GRI INDIA
magazine
GARY GARRABRANT
the big interview with
&
Khushru Jijina Arshdeep Sethi Gaurav Rakyan Kaushik Desai Amit Thawani India GRI
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CONTENT 4
Decoding real estate investments in India
by Khushru Jijina
India - Ready to fly?
by Arshdeep Sethi
8
12
Why India? Why now?
An international investor perspective. by Gary Garrabrant
16
Indian Real Estate
Is it the dawn of the new era?
by Gaurav Rakyan
20
South India
Affordable prices with strong fundamentals?
24
2
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by Kaushik Desai
Capital markets
A new wave of opportunities? by Amit Thawani
EDITOR’S NOTE It is with great pleasure to welcome you to the first edition of the India GRI Club magazine, created for the industry, by the industry. It is an opportunity for real estate leaders to share their perspectives and opinions on a variety of issues impacting us all. You may not agree with everything our contributors say. In fact, we encourage a healthy debate. For the first edition, we have two different perspectives. To begin with, we explore the overall market sentiment for real estate in India from a global investor’s viewpoint. Secondly we delve into hot topics affecting the local market expressed by some of the industry’s elite. I hope you enjoy the first edition!
Navin Mayani Director - India Editor India GRI Magazine Global Real Estate Institute e: navin.mayani@griclub.org t: +44 20 7121 5076
Robert Marten Managing Director Global Real Estate Institute e: robert.marten@griclub.org t: + 44 (0)20 7121 5088
Taranjot Gulati Senior Advisor - India Global Real Estate Institute e: taranjot.gulati@griclub.org t: +91 9910316969 India GRI
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DECODING REAL ESTATE INVESTMENTS IN INDIA by Khushru Jijina
Whilst I never profess to being an expert on matters of investing, I firmly believe that the business of real estate requires no more than some applied common sense, a lot of localized knowledge and a little bit of market timing! With the benefit of hindsight, I will therefore attempt to decode some of the simple measures we have taken at Piramal as we have grown our platform into a position of relevance in this ever changing marketplace.
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First it is important to recap the environment on behalf of all the stake holders i.e. the end users, the developers as well as the various fund managers, banks and NBFCs alike. The heady days of 2006-2009 were soon replaced by a more somber and cautious market from 2009-2012 in the aftermath of the economic crisis. This first dislocation also resulted in a massive amount of consolidation in the marketplace. Many developers, and in turn the fund managers who backed
Khushru Jijina is the Managing Director of Piramal Fund Management (PFM) and leads the family office for all proprietary
them, had deployed money into the
investments. Khushru was a key founding
wrong projects, wrong markets and
member of PFM in 2006, before getting
even with the wrong partners - spurred
re-inducted in September 2012. Under
on by easy access to equity capital and
his leadership, PFM has become the
little or no execution experience. One common theme that stood out early on was one of incentive misalignment –
largest real estate fund and investment management platform in India. His rich experience of over 2 decades in the fields of Real Estate, Corporate Finance and
‘naked’ equity investments, developers
Treasury Management has helped PFM
being cashed out upfront, unequal
receive several accolades. Khushru has
revenue sharing, no execution control,
been with the Group for over 14 years and
absence of effective monitoring and
has handled several key positions including
wrongly sized or wrongly priced units. Even then, there were developers who emerged successful and in every case it
Managing Director of Piramal Realty, Executive Director of Piramal Sunteck Realty, etc. He started his career with Rallis, a TATA Group company, where he was a part of their corporate finance division
was a combination of simple ingredients
for a span of 12 years. He is a Chartered
like planning, approvals, pricing/costing
Accountant by qualification.
and ultimate execution that made India GRI
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the difference. In the subsequent
extend the tenure of our financing
period from 2012-2016, the market was
further as well as bringing down the
characterized by numerous ‘mezzanine’
cost of funding as the project matured.
or ‘structured capital’ transactions.
