India, the world’s largest democracy, has been working to open its real estate markets to foreign investment, but the country is known for being plagued by governmental red tape. As institutional investors around the globe hunt for yield, what should they understand about India’s property markets — the challenges and opportunities — if they are considering investing in the country?

As senior editor of Institutional Real Estate Asia Pacific, I asked two India experts to provide their best arguments: one for jumping into Indian real estate, and one for taking a far-more cautious approach to India and its property markets. They were each given roughly 700 words to make their best cases.

Taking on the “bearish on India” perspective is Aashish Kalra, chairman of Cambridge Technology Enterprises and Cambridge Innovations. And on the “bullish on India” side is Subhash Bedi, chairman and managing director of Rising Str