000 – June 2008, total FDI inflow is Rs. 154,385.46
millions, it contribute 5.56% of total FDI inflows. But in June 2009
the total inflows are 295,208.10 and it covers 7.32% of total FDI
Inflows.

*The above information is based on DIPP data.

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Sector wise FDI inflows from April 2000 – June 2009

Sl. No Sector Amount in %age to total

Millions (Rs) FDI inflows

1 934,959.28 23.18
Service Sector
2 Computer Software & 406,577.34 10.08
Hardware
3 317,198.97 7.87
Telecommunications
4 295,208.10 7.32
Housing & Real Estate
5 255,030.03 6.32
Construction Activities
6 163,799.91 4.06
Automobile Industry
7 149,073.87 3.70
Power
8 118,558.02 2.94
Metallurgical industries
9 110,797.01 2.75
Petroleum & Natural Gas
10 Chemical( Other Than 99,370.63 2.46
Fertilizers)
11 77,365.75 1.92
Electical Equipments
12 Cement & Gyspum 74,307.17 1.84
Products
13 71,853.67 1.78
Trading
14 66,030.31 1.64
Drugs & Pharmaceuticals
15 65,549.80 1.63
Hotel & Tourism
16 63,629.07 1.58
Ports
17 Information & 63,300.04 1.57
Broadcasting ( Including
Print Media
18 59,919.25 1.49
Consultancy Services
19 Food Processing 36,450.51 0.90
Industries
20 35,457.69 0.88
Electronics
21 Miscellaneus Mechanical 33,707.06 0.84
& Engineering Industriess
22 Textiles( Including Dyed, 30,752.88 0.76

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Printed)
23 30,118.90 0.75
Fermentation Industries
24 Hospital & Diagnostic 27,797.26 0.69
Centres
25 23,997.76 0.60
Mining
26 Paper Nad Pulp 18,672.81 0.46
( Including Paper
Products)
27 18,375.78 0.46
Sea Transportation
28 17,511.77 0.43
Ceramics
29 15,764.12 0.39
Industrial Machinery
30 14,847.01 0.37
Education
31 12,649.07 0.31
Rubber Goods
32 11,692.26 0.29
Machine Tools
33 Diamond, Gold Ornament 11,521.91 0.29
Agriculture Services
34 Medical And Surgical 10,369.63 0.26
Appliances
35 Air Transport ( Including 9,629.23 0.24
Air Freight)
36 9,142.80 0.23
Non-Conventional Energy
37 8,007.73 0.20
Agriculture Service
38 Printing Of Books 6,900.71 0.17
( Including Litho Printing
Industry)
39 Soap, Cosmetics & Toilet 6,768.49 0.17
Preparation
40 6,649.12 0.16
Agiculture Machinery
41 6,098.30 0.15
Glass
42 Vegetable Oils And 6,040.09 0.15
Vanaspati
43 Commercial, Office & 6,011.95 0.15
Household Equipment
44 5,749.34 0.14
Earth -Moving Machinery
45 4,507.34 0.11
Fertilizer
46 Tea And Coffee 3,805.95 0.09

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(Processing &
Warehousing Coffee &
Rubber)
47 Railway Related 3,354.63 0.08
Component
48 Photographic Raw Film 2,580.20 0.06
And Paper
49 Retail Trading ( Single 2,063.83 0.05
Brand)Sugar
50 1,836.64 0.05
Sugar
51 Leather. Leather Goods 1,663.26 0.04
And Pickers
52 1,376.36 0.03
Industrial Instrument
53 667.41 0.02
Timber Products
54 624.80 0.02
Coal Production
55 601.74 0.01
Dye Stuffs
56 511.44 0.01
Scientific Instruments
57 385.80 0.01
Glue And Gelatin
58 Boilers And Steam 238.67 0.01
Generating Plants
59 Pime Mover (Other Than 178.30 0.00
Electrical Generators)
60 Mathematical, Survehing 50.45 0.00
And Drawing Instrument
61 50.17 0.00
Coir
62 6.87 0.00
Defence Industries
63 195,224.97 4.84
Miscellenous Industries
4,032,941.23
Total

Sources: DIPP (Ministry of Commerce and Industry)

State wise Township development information:

