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The Journal of Private Equity

The Journal of Private Equity

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Article

Beyond Capital: Private Equity and Real Estate
Development in India

Thillai Rajan Annamalai and Maulik Doshi
The Journal of Private Equity Summer 2012, 15 (3) 62-76; DOI: https://doi.org/10.3905/jpe.2012.15.3.062
Thillai Rajan Annamalai
is an associate professor in the Department of Management Studies at the Indian Institute of Technology Madras in Chennai, India. thillair@iitm.ac.in
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  • For correspondence: thillair@iitm.ac.in
Maulik Doshi
is a graduate student in the Department of Management Studies at the Indian Institute of Technology Madras in Chennai, India. dosmau86@yahoo.co.in
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Abstract

The real estate sector in India has attracted substantial investment from Private Equity (PE) investors since 2006. This study is based on an analysis of 290 PE deals in real estate and investment of $15 billion during 2004 – 10. During the period 2006 – 10, real estate sector accounted for 34% of the total PE investments in India. The characteristics of projects that have obtained PE investment indicate that these are very large projects. 80% of the PE investment in real estate has been from foreign PE firms. Most of the investments have been made at the project or SPV level, to facilitate better monitoring post investment. The diligence and active monitoring that is normally associated with PE investments have brought in the much needed transparency and better corporate governance standards to this sector. Tier 2 cities accounted for as much investment as that of Tier 1 cities. However, the average investment size in Tier 2 cities was much higher than that of Tier 1 cities. By taking top class real estate development beyond the boundaries of Tier 1 cities, the PE firms have in a way contributed to the development of some of the smaller cities.

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The Journal of Private Equity: 15 (3)
The Journal of Private Equity
Vol. 15, Issue 3
Summer 2012
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Beyond Capital: Private Equity and Real Estate
Development in India
Thillai Rajan Annamalai, Maulik Doshi
The Journal of Private Equity May 2012, 15 (3) 62-76; DOI: 10.3905/jpe.2012.15.3.062

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Beyond Capital: Private Equity and Real Estate
Development in India
Thillai Rajan Annamalai, Maulik Doshi
The Journal of Private Equity May 2012, 15 (3) 62-76; DOI: 10.3905/jpe.2012.15.3.062
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    • DATA DESCRIPTION AND SOURCES
    • RESULTS AND DISCUSSION
    • TYPE OF INVESTMENTS
    • SHAREHOLDING ACQUIRED
    • INVESTMENTS BY CITY TYPES
    • SEGMENTAL ANALYSIS OF INVESTMENTS
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