India, known as the world’s back office, could supplant China to become Asia’s top real estate investment destination, according to analysts.
Known for attracting multinationals to set up their global capability centres (GCC), India is becoming a major investment magnet for many global players, they said.
However, it will take time before Asia’s third-largest economy solidifies its position as the premier investment destination, given that China and Japan have a more developed ecosystem to facilitate investment, according to Ada Choi, head of research for Asia-Pacific at CBRE.
In May, Singapore’s GIC and partner Xander Group acquired a 100 per cent stake in Waverock SEZ, a 2.4 million sq ft office property in the southern city of Hyderabad, for about 22 billion rupees (US$262 million), according to agents.
CapitaLand India Trust, another Singapore-backed entity, also snapped up a 100 per cent stake in Phoenix Group IT buildings in Hitec City in Hyderabad.
Japan’s Daibiru Corporation is investing US$123.5 million to develop Atrium Place, an office project near the capital Delhi.