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Andhra Pradesh - Township Development
Project Project Location Status Name of Developer Areas (Acres)
Name
Aliens Valley Gachibowli, Hyderabad Ongoing Aliens Developers
Pvt Ltd
Aliens Hub Shamshabad Road, Upcoming Aliens Developers 350 accuired 1200
Hyderabad Pvt Ltd acres is expected to
acquired.
Aliens Space Tellapur, Hyderabad Ongoing Aliens Developers 19
Station I Pvt Ltd
Aliens space International Airport, Upcoming Aliens Developers 64 is planned & 39 has
Station II Hyderabad Pvt Ltd been procured
Aliens Elite Miyapur, Hyderabad Ongoing Aliens Developers
Pvt Ltd
Indu City Bachupally, Hyderabad Upcoming Indu Projects 90
Limited
Indu Skies Shamshabad Upcoming Indu Projects 100
Limited

Gujarat – Township Development

Project Name Project Location Status Name of Developer Areas (Acres)
Sahara City Near River Sabarmati, Ongoing Sahara Infrastructure
Homes Ahmedabad & Housing

Haryana - Township Development

Project Name Project Location Status Name of Developer Areas (Acres)
MVL Rivercity Yamunanagar Upcoming MVL Limited 124
SMARTCITY Alwar Road, Bhiwadi Ongoing Smartcity 600 sites ranging
Developers Pvt Ltd 100,200,300 sq.yds
Escape Nirvana Sector 50, Gurgaon Ongoing Unitech Group 300
Country
Uniworld Resorts Sector 33&48, Gurgoan Ongoing Unitech Group 220
Unitech Karma Gurgaon Ongoing Unitech Group 272
Lakeland
Harmony - Gurgaon Completed Unitech Group 300
Nirvana Country
Ramprastha Vaishali, Ghaziabad Ongoing Ramprastha Builders no info
Greens
Ramprastha NH 24 Bypass Ongoing Ramprastha Builders no info

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Meadows
Mayfield Gardens Gurgaon Completed Orchid Infrastructure 330
Developers Pvt Ltd
Pioneer Park Gurgaon Upcoming Pioneer Urban 75
Nirvana Country Gurgaon Completed Pioneer Urban 223
South City II Gurgaon Completed Pioneer Urban 500
Greenwood City Gurgaon Completed Pioneer Urban 120+
Sahara Grace Gurgaon Completed Sahara Infrastructure
& Housing
Centrum Park Sector 103, Gurgaon Upcoming Indiabulls Real
Estate Limited
The Palm Drive Gurgaon Ongoing Emaar MFG
CHD City Sector 45, Karnal Ongoing CHD Developes no info
Limited
Sushant City Karnal Ongoing Ansal API 350
Green Valley Faridabad Completed RPS Group
Savana Sector 88,Faridabad Ongoing RPS Group
BPTP Parklands Faridabad Ongoing BPTP Limited
Piyush City Palwal Ongoing Piyush Group
Aquapolis Ghaziabad Ongoing Ansal API no info
Sushant City Panipat Ongoing Ansal API 250
Sushant City Kurukshetra Ongoing Ansal API 200
Greenescape Sonepat Ongoing Ansal API 31
Vatika City Ambala Upcoming Vatika Infotech 170
Central
Parsvnath City - Sonepat Completed Parsvnath
Block-A Developers Ltd
Parsvnath City Dharuhera Completed Parsvnath
Dharuhera Developers Ltd
Parsvnath Paliwal Panipat Ongoing Parsvnath
City Developers Ltd
Parsvnath City Karnal Upcoming Parsvnath
Developers Ltd
Parsvnath City Kurukshetra Upcoming Parsvnath
Developers Ltd
Parsvnath City Saharanpur Upcoming Parsvnath
Developers Ltd
Parsvnath City Rohtak Upcoming Parsvnath
Developers Ltd
DLF Garden City Panchkula Upcoming DLF Ltd 200
Ramprastha City - Gurgaon Ongoing Ramprastha Builders 450
The View
Suncity Kaithal Sector-33, Kaithal, Completed Suncity Project Ltd 125
Haryana
Suncity Gurgoan Gurgaon Ongoing Suncity Project Ltd 140
Suncity Rewari Rewari Upcoming Suncity Project Ltd 135
Suncity Rohtak Rohtak Completed Suncity Project Ltd no info

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Suncity Rohtak II Rohtak, Delhi Road Completed Suncity Project Ltd no info

Kerela - Township Development

Project Name Project Location Status Name of Developer Areas (Acres)
Regal County Kochi or Cochin Upcoming Regal Projects

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Karnataka – Township Development

