Odisha’s real estate sector has whole-heartedly welcomed the contentious decision taken by the Union government to allow 51 percent foreign direct investment (FDI) in retail.

The state government has not divulged much information about the reform, but the realty developers feels that such a move will impact real estate sector in a good way.

“FDI in retail is welcomed and it is a boost for the real estate sector in the state. Government should act as facilitating agent to accommodate these retail players,” said Tapan Mohanty, Managing Director, Z Engineers Pvt Limited, a city-based realtor.

Mohanty said opening the gates for these retail majors will not only help the real estate sector but it will contribute to the state’s economy as well. In addition, opening of retail chains by Walmart and Tesco will offer people more choices to pick from, he added.

According to DS Tripathy, President, Confederation of Real Estate Developers Association of India (Credai),Odisha Chapter, the commercial establishments will grow by leaps and bounds with the arrival of the foreign retail chains and also make the real estate market more competitive.

It is assumed that FDI in retail will bring in nearly 20 million jobs with about Rs. 3500 crores ($700) million investment in three years in the country.