Government has relaxed norms for Foreign Direct Investment in construction sector allowing 100 per cent under automatic route. The decision was taken at a Cabinet meeting in New Delhi this evening. Official sources said an investee company will be required to bring minimum FDI of USD 5 million within six months of commencement of the project. The Cabinet approved the cut in minimum built-up area from 50,000 square metres to 20,000 square metres per project. The measures are expected to result in enhanced inflows into the construction development sector. The relaxed norms are likely to attract investments in new areas and encourage development of plots for serviced housing given the shortage of land in and around urban agglomerations as well as the high cost of land. The measures are also expected to result in creation of much needed low cost affordable housing in the country and development of smart cities.Cabinet has approved transfer of Defence land on lease basis to Kendriya Vidyalaya Sangathan for construction of school building and other related infrastructure at Sohna Road in Gurgaon. The land measures 4.69 acres. The school with classes up to Class VIII, is presently functioning from a temporary building.Cabinet also gave its approval for ratifying the Nagoya-Kuala Lumpur supplementary protocol on liability and redress to the Cartagena protocol on bio-safety by India. The proposed approach provides for an international regulatory framework in the field of liability and redress related to living modified organisms that reconciles trade and environment protection. The Supplementary Protocol would promote sound application of biotechnology making it possible to accrue benefits arising from modern biotechnology while minimizing the risk to the environment and human health.