Press Release Summary: Even if there are reports of some correction happening in the real estate market in India, foreign institutional investors (FIIs) have full faith in India's growth story. They have lined up investments of up to $20 billion in the Indian real estate funds for the next three years.
Press Release Body: Even if there are reports of some correction happening in the real estate market in India, foreign institutional investors (FIIs) have full faith in India's growth story. They have lined up investments of up to $20 billion in the Indian real estate funds for the next three years.
After the easing FDI investment norms in 2005, FIIs were keen to put their money in the fast growing Indian realty sector.
Jones Lang Lasalle Meghraj, a research firm that tracks real estate in India, has estimated that up to 150 real estate funds were in various stages of operation in India last year. In a report, the firm estimates that 50 per cent of these funds are in active category.
The growing interest in the Indian real estate is attributed to the change in perception of the sector from 'quicksand' to 'emerging sector'. Improved performance of the listed realty stocks made it more attractive. Allowing FDI in the sector has led to the entry of multinational developers such as IJM, Ascendas, Hines, CapitaLand and Keppel Land to name a few.
Booming IT and ITES sectors as well as the state governments' emphasis on infrastructure development also changed the perception.
An interesting fact revelled in this report is that real estate funds are not just restricted to the metros when it comes to sourcing opportunities. There are established transactions in tier-II and III cities such as Bhavnagar, Jalandhar and Dehradun.
With an overall positive sentiment about economy, majority of these funds (64 per cent), expected the Indian realty sector to remain stable.
However, funds still prefer investing in Mumbai, Chennai, Bangalore, Delhi NCR and Hyderabad followed by tier II cities such as Pune, Ahmedabad, Chandigarh, and Kochi...........
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