Two, we organized ourselves around
Again, a similar theme played out
geographies in recognition of the fact
with
developers
that local nuances and the relationship
legitimately seeking leverage as a
with the developer was of paramount
means of temporarily sustaining cash
importance. We always remain deeply
flows during a slowdown in sales
cognizant of our intent to act as a
velocity or bridging the gap between
‘partner’ to facilitate our developers
a valid reason for delayed approvals
progress rather than try and assume
and the start of execution. Others, who
a position of dominance as a result of
pledged more mature projects in order
our funding. I firmly believe that it is
to fund opportunistic land acquisitions
the depth of these relationships that
or hoped to delay execution by merely
we have formed that are the biggest
refinancing short term debt at every
strength of the platform and I hope
stage suffered. In these situations
that we continue to be in a position
developers were left nursing projects
of being able to add value to our ever
mid-construction all the while servicing
growing list of partners. Three, we truly
expensive debt just to stay alive.
believe that monitoring is our religion. In
some
successful
addition to localised investment teams,
6
As a platform, we incorporated four
the asset management team acts as
simple measures against this backdrop.
our eyes and ears on the ground and
One, we integrated both the equity as
ensures that a rigorous schedule of post
well as the structured debt business into
transaction monitoring, regular PMC
a combined entity focusing therefore on
meetings and audits are maintained.
a relationship driven approach where
This lets us anticipate and react to early
we could act as a perpetual source of
warning signals and increase the health
capital for the entire lifecycle of the
of our overall portfolio as we manage
project. We also added construction
our investments towards an ultimate
finance to our suite of products to
exit. Four, each situation is different and
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we view each transaction as a solution
decision today. Residential is also seeing
to a specific problem. Each team
the delivery of some marquee projects
member across the investment, risk as
that are both changing the skyline
well as legal functions therefore ensures
of micro markets and also tangibly
an unrelenting focus on innovatively
and substantially increasing the living
structuring both the risk as well as the
standards of the occupiers.
returns. As a result no two transaction structures are the same and the
It is in this current phase therefore that
developer benefits from a customized
I believe the best funding opportunity
solution.
for
private
equity
exists.
The
introduction of the Real Estate Bill will The above four basic elements have held
merely continue to push developers
us in good stead as we have grown our
further down the path of increased
assets under management substantially.
transparency and accountability. In
The
matured
the medium term, this will lead to a lot
considerably. Those developers that
more institutionalization as developers
have demonstrated both the ability and
will have to essentially freeze their
the intent (both are equally important)
entire master plan and secure all basic
when dealing with their sources of
approvals before launching any project.
capital – such as banks, NBFCs and
This would also apply to the capital
fund managers alike – are operating in
stack for a particular project with a
a very positive environment. They are
requirement for more ‘skin in the game’
witnessing successful launches and are
as well as ‘financial closure’ up front.
also able to take advantage of another
This is truly the dawn of a new era in
phase of consolidation that is taking
real estate investing and one that, I
place today where reverse JDAs have
believe, will be hugely beneficial to all
become the norm to enable sales. The
the stakeholders – as long as the age
end users continue to be loyal to such
old adage of ‘a lot of experience with a
developers since brand name, financial
little bit of luck‘ is maintained!
market
today
has
health, track record of execution - all play an important role in the buying India GRI
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In d i a READY TO FLY?
by Arshdeep Sethi
Today India is transforming like a butterfly emerging from its cocoon – ready to spread its wings and fly.
8
The demographic advantages of the
The real estate sector too is bracing itself
country teamed with political will is
for the large number of opportunities
setting in motion changes and reforms
that will be available. The “Make in India�
that believe will, in the medium to long
initiative is set to be the harbinger of a
run, bring about a transformation in
large number of projects in the country.
the economic scenario of the country.
The sector, long put on the backburner
We are already seeing the beginning
in spite of being one of the largest
of these changes that are expected
employer and income generator, is now
to catapult India in to being the third
gaining prominence. Steps are being
largest economy of the world by the
taken to bring order and standardization
year 2030.
in to the way things are done. This will
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India GRI
lead to a quantum leap in transparency and pave way for a manifold increase in the investment being made in the sector. Real Estate Bill RERA / REITS & InvIT’s Some of the biggest reforms that have been initiated in the real estate sector are those relating to the regulation of the real estate sector. A primary act for regulation of the real estate sector, The Real Estate Regulation Act, 2016, was passed in March 2016 and came in force from May 1, 2016. Thought to be as a game changer in the real estate sector, the Act requires the formation of the Real Estate Regulation Authority (RERA), and the registration of all projects larger than 500 sq. m. to be registered with the said authority. It also seeks to bring
At RMZ Corp, Arshdeep Sethi plays a key role in defining implementing the strategic vision of the group. He has led various capital raise and partnership activities with top private equity and sovereign wealth funds.
