GCC nations to pump $102bn in Indian realty

Gulf countries are expected to pump $102 billion into the Indian real estate sector in the next ten years, a report by 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," Raed Al-Saleh, assistant general manager (asset management division), KIC 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.