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Private Equity in Indian Realty

Monday, January 17, 2011

After a weak 2009, private Equity Funding in Realty saw a pick-up in 2010. ~$1.5 b (~Rs68 b) was invested across 46 deals in the sector vs $749m across 23 deals in 2009. To put this in perspective of sector funding, $1.7b equity was raised through IPO/QIP route in CY10. Of the total PE pool.

Developers are increasingly approaching PE funds, likely due to lack of other options. As an after math of the bribe-for-loan scam, banks are tightening lending to real estate firms. Also, falling sales volumes and lack of appetite for equity raisings have worsened their case. Hence, more developers across India now are turning to PE funds.

Recent PE Deals Include - Parsvnath raised Rs1.0b by selling 49.9% stake in Ghaziabad project to SUN-Apollo India RE; 2) ASK's Property Fund is investing in two Pune Projects of Rs5.25b; 3) Red Fort Capital is looking to invest Rs1.5b in Ansal API’s “Esencia” township Gurgaon; 4) Kumar Urban may raise Rs1.1b by divesting stakes in five Mumbai and two Pune projects.

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