in financial accountability by ensuring that 70 per cent of the consideration
estate transactions – both residential
be paid through cheques. The Act
and commercial. The Act also provides
also requires that quotes be made on
for the setting up of Appellate Tribunals
the basis of carpet area, with the term
for
‘carpet area’ being expressly defined in
circumventing the existing long-drawn
the Act. The Act also provides for the
legal process. Apart from this, the
setting up of a real estate regulatory
government is also working to bring
authority (RERA) in each State. The RERA
investment vehicles such as REITs and
will be responsible for regulating real
Infrastructure Investment Trusts (InvITs)
adjudicating
disputes,
thus,
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to the Indian financial markets. In the
entire world is acknowledging the
recent budget (2016), the government
growing importance of India in the
has removed the last hurdle relating
global economy and the rapid strides it
to Dividend Distribution Tax (DDT)
is making in terms of economic growth.
that was preventing REIT and InvIT
And with growth will come tremendous
formation in India, thus, paving the way
opportunities across sectors. The real
for the advent of these vehicles in to
estate sector too is expected to see
the country.
phenomenal growth as India moves towards global standards, with investors
Implications for developers
across the world flocking to the country seeking a slice of the pie for themselves.
All
these
structural
reforms
are
expected to bring about a turnaround in the business scenario in the country. An environment for growth is being created that has already made India the world’s fastest growing economy since 2015, outperforming the rest of the world by a substantial margin. IMF has projected that returns on incremental capital in India shall average 24.7% per year between 2016 and 2020. As per Thomson Reuters, overall PE investments in India have grown 81.2 % in the last calendar year to $10.89 billion compared to $6.07 billion year ago. Concluding Thoughts Today India is a young country, on the threshold of great things to come. The 10
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The 11th Annual
GRI INDIA
2016
30 NOV - 1 DEC | MUMBAI
Connec ting Indian & Global Real Estate Leaders
PARTICIPANTS INCLUDE:
SUNDARESWARAN SANKARANARAYANAN
SUNIL ROHOKALE
Executive Director MORGAN STANLEY REAL ESTATE
CEO & Managing Director ASK INVESTMENT MANAGERS PVT. LTD
GARY GARRABRANT
Managing Partner JAGUAR GROWTH PARTNERS, LLC
RUBI ARYA
Executive Vice Chairman MILESTONE CAPITAL
ANSHUL SINGHAL
CEO EMBASSY INDUSTRIAL PARKS
HOUSE OF HIRANANDANI • BCRE INDIA • IVANHOÉ CAMBRIDGE • HILTON WORLDWIDE ACCOR ASIA PACIFIC • QATAR INVESTMENT AUTHORITY • AMPLUS CAPITAL ADVISORS PVT. LTD.
VISIT OUR WEBSITE TO SEE MORE PARTICIPANTS
+44 207 121 5076 | n.mayani@globalrealestate.org | www.IndiaGRI.com
DISCOVER ALL GRI EVENTS Africa Summit • Asia • Brazil • British • CEE • Colombia • Deutsche • Deutsche Wohnen East Africa • España • Europe Summit • France • India • Italy • Mexico • Retail • Russia • West Africa Since 1998, GRI meetings provide a forum for the world’s leading real estate players to develop valuable relationships, find new business par tners, and strengthen their global networks.
India GRI
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Why India? Why now?
an international investor perspective An interview with Gary Garrabrant
Gary is optimistic about India and elaborates on his enthusiasm for investing in ‘the last man standing out of the BRICS�
GRI: Why are you focusing on India?
the high barriers-to-entry common in emerging markets, India has been
GG: India is one of the most important
further challenged by complexity,
growth
global
bureaucracy and corruption. At the
perspective. In our view, India is the
same time, India offers a broadening
most compelling growth market in
array of scalable opportunity for
Asia right now for a number of reasons
experienced and disciplined investors
including a young and aspirational
working in collaboration with strong
population, the scale and growth
local partners.
markets
from
a
of the middle-class, entrepreneurial spirit and capital inefficiency. Beyond 12
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GRI: Why now? GG: India is clearly pivoting as a country, benefiting
from
implementing
new needed
leadership reforms,
which has enabled established and new enterprises alike. An optimistic spirit prevails through institutional, corporate and consumer sectors. Low energy prices effectively generate a substantial dividend (in savings) for the country, expected to continue for the foreseeable future. While performance has fallen short of expectations over the recent past, an unprecedented number
Gary Garrabrant founded Jaguar Growth Partners in 2013 with Thomas McDonald, after pioneering emerging market investments as a co-founder of Equity International. We spoke to Gary about his focus on India.
of prominent institutional investors have made substantial commitments to various platforms in India.
