Indian property developers turn to private equity
Indian property developers will borrow about $1 billion from private equity funds this fiscal year as banks cut back on lending, according to Knight Frank. PE funding to the sector came to INR12 billion ($252 million) in the last three months and the property consultancy expects it to reach INR35 billion by end March 2012.
Deals are being made on the basis of internal rates of return of 25-30%, Bloomberg reported. Developers have turned to private sources for funding following a slowdown in sales and a consequent tightening...
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