Press Trust of India | Nov 21, 2016, 03.55 PM IST
India has emerged as a new destination for property investors with Bangalore and Mumbai topping the list of real estate markets for investment and development, according to a report.
“India is on the radar of fund managers for good growth potential. Large institutional investors believe in long-term growth potential,” said John Fitzgerald, chief executive of the Urban Land Institute (ULI).
This year’s Investment Prospects survey shows a strong shift away from last year’s favourites, which featured core markets in Japan and Australia. Instead it favours emerging-market destinations, with two Indian cities topping a list which also includes Vietnam, the Philippines and Shenzhen (in China), said the report prepared by ULI along with PriceWaterhouseCoopers (PWC).
Bangalore has emerged first in investment and development for 2017, it said.
“The big story for investors has long been the city’s role as India’s main hub for the business process outsourcing (BPO) and IT industries,” said the report.
There is a huge demand for space as both domestic and international companies flock to open both call-in and research-and-development centres, it pointed out.