New Delhi: The government is expected to finalise the modalities of allowing 100 per cent foreign direct investment (FDI) in the housing sector while planning to commercially use idle-land resources under railways, defence, communication and public sector undertakings.

Indicating this at a Ficci seminar on housing, Urban Development Minister Ananth Kumar said the government is in the process of finalising the guidelines for allowing FDI in the housing sector.

The government has invited suggestions from the industry about the various aspects of FDI, including the locking period of the investments, tax incentives and requisite changes in legislations.

Kumar said a meeting of all concerned ministries would be convened shortly to discuss the commercialisation of idle land with public sector undertakings and the government. "The Centre will hold talks with state governments about various legislative issues including the repeal of urban land ceiling laws, rationalisation of stamp duty and the Rent Control Act."