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China-based property developer Dalian Wanda Group's chief executive officer Wang Jainlin on Tuesday met Prime Minister Narendra Modi in the capital, signaling its interest in the Indian real estate market.
The Modi-led government plans to provide housing for all by 2022 and develop smart cities across India. According to experts, the meeting shows foreign investors are keen to come to India as sentiments have turned positive. Also, the recent visit to China by Modi could turn out to be a game changer for the industry, especially realty, a leading consultant based in Mumbai said.
Modi, during his visit to China last month, had invited him to invest in the country.
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According to Wanda Group's website, Jianlin had said the group would be pleased to make a significant investment in the Indian market as soon as possible, under the "One Belt And One Road" international cooperation initiative advocated by the Chinese government.
The group entered India through a deal with Reliance Group in December 2012 for setting up a joint venture for building integrated township projects in India. The plan was to develop Dhirubhai Ambani Knowledge Center over 135 acres owned by Reliance Communications (RCom) in Navi Mumbai. The construction is expected to start this year, sources said.
At that time, Jianlin had said, "India is the world's second-most populous nation after China, with a rapidly developing economy and huge market potential. Wanda is very excited about the opportunities in the Indian market."
