Morgan Stanley to invest one billion dollars in Indian real estate

I heard this from Azam Meo's weekly real estate videocast, and researched it online to make sure it was accurate.

Morgan Stanley's property fund has committed to invest $1 billion in Indian real estate. According to Zain Fancy, head of Morgan Stanley real estate in the Asia-Pacific region, "India is one of the most attractive markets." Rising wages—and a rising middle class—are fueling a property and development boom in India (which is currently Asia's fourth largest economy).

According to a Merrill Lynch report published in 2005, commercial and residential construction in India will surge to $50 billion by 2010 (from $12 billion in 2005). Relative to wages, India is among the affordable real-estate markets. Rising demand in India for homes, shopping malls, and apartments has attracted not only Morgan Stanley, but also Goldman Sachs.