Foxconn’s arrival is quickly changing a rural town in southern India into a real estate hot spot. Devanahalli, located on the outskirts of India’s tech hub, Bengaluru, is home to Foxconn’s “Project Elephant,” a 13-million-square-foot site, roughly the size of 220 football fields. The $2.5 billion facility is set to be Foxconn’s second-largest factory outside China and create 40,000 jobs. The factory is part of Foxconn’s broader effort to diversify supply chains amid the U.S.-China trade war. The...