MUMBAI: Major Indian property markets of Mumbai and Bangalore have slipped further as real estate investment destinations in the Asia-Pacific region, according to a PricewaterhouseCoopers (PwC) report. Mumbai and Bangalore have slipped to the 23rd and 20th positions in the 2014 rankings from 20th and 19th positions, respectively in 2013 survey.
While Delhi property market has maintained its ranking at 21st position from last year, Chennai has made an entry for the first time at 22nd position.
"The general slippage of Indian cities in the rankings, coupled with the retention in the Top 25 list, tells the story - on the one hand, there is the negative impact of the combination of market, currency, regulatory and political risk, which continues to result in a general sense of nervousness and the tendency of foreign investors to stay on the sidelines, while on the other, the undoubted potential continues to keep interest levels going," said Gautam Mehra, Executive Director at PwC India.
The report - Emerging Trends in Real Estate Asia Pacific 2014 Report - is based on responses from more than 250 people including real estate developers, investors, brokers and advisers.
The survey conducted jointly by PwC and Urban Land Institute for Asia Pacific has been topped by Tokyo, Shanghai, Jakarta, Manila and Sydney.