NEW DELHI, Sept 1 Indian developer Brigade
Enterprises and Singapore's sovereign wealth fund GIC
Pte Ltd have agreed to jointly invest 15 billion rupees
($248 million) in residential real estate projects in south
India, the companies said.
Brigade and GIC will invest in acquiring land and building
homes and for mixed-use projects, the companies said in a
statement on Monday.
Sovereign wealth funds and other long-term investors are
eyeing opportunities in India's real estate sector, as property
prices continue to drop on the back of the slowest economic
growth in a decade for the country.
India last month paved the way for the setting up of real
estate investment trusts (REITs), a move to boost foreign
investment in the property sector.
Funds, including the Blackstone Group, Canada Pension
Plan Investment Board (CPPIB), Abu Dhabi Investment Authority
(ADIA) and Qatar Investment Authority (QIA), are among those
seeking to invest in the Indian property market.
(1 US dollar = 60.4625 Indian rupee)
(Reporting by Aditi Shah; Editing by Prateek Chatterjee)