I
ndia, dubbed the world's back office, may soon surpass China as Asia's top real estate investment hub, according to analysts who point out that it has become a magnet for global players seeking to set up global capability centres (GCCs). While India is gaining traction, its position as premier investment destination will take time to solidify due to the more developed ecosystems in China and Japan. According to Ada Choi of CBRE, Asia-Pacific head of research, Singapore's GIC and Xander Group recently acquired Waverock SEZ, a 2.4 million sq ft office property in Hyderabad, for approximately $262 million. CapitaLand India Trust also bought Phoenix Group IT buildings in Hitec City, Hyderabad, while Japan's Daibiru Corporation is investing $123.5 million to develop Atrium Place near Delhi.