Project Name Project Location Status Name of Developer Area
s
(Acre
s)
Confident Atria Sarjapur, Bangalore Ongoing Confident Group
BCIL Expanse Mysore Ongoing Biodiversity Conservation
India Limited
Vakil Townscape Jigani, Bangalore Ongoing Vakil Housing Development
Corporation
Vakil Hosur Hills Bangalore Ongoing Vakil Housing Development
Corporation
Vakil Garden City Kanakapura, Bangalore Ongoing Vakil Housing Development
Corporation
Brindavan Enclave Bikaner Upcoming Soul Space Projects Limited
Teacher,s Town Sarjapur, Bangalore Complete Concorde Group
d
Concorde Homes Hosur Road, Bangalore Complete Concorde Group
d
Concorde Garden Rajarakeshwarinagar Complete Concorde Group
City d
Concorde Garden Gulbarga Complete Concorde Group
City d
SVD Gardens Chandapura, Anekal Complete Nigama Developers
Road d
Sai Ashirwad Phase I Bangalore Complete Nigama Developers
d
Sai Ashirwad Phase II Bangalore Ongoing Nigama Developers
Primerose Bangalore Ongoing Nigama Developers
S.R.R Exurbia Bangalore Ongoing SRR Homes Pvt. Ltd
S.R.R Meadows – 2 Bangalore Ongoing SRR Homes Pvt. Ltd
The Empyrean Bangalore Ongoing Fire Luxur Developers Pvt.
Ltd
Silver Spings AB Bypass Road, Ongoing Fire Luxur Developers Pvt.
Indore Ltd
Global City Bangalore Ongoing Pathy Housing Pvt
Sky City Hosur, Bangalore Ongoing Pathy Housing Pvt

Maharastra - Township Development

Project Name Project Location Status Name of Developer Areas
(Acres)
Garodia Nagar Ghatkopar East Complete Garodia Group
d
Aamby Valley City Mumbai Complete Sahara Infrastructure &
d Housing
Sahara City Homes Wardha road, Nagpur Ongoing Sahara Infrastructure & 106.65

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Housing acres
Hiranandani Palace Pune Complete Hiranandani Developers Pvt.
Gardens d Ltd
Veena Samruddhi Mumbai Upcoming Veena Developers
Dwarka Chakan-Talegaon Road, Ongoing Naiknavare Developers Pvt.
Pune Ltd
Yashopuram Pimpri-Chinchwad Link Complete Yash Promoters Builders
Road d
Yashomangal Pimpri-Chinchwad Link Complete Yash Promoters Builders
Road d
Yashodhan Pimpri-Chinchwad Link Complete Yash Promoters Builders
Road d

Madhya Pradesh - Township Development

Project Name Project Location Status Name of Developer Areas
(Acres)
Amrapali City Indore Ongoing Amrapali Group
Parsvnath City Ujjain Ongoing Parsvanth Developers Ltd
Parsvnath City Indore Ongoing Parsvanth Developers Ltd
Tricone City Indore Khandwa Road,Indore Ongoing Tricone Projects India Ltd
Indore Greens Indore Ongoing Emaar MFG
Windsor Hills Gwalior Ongoing Assotech Limited
Sahara City Homes Gwalior Ongoing Sahara Infrastructure & 106
Housing acres
Sahara City Homes Indore Ongoing Sahara Infrastructure & 88.51
Housing acres
DLF Garden City Indore DLF Ltd

Punjab - Township Development

Project Name Project Location Status Name of Developer Area
(Acres)
Blue City Ajanala Road, Amritsar Completed Blue City Township &
Colonizers Pvt
Sterling Blues Ajanala Road, Amritsar Ongoing Blue City Township &
Colonizers Pvt
S.G. Enclave Majitha Road, Amritsar Completed Sharma & Ganagahar
Builders & Colonisers Pvt.
Ltd
S.G. Enclave – Phase Majitha Road, Amritsar Completed Sharma & Ganagahar
I Builders & Colonisers Pvt.
Ltd
Global City Amritsar Upcoming Sharma & Ganagahar
Builders & Colonisers Pvt.

