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)
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(Reporting by Aditi Shah; Editing by Prateek Chatterjee)