The acceptance of FDI in multi-brand retail is likely to accelerate building of shopping centres in the country, said international property consultants Cushman & Wakefield.
In a release Sanjay Dutt, Executive Managing Director, South Asia, Cushman & Wakefield said: “Over the medium- to long-term, the retail sector, real estate industry and end-consumers will benefit from the move and the economy on the whole will gain momentum, depth and size.”
Within the next 12-24 months, international retailers will accelerate their entry strategy. As a result, developers involved in shopping centre development will get a boost and serious players will expand in this space.
“Passage of the FDI Bill reflects the Government’s commitment towards the retail industry. The Bill, when implemented, will help the retail industry take a quantum leap towards the next phase of growth and development,” said Dutt.
More organisations in the industry will mean better structuring and fairer compensation to all stakeholders. “The passing of the Bill will also set up India’s image internationally as a safe and secure retail destination for global brands to enter and expand,” Dutt explained.
The passing of the bill will present India’s image internationally as a safe and secure retail destination for global brands to enter and expand.