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Ltd
Rajgadh Estates Birmi, Ludhiana Completed Munish Promoters &
Developers Pvt.
Shubham Enclave Amritsar Ongoing Satish Estates Pvt. Ltd
Nitesh Vihar Ludhiana Completed Satish Estates Pvt. Ltd
Sector 90,91 SAS Nagar (Mohali) Completed Janta Land Promoters Ltd
Shivalik City Kharar Landran Road Completed Shivalik Group
Shakti Vatika Samana Completed Motia Developers Pvt. Ltd
Shiv Shakti Vatika Barnala Completed Motia Developers Pvt. Ltd
Motia Royal Estate Zirakpur Completed Motia Developers Pvt. Ltd
Jalandhar Vihar Kapurthala Road, Completed PPR Infrastructure Limited
Jalandhar
Greater Kailash Gurdaspur Completed PPR Infrastructure Limited
Ansal Sushant City Ajmer Ongoing Ansal API 125
Dream City Amritsar Upcoming Ambuj Realty Development
Limited
International City Amritsar Ongoing Aeren Enterprises Private
Limited
Queer City Ludhiana Upcoming Aeren Enterprises Private
Limited
Residential Township Ludhiana Upcoming Eldeco Infrastructure &
Poperties
Parsvnath Prideasia Chandigarh Ongoing Parsvanth Developers Ltd
Parsvnath King City Rajpuria,Punjab Completed Parsvanth Developers
Limited
Eldeco Township Jalandhar Upcoming Eldeco Infrastructure &
Poperties
Sushant City Mansa Road, Bathinda Ongoing Ansal API 250
Golf Links Mohali Ongoing Ansal API No info
HBN Sunrise City Bathinda Ongoing HBN Homes Colonisers
Pvt.Ltd
Fairlakes Sector 85, Mohali Ongoing Country Colonisers Private
Limited
Hompton Court Ludhiana Ongoing Ansal API 16
Orchard County Chandigarh Ongoing Ansal API
Uniworld City Mohali Completed Unitech Group 325

Rajasthan - Township Development

Project Name Project Location Status Name of Developer Area

(Acres
)
Adinath City Ajmer Road, Jaipur Upcoming Patni Builders and
Colonisers Ltd

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Hiranandani Palace Jaipur Upcoming Hiranandani Developers Pvt.
Gardens Ltd
Prescon City Jodhpur Ongoing Prescon
Piyush NRI City Jaipur Ongoing Piyush Group
Platinum Greens Jaipur Ongoing Subh Santosh Group
Sushant Lok Jodhpur Ongoing Ansal API 250
bighas
Piyush City Bhiwadi Ongoing Piyush Group
Ansal Sushant City - Jaipur Ongoing Ansal API 500
I approx
Ansal Sushant City - Jaipur Ongoing Ansal API 110
II bighas
Sushant City Jaipur Ongoing Ansal API 12
Vatika Infotech City Jaipur Ongoing Vatika Infotech 800
Parsvnath Narayan Jaipur Ongoing Parsvnath Developers Ltd
City
Parsvnath City (Plot) Jodhpur Completed Parsvnath Developers Ltd
Parsvnath City (Villa) Jodhpur Ongoing Parsvnath Developers Ltd
Parsvnath City Jodhpur Ongoing Parsvnath Developers Ltd
(Floor)

Tamil Nadu - Township Development

Project Name Project Location Status Name of Developer Areas
(Acres
)
MARG Chennai Ongoing MARG Group Ltd
Swarnabhoomi
Adityaram Township Chennai Upcoming Adityaram Properties Pvt.
Ltd
Estancia Chennai Ongoing Arun Excello
Thillana Pallikarani, Chennai Ongoing Arun Excello
Arihant Township Navalur Upcoming Arihant Foundations &
Housing Ltd
The Ferns Off East Coast Road, Ongoing Regaliaa Realty Ltd
Chennai
Bollineni Hillside Mahabalipuram Road, Ongoing BSCPL Infrastructure Ltd
Chennai
Hiranandani Palace Chennai Ongoing Hiranandani Developers Pvt.
Gardens Ltd
Sahara City Homes Coimbatore Ongoing Sahara Infrastructure & 113
Housing
North Town Perambur, Chennai Ongoing Unitech Group 70

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Uttar Pradesh - Township Development

Project Name Project Location Status Name of Developer Area
(Acres
)
Nitishree Shourya Ghaziabad Ongoing Nitishree Infrastructure Ltd
Puram
Hi Tech City Jaipur Ajmer Highway Ongoing Amrapali Group
Sushant Taj City Agra Ongoing Ansal API 500+
Sushant Golf City Lucknow Ongoing Ansal API 5000
Sahara City Homes Lucknow Ongoing Sahara Infrastructure & 200
Housing
Sushant City Meerut Ongoing Ansal API 300+
Sahara Grace Lucknow Ongoing Sahara Infrastructure &
Housing
Megapolis Greater Noida Ongoing Ansal API 2504+
Pushpanjali Meadows Delhi-Mathura Highway Ongoing Pushpanjali Constructions
Pvt. Ltd
Pushpanjali Dwarika Delhi-Mathura Highway Ongoing Pushpanjali Constructions
Pvt. Ltd
Golf Links NH 24, Ghaziabad Upcoming Landcraft Developers Pvt.
Ltd
Techno Apartment Greater Noida Completed Himanshu Developers Ltd
Bhagiratha Vihar Greater Noida Ongoing Himanshu Developers Ltd
Express City Khekra, Baghpat Ongoing Himanshu Developers Ltd
Omaxe Eternity Vrindavan Completed Omaxe Ltd 52
Parsvnath Royale Lucknow Ongoing Parsvnath Developers Ltd
Floors
Capella Uniworld Greater Noida Completed Unitech Group 100
City
Unitech Grande Noida Expressway Completed Unitech Group 347
VISTARA NH-3, Agra, Mumbai Completed Suncity Project Ltd 150
road
Suncity Hi-Tech Ghaziabad Upcoming Suncity Project Ltd 1500
Hi Tech City Mathura Upcoming Suncity Project Ltd 1500
Jaypee Kosmao Noida-Greater Noida Ongoing Jaypee Group 35
Green Expressway

