Brigade, Singapore's GIC to invest $248 mln in Indian property sector

NEW DELHI (Reuters) - Indian developer Brigade Enterprises (BRIG.NS) and Singapore's sovereign wealth fund GIC Pte Ltd have agreed to jointly invest 15 billion rupees ($248 million) in residential real estate projects in south India, the companies said.

Brigade and GIC will invest in acquiring land and building homes and for mixed-use projects, the companies said in a statement on Monday.

Sovereign wealth funds and other long-term investors are eyeing opportunities in India's real estate sector, as property prices continue to drop on the back of the slowest economic growth in a decade for the country.

India last month paved the way for the setting up of real estate investment trusts (REITs), a move to boost foreign investment in the property sector.

Funds, including the Blackstone Group (BX.N), Canada Pension Plan Investment Board (CPPIB), Abu Dhabi Investment Authority (ADIA) and Qatar Investment Authority (QIA), are among those seeking to invest in the Indian property market.

(1 US dollar = 60.4625 rupees)

(Reporting by Aditi Shah; Editing by Prateek Chatterjee)