With a large number of global and domestic institutional investors, India is becoming a strong new market, with Blackstone leading the pack. India’s strong GDP growth and other tailwinds, including Prime Minister Narendra Modi’s economic reforms, have made the country an especially compelling investment destination.

Blackstone alone invested $1 billion in India-based real estate in 2018, making it the top investor in the country, according to Real Capital Analytics. Overseas buyers represented 60 percent of India’s real estate deal volume in 2018, which totaled $4.4 billion.

“If you ask me which countries in the world have the brightest futures over the next 10 or 20 years, India would be near the top of the list. We are big believers in India,” wrote Jonathan Gray, president and COO of Blackstone, in a February op-ed for The Economic Times.

In addition, India’s first REIT, Embassy Office Parks REIT, sponsored by Embassy Group and Blackstone