Uttarakhand - Township Development

Project Name Project Location Status Name of Developer Areas
(Acres
)
Supertech Metropolis Rudrapur Ongoing Supertech Limited
NRI Lake City Rudrapur Ongoing Samiah International
Builders Pvt. Ltd

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Eldeco Township Sitarganj Upcoming Eldeco Infrastructure &
Poperties
Alliance City One Rudrapur Ongoing Alliance Nirman Limited

West Bengal - Township Development

Project Name Project Location Status Name of Developer Areas
(Acres
)
Uttorayan Chandmoni Tea Estate, Ongoing Ambuj Realty Development
Siliguri Limited
Hiranandani Palace Kolkata Upcoming Hiranandani Developers Pvt.
Gardens Ltd
Durgapur Township Durgapur Upcoming DLF Ltd 95
Harmony Kolkata Completed Unitech Group 8
Tower
s
extend
to 24
stories

Delhi - Township Development

Project Name Project Location Status Name of Developer Areas
(Acres)
Hiranandani Palace Delhi Upcoming Hiranandani Developers
Gardens Pvt. Ltd
Sushant City Kundli, Ongoing Ansal API 250
Sunshine County Kundli, Ongoing Ansal API
Vatika India Next New Delhi Ongoing Vatika Infotech
DLF Shivaji Marg New Delhi Upcoming DLF Ltd. 200
Westend Greens Completed Orchid Infrastructure 400
Developers Pvt Ltd

States which does not have township

Mizoram

Manipur

Nagaland

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Arunachal Pradesh

Tripura

Assam

Meghalaya

Sikkim

Jammu & Kashmir

Bihar

Chhattisgarh

Goa

Jharkhand

Orissa

Uttaranchal

Conclusion:

In India it can be seen that there are a lot of township being

developed and completed in various states. Some states even have
policy for integrated township in their state for example –
Maharashtra had a policy of 100 acres to be minimum area for
township project.
Since developing a township is a big project most of the Builders
and Developers in India had borrowed loans form foreign counties
and within India. With foreign investment allowed in large
integrated township foreign developers to be getting interest in
such projects. According to recent Cushman & Wakefield report,
integrated township has seen the highest attention from investor
with 28% of private equity investment going to the sector last year.
Foreign funds can be taken through ECB or FDI. In FDI, Indian
companies getting foreign investment approval through FIPB route
do not further clearance from RBI. However, such companies had to
give a report within 30 days after issue of shares to the foreign
investors
RBI had permitted real estate companies to raise funds through ECB
for integrated township. Corporate engaged in the development of
integrated township as defined in Press note 3 ( 2002 series) dated
January 04, 2002issued by DIPP, Ministry of Commerce & Industry,

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Government of India are permitted to avail of ECB under approval
route until June 2009. Om review of the prevailing conditions it has
been extending to permission up to December 31, 2009. None of
the domestic real estate player looked at ECB to raise funds after
RBI eased the norms. DLF is possibly the first player in the real
estate space to explore this route.
In statement of housing & real estate FDI inflow from June 2008 to
June 2009 using April 2000 as based year for every month, it can be
seen that the FDI Inflow in real estate had been increasing month to
month. In June 2008 FDI inflow is 5.56% which result a growth in
7.32% in June 2009. The increased on FDI inflow would result in
economic growth, opportunities in trade, employment, knowledge
transfer etc for the country. However, FDI can negatively affect the
host country too.

Reference:

1) DIPP – Press Note 4 (2001 series), Press Note 3 (2002 series),

Press Note 2 (2005), Press Note No. 2 (2006 series).

2) DIPP (SIA) – Manual on Foreign Direct Investment in India

(2004).

3) RBI - A.P. (DIR Series) Circular No.71.

4) RBI - Master Circular No. 07/2009-10.

5) www.dipp.nic.in

6) www.rbi.org.in

7) www.RealEstateIndiaOnline.com.

8) Different company website (For collecting their Township

project information).

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