NEW DELHI (Reuters) - 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 rupees)
(Reporting by Aditi Shah; Editing by Prateek Chatterjee)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app