We
are excited about the prospects of establishing a long-term, sustainable presence in India as this new, promising chapter begins. GRI: What lessons have you learned in India and other emerging markets globally? GG: We have noticed that several of the most valuable lessons are recurring and highlight the importance of local partner selection, platform scalability India GRI
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and multiple liquidity options. We are
commitment to the highest standards
distinguished by the quality of our op-
and our requirement of same from local
erating partners with whom we have
partners. We amplify the importance
worked in close collaboration to build
of partner selection, with a particular
leading operating platforms and com-
focus on realistic goal-setting. Finally,
panies across the full spectrum of real
we convey our enthusiasm for India as
estate sectors. We visited India regularly
a country of opportunity, tempered by
for over 10 years before identifying the
realism and an appreciation for, and
“right� partner, introduced by mutual
application of, lessons learned.
friends. This partner is distinguished by unparalleled domain expertise, passion
GRI: Do you see opportunities in
for the business and a commitment
REIT-s or is private equity the place to
to the highest institutional standards.
be in India?
Globally, we have enjoyed our greatest success building sector-leading, scala-
GG: The development of publicly-
ble operating platforms. Finally, we have
held real estate companies can be
learned to be both athletic and agnos-
enormously impactful in India as has
tic as it relates to optimizing value and
been the case in Mexico, Brazil, etc.
liquidity via institutional partners, pub-
Whether in the form of a REIT or C-Corp,
lic equity and strategic combination.
strong leadership and governance, proper
accounting
and
financial
GRI: What would you say to those
reporting, and share liquidity will drive
who came to India 10 years ago and
ultimate success. We expect this market
got burned?
to be initially led by Blackstone with their office property portfolio transformed
GG: We actually have current and
into an institutional-quality REIT. We
prospective partners who experienced
expect to participate over time as we
disappointment in India well beyond
have in other geographies.
their expectations, and beyond their
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experiences in other emerging markets.
GRI: What areas of India and what
We reiterate to these partners our
asset classes interest you right now?
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India GRI
GG: The major markets in India are
far outpacing the whole of Latin
most attractive as these cities attract
America
the greatest concentration of human
markets. Respected global investors
and financial capital.
Infrastructure
are establishing and expanding their
improvements will be concentrated
presence in India, a trend we expect
in these markets as well.
Sectors
to continue and accelerate, further
propelled by the growth of the middle-
propelling and distinguishing India
class and attendant consumerism are
among growth markets globally.
and
most/all
emerging
most attractive, akin to other emerging markets. These include housing, retail property and warehouse, distribution and logistics. GRI: How does India compare to Brazil and some of the other markets where Jaguar invests? GG: Opportunities have been and continue to be more concentrated in India. The country is vast and diversified and, at times, chaotic. The gap between rich and poor is more pronounced and visible in India relative to, say, Brazil where the gap is less visually accessible. Inadequate infrastructure on multiple levels is a nagging issue in India as well as Brazil and most other growth markets. Inefficient and inadequate equity and debt capital is also a common theme. Despite these apparent constraints, India is enjoying economic growth India GRI
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INDIAN REAL ESTATE Is it the dawn of the new era?
by Gaurav Rakyan
The Indian economy occupies an envious position in the global context today. It is consistently motoring along at 7% + GDP growth rate and is already the fastest growing major economy in the world. With inflation in control, easing monetary policy stance by the central bank, shrinking fiscal deficit and a stable government, it is likely that this growth momentum will continue in the medium term.
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The real estate sector over the last
income. While these long term growth
decade has enjoyed the benefits
drivers remain in place, the sector has
of strong economic growth, rapid
seen some turbulence in the short-
urbanization and improving per capital
medium term. Residential sales and
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India GRI
launches continue to rationalize to a new normal, while commercial real estate has gone from strength to strength with absorption at an all-time high. The bullishness seen in commercial real estate along with continuity in the fundamental growth drivers seems to suggest that the rationalization in residential demand is a passing phase. Over the last two years, the real estate sector has witnessed multiple regulatory changes including the Real Estate (Regulation and Development) Act, the Liberalization of the FDI Policy and the notification of REIT and InvIT norms along with support given to these entities on the tax front. We see these changes having a significant effect on the sector. The residential real estate sector will be substantially influenced by the fiscal and operational discipline being imposed by RERA, including cash flow utilization restriction, requirement of all approvals
Mr. Rakyan joined the Red Fort team in 2007 and has expertise in investment analysis, transaction structuring and legal advisory. He brings over 12 years of experience in investment banking and real estate, including proprietary research, transaction underwriting, private equity and debt syndication advisory. Mr. Rakyan has evaluated opportunities to invest over $250 million in real estate projects.
