India has been ranked as the most preferred real estate destination among the Asia Pacific region as foreign investors still consider the country to be extremely viable, according to a report on Thursday.
"India, and particularly Mumbai and New Delhi, are ranked the foremost real estate market destinations as the residential properties have maintain the growth momentum, and foreign investors still consider this market to be extremely viable," the ULI-PwC report, 'Emerging trends in Real Estate in Asia Pacific 2011', said.
Going forward, the report forecast that India will continue to maintain a GDP growth momentum of 9-10% by 2015, as Asia's third-largest economy will witness new private equity in capital markets which will inject capital in infrastructure projects.
The survey has ranked Mumbai at the third position, two notches higher than its previous position, as the most promising investment market and first as the most favoured development market.
The development potential for real estate remained vibrant and promising in the financial capital of the country due to buying opportunities in retail, apartment and industrial sectors, it said.
"Mumbai is clearly the best performing and most active real estate market."
Despite some concerns about oversupply, development potential for most real estate segments remain promising in India's commercial hub, the report said.