In a move that could help curb hotel room crunch ahead of Commonwealth Games 2010, the government is considering relaxing entry restriction for foreign players in construction of hotels and resorts. It is looking at a proposal to bring down minimum development norm of real estate from existing 50,000 square feet to 20,000 square feet for hotels included in mixed real estate projects. This would set the ground for players with lesser net worth to invest in Indian hospitality sector.
With Commonwealth Games just two years away, the Capital needs 30,000 additional rooms to accommodate an estimated 1.5 lakh tourists. Similarly, other states also require additional rooms to tackle the influx of tourists in India in 2010. According to sources, the department of industrial policy and promotion (Dipp), at present, is considering relaxing entry norms in case of hotels only. However, the Investment Commission had suggested to the government to relax the entry restriction in the entire sector, which includes housing and shopping arcades as well.
Apart from boosting tourism in a major way, the move would also lead to aggressive job creation in the hospitality sector, a highly-placed source in the government said.
More : economictimes.indiatimes.com
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