GCC nations likely to invest $102 bn in realty

GCC nations likely to invest $102 bn in realty
PTI
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First Published: Wed, Jun 06 2007. 06 33 PM IST
Updated: Wed, Jun 06 2007. 06 33 PM IST
Dubai: Cash-rich Gulf countries are expected to pump $102 billion ( Rs 4,13,650 crore) investments into the Indian real estate sector in the next ten years, a growth of about 630% from the present $14 billion, a report by the Kuwait Investment Company (KIC) said.
The report said several large institutional investors have been making high-value investments in India during the last couple of years and a steady rise is expected in such investments.
“Transactions in the Indian real estate market are expected to grow from the current $14 billion to $102 billion in the next 10 years,” KIC Assistant General Manager (Asset Management Division) Raed Al-Saleh said.
This growth is being driven by growing purchasing power of the over 200 million strong Indian middle-class, increased levels of professionalism in the sector, and favourable Foreign Direct Investment (FDI) reforms initiated by the government to attract global investors, he said.
The report said the Indian realty sector is poised to grow by over 700% in the next 10 years.
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First Published: Wed, Jun 06 2007. 06 33 PM IST
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