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Realty turns to private equity for funds

Realty turns to private equity for funds

Apnaloan.com Research Bureau

20 Apr 2008

Realty developers are turning to Private Equity (PE) investments for long-term capital.

The developers have other sources of funds such as stock markets, debt, London Stock Exchange's Alternate Investment Market or the possibility of listing real estate investment trusts (REITS) abroad.

Most developers prefer such funds because this enables them to retain the control of the management. Two developers secured $101 million (Rs. 400 crore) from two private equity firms.

Delhi-based Parsvnath Developers secured $47 million (Rs. 186 crore) from two Saffron Group funds to develop residential and commercial complexes in central Mumbai.

Mumbai-based Lodha Group received $54 million from a HDFC-sponsored, Mauritius-based fund.

Realty developers seeking funds is impacted by the fact that the builders do not seem to take into account the fact that there is a property price correction. They seek capital at unrealistic valuations.

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