Investment Guidelines
Geographic concentration driven by robust and established demand
 Primary focus cities: Mumbai, Pune, Bangalore, Chennai & Hyderabad
 Secondary focus cities: Kolkata, Delhi
 Rationale: Multiple sector driven economy; progressive government initiatives
towards development of infrastructure and favorable demographic profile.
‘Land cost stage’ entry
 Entry at ‘Development’ stage: mitigates various land title risks and provides access to
complete project development upside
 No cash-out to developers beyond land cost
 Milestone –basis disbursements
 Focus on developing long-term relationship with developers for sustained deal pipeline
‘Segment’ Focus
 Well-defined caps for sectoral presence: with maximum participation in any sector limited
to 60%
 Emphasis on residential projects, owing to inherent ‘risk-buffers’ – such as potential for
pre-sales which can support construction and possibility of complete project sales even
before it is completed
 Commercial projects: Rental yields coupled with capital appreciation
 Mixed use projects: sales from residential sector can support commercial development,
hence enabling benefits from both sectors
Returns expectations
 Targeted base net returns from SPV exits: 2X money multiple and 20% IRR
 Higher returns potential through possible listings
Risk Mitigation
 Robust investment-diligence processes with multi-level screening
Value-add Investing
 Indiