Real estate investor sentiment to remain damp till 2014: PwC1 min read . Updated: 10 Dec 2013, 06:28 PM IST
Only Bangalore features among the top 20 cities, Mumbai drops to 23rd from 20th while Delhi stays at 21st position
Mumbai: Indian cities have slipped in the Asia-Pacific rankings of real estate investment destinations, with only Bangalore featuring among the top 20 cities, according to a report published by the Urban Land Institute (ULI) and PricewaterhouseCoopers (PwC) on Tuesday.
Compared to the previous year’s report, Bangalore slipped to the 20th place from 19th and Mumbai dropped to 23rd from 20th, according the report, Emerging Trends in Real Estate Asia Pacific 2014.
While Delhi has maintained its ranking at the 21st position, Chennai has made it to the list for the first time at the 22nd.
This is a sharp fall from the rankings in 2011, when Mumbai and Delhi were among the top five real estate investment destinations in the region.
These low ratings are due to the ongoing economic problems in India, an uncertain currency outlook following a mid-year plunge in the value of the rupee and an investment environment widely perceived to be unfriendly to international investors, the report said.
“Real estate investors are shying away from investing in India and the wait and watch mode will continue till the calendar year of 2014." Gautam Mehra, executive director at PwC India, said.