India-best in Asia for realty projects

Realty Projects
India is not just the world's fastest-growing major economy, it will also emerge as Asia's best real-estate investments region by next year, as a recent survey carried out by the Urban Land Institute with input from PriceWaterhouseCoopers LLP, has ranked Bengaluru and Mumbai as the region's top-class markets, vaulting both cities to lead a table of 22 Asian markets. Commercial property is the key in the region. The study cited a boom in business process outsourcing or BPO, and IT firms that are driving demand for new office spaces. There is little doubt that catering to the expansion requirements of the Indian BPO industry has delivered big profits to investors who arrived early in the scene. A report summarizing the findings of the survey claimed that currently it remains a compelling story as the twin cities only ranked 12th and 13th last year and were close to the bottom in 2014.

The study also concluded that Tokyo fell from first place in the 2016 rankings to the 12th position for next year, a reflection of growing discontent against the current regime largely due to long-stagnant market. Declining economic prospects are hurting short-term prospects for office rental growth, despite low vacancy rates. Singapore, which ranked first in the survey in 2011 and 2012, fell to 21st for the next year, down from 11th, the result of what PWC calls a perfect storm for the local property market. That includes 12 straight quarters of declining prices in the residential market, as well as a sputtering economy that contracted in the third quarter. The survey highlights that Asian investors are looking to diversify their property exposure outside the region, especially in New York and London, driven by demand from China where buyers have been bargaining aggressively for London property in the wake of Brexit, and scouring the globe for any available real-estate investment opportunity.

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