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Our Bureau

New Delhi , Feb. 18

THE Government today said that liberalised foreign investment policy would spur house construction while also improving the quality of construction.

Liberalisation of the FDI policy should help in raising flow of foreign investment for setting up new townships, Urban Development Minister, Mr Ghulam Nabi Azad, said at an All India Builders Association of India (BAI) event.

The productivity of the construction sector, which accounts for nearly six per cent of the country's GDP, has been low, he added.

Mr Azad said that contract documents need to be standardised by clearly spelling out the rights and obligations of each partner involved in project execution in unambiguous terms.

This would reduce litigation and improve the credibility of the sector as a whole, he added.

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