Global property developers are seriously considering the Indian real estate market for investments. The Securities & Exchange Board of India (SEBI) has granted approval to Fire Capital to start its operations, thus giving the company an opportunity to be the first venture capital fund for the real estate sector in the country. Fire Capital will invest in residential, multi-use developments, office complexes, and retail developments – about ten projects in a whole.   The international property developers Westport Malaysia, Emaar Group, SEMCORP, JTC and IJM along with other firms have also entered the country for property development. India will need 16 million more houses at the national level by 2007, so global real estate developers see future in the country. Other opportunities include development of government and private mill lands and railway properties.   However, it is said that certain norms on realty investment are hindering the flow of foreign direct investment into the sector. At present, foreign direct investment is permitted only for integrated development on 100 acres of land or more with a capital investment of $10 million for a wholly owned subsidiary and $5 million for joint ventures with Indian partners. Another stiff condition is that a minimum of 50 per cent of the integrated project development must be completed within five year from the date of possession of the land.   At the same time, falling interest rates, coupled with the increase in FDI and a positive stock market, has resulted in increased activity in the real estate market in Delhi.   Industry experts state that global developers focus attention at India as the country is opening up its infrastructure sector, and the heightened levels of transactional activity across all segments promise sizeable market growth for the country.