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According to the 'Emerging Trends in Real Estate® Asia Pacific 2010 report' released recently, India's Financial Capital Mumbai was ranked second only to Shanghai as the most promising development market.
"Development has increased there in all property sectors, but construction of affordable housing is particularly strong, as the government continues to lower mortgages and the middle class is being offered “good-quality, honest accommodations,” said the Report brought out jointly by the Urban Land Institute (ULI) and PricewaterhouseCoopers LLP (PwC).
Interestingly included under the sub head 'Markets to Watch', the predictions are based heavily on projections for strong activity in China and India. “I think there are buying opportunities for some time,” states one investor quoted in the report.
This is reflected in the choices made by survey participants for real estate investment and development: Shanghai, Mumbai, and New Delhi are first, second, and fourth, respectively, for real estate development opportunities. (Ho Chi Minh City ranked third for development prospects.) Shanghai has topped the list 'primarily due to the Chinese government’s decision to infuse the economy with liquidity'.
You can find the report here: http://www.uli.org/News/MediaCenter/PressReleases/2009%20archives/Content/EmergingTrendsAsiaPacific2010.aspx

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