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

NEW DELHI (Reuters) - Indian developer Brigade Enterprises 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 , 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)