prior to project launch and NOC from buyers for a plan change amongst other measures. This will increase transparency and developer’s accountability to India GRI
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the project, improving customer con-
attractive opportunities for institutional
fidence, hopefully leading to a revival
investors to participate in.
in residential sales. We do believe that the era of pre-sales is past us and devel-
Thus, in a nutshell, we believe that
opers will look to launch projects near
these regulatory changes will help
completion or post significant con-
the ongoing evolution of the real
struction has taken place. Capital re-
estate sector and increase consumer
quirements for a project will significant-
confidence. Opportunities to invest
ly increase, leading to a surge in capital
in institutional capital will significantly
deployment opportunities for PE funds.
increase over the next few years as the
This linked with the liberalization in FDI
sector matures.
policy for construction development sector will generate significant interest
With consistently strong fundamentals
in this segment
and an improving regulatory environment, it is not a surprise that institution-
The commercial real estate sector has
al investors- foreign and domestic- are
witnessed excellent demand-supply
actively looking at this space.
dynamics over the last couple of years. Steps taken by government to
There are exciting times ahead for
operationalize REITs in India as well as
Indian real estate!
the interest shown by global investors in rent yielding properties has established a liquid market for developed commercial assets with declining capitalization rates. We believe that this segment will continue to grow. More developers will now be keen in a ‘build-to-lease’ model, than a ‘strata sale’ model. This will lead to creation of high quality Grade A supply. A larger number of Grade A assets under construction will present 18
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It was fantastic being there, the attendance was extremely relevant and it was fun too. Ambar Maheshwari CEO – Private Equity Funds, INDIABULLS ASSET MANAGEMENT
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South India AFFORDABLE PRICES WITH STRONG FUNDAMENTALS?
Interview with Kaushik Desai
We sat down with Kaushik to discuss his investment priorities. As well as Bangalore, he also has Hyderabad on his radar largely due to their political stability and fundamentals. GRI: How do you evaluate a city or
prices, reasonable unsold inventory
micro market?
levels and good local employment drivers.
map
the
existing
KD: We seek out markets that we
infrastructure in surrounding areas and
believe have sound fundamentals and
proposed infrastructure developments
strong demand drivers. We focus on
in order to gauge the impact of these
cities and micro markets with low levels
developments on future demand.
of speculation, relatively affordable 20
We
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GRI: Which cities in India fit this criteria? KD: We have been focusing on the Bangalore market for the last few years and have made several investments there. We continue to pursue opportunities in Bangalore due to its strong fundamentals, enduser demand and slow but consistent growth in prices in most areas. The prices in Bangalore remain relatively affordable compared to the average household income. We believe existing and proposed infra projects such as the metro line, ring roads, the Mumbai Bangalore
Industrial
Corridor,
the
Kaushik Desai Executive Director, Walton St India
Chennai – Bangalore Industrial Corridor, the Bangalore – Mysore Infrastructure
GRI: Is Hyderabad a contrarian bet?
Corridor, the IT Investment Region and Aero SEZ in North Bangalore, etc. are
KD: With political stability and strong
good demand drivers and create a large
fundamentals, there appears to be
number of job opportunities in the city.
renewed interest from home buyers in select micro markets within Hyderabad.
All of these have led to traction in
In the years following the Global
commercial activity in the city over the
Financial Crisis (GFC), prices across
last few years. In addition to Bangalore,
most markets in India recovered and
we believe Hyderabad’s fundamentals
surpassed pre-GFC highs. However,
are
current
prices in Hyderabad presently stand
environment and we have recently
on par with what they were in the year
invested there.
2007-08. The primary reason for this
also
strong
in
the
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was the ongoing political uncertainty
employers. In addition to the above,
in the region, which kept home buyers
we believe an investor friendly state
and investors away from the city for a
Government,
long time. We believe the stagnation
approval
of prices over the last few years means
initiatives and government initiatives
that Hyderabad presently offers one
for creating employment such as
of the most attractive opportunities
the proposed IT Investment Region,
in the country from an affordability
Logistics Hub, etc. make Hyderabad an
standpoint and we will continue to look
attractive investment proposition.
for additional investment opportunities there. GRI: Apart from affordability, are there any other factors that work in Hyderabad’s favour? KD: Superior existing infrastructure, road networks, the under construction metro lines and the presence of IT in the city add immense value to the city’s fundamentals. Recently announced investments by companies such as Google, Apple, Amazon, Toshiba, IKEA, Airbus, etc. are expected to attract a large influx of job seekers to the city. In fact, Amazon, Apple and Google have announced that they would be settling up their largest facilities outside of the US in Hyderabad, which demonstrates their long term commitment to the city and Hyderabad’s attractiveness to 22
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expedited
processes,
project
infrastructure
Having been a regular delegate at GRI, I find this a unique platform to strengthen and renew relationships with Anshul Singhal CEO, EMBASSY INDUSTRIAL PARKS my peers in the industry.
India GRI
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CAPITAL MARKETS A n e w w av e o f o p p o r t u n i ti e s? Interview with Amit Thawani
As we delve into a new wave of opportunities within the market, Amit shares his ideas regarding REITs in India, the recent introduction of Real Estate Bill and what global investors should consider when selecting competent local partners. GRI: You have been involved in capital
across public and private markets,
raising activities including listings
one aspect which is critical for any
of yield asset products out of India.
issuer /corporate is to be extremely
What did this entail?
well prepared before going to the market. This is true especially in case
AT: Having led several transactions 24
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of listings of yield assets as in case of
REITs/Business Trusts. Our experience across transactions - including Religare Health Trust, which is successfully listed on SGX - is that these transactions tend to require significant financial, legal and tax structuring to ensure efficiency from a structural and a cash flow perspective. We have seen instances where issuers, advisors or bankers tend to jump into a transaction without adequate preparations and realize the bottlenecks further down the line, be it regulatory or experiencing significant delays for example. As India develops a REIT market, each transaction or
Amit Thawani is the Executive
situation will have its own nuances
Director in Nomura Investment
and challenges. However, with an
Banking in India. He is responsible
appropriate level of preparedness,
for coverage of Real Estate and
these can be addressed in advance.
Infrastructure sectors and Financial
Apart from this, as is the case in any
Institutional Group in India. Amit has
new capital market product, it would
been associated with several capital
require significant investor education
raising transactions across private
to develop comfort and confidence in
and public markets including REIT/BT
the product.
products.
GRI: How do you think the individual state tax and stamp duty is going to impact the REIT? AT: The central government has been accommodating regarding capital gains
tax exemptions when it comes to the transfer of shares. However, as stamp duty affects the state, transaction costs could be challenging. While individual situations require different solutions or structuring, stamp duty involving India GRI
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transfer of shares could be lower than
space. Currently, the focus from larger
in case of asset transfer to the REIT.
private equity players still continues towards yield generating assets with
GRI: What impact do you think
potential to unlock value through
converting the RERA bill to an Act will
REIT listings. Selectively, we see some
have on the real estate market?
appetite coming back for pure equity type transactions for residential and
AT: While RERA is a significant
commercial development purposes
development, its impact will take to
mainly targeted towards larger, more
come into play.
established players
In principle, RERA
attempts to bring more power in the hands of consumers and better
GRI: How can global investors make
transparency and governance in the
an informed decision when selecting
sector. Overtime, it would potentially
the right local partners in India?
result in consolidation of the sector more in term of customers gravitating
AT: Over the last 10 years since the
towards larger, organized players.
real estate sector opened up for foreign investment, there has been
GRI: How do you see the private
a significant learning curve for all
equity players looking at the market
market participants. Global investors
opportunity?
looking to invest into the Indian real estate sector now have a fair degree
26
AT: During the last 3-4 years, most
of historical information and empirical
private equity funds have been investing
data to support their investment thesis
in the form of structured debt as far as
with the right quality of developers.
developmental capital is concerned. At
Additionally, global investors can work
the same time, there have been few
with reputed bankers and consultants
transactions involving investments into
and alongside other private equity
yield generating assets, with Blackstone
investors which have been present in
taking the lead and several other
the market to identify and work with
SWFs and Pension Funds entering this
the right quality of local players.
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Disclaimer: "The information provided
have any liability whatsoever for any
in this article are Amit’s personal views
information contained in this article
and does not express in any manner
including the accuracy or validity of the
whatsoever, the views of Nomura either
information or any reliance upon or use
in India or globally. Nomura shall not
of this information. "
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They take away the barriers that can often prevent meaningful interaction.
SECURE YOUR PLACE NOW info@globalrealestate.org • UK Tel: +44 20 7121 5060 • www.globalrealestate.org India GRI
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