Urbanization

  • 10 M new urban population/ year
  • Over 2 M new households / year
  • High affordability index
  • Reducing mortgage rates
 

Growth

  • GDP growth at 7.8% in 2015
  • $ 63 B foreign direct investment in 2015 – higher than China
  • 7.8% CAGR growth in income over last 10 years.
  • All time high office space absorption
 

Improving Fiscal Situation

  • Significantly lower deficit with low commodity prices
  • Low debt to GDP ratio of < 80%
  • Stable currency
  • Declining interest rates / cap rates
 

Actual Implementation

  • Housing for all policy by 2022
  • 220 mn new bank accounts
  • Make in India push
  • 100 smart cities development
 

Policy Changes

  • Bankruptcy law
  • Real Estate Regulation act
  • Liberal Foreign Direct Investment Policy
  • Unified taxation (GST)

Investment Strategy

Office

  • Build-to-own Grade “A”
  • Affordable rentals
  • Active management of construction / leasing

Residential

  • Mid income housing
  • Target micro markets with social infrastructure
  • Focus on “high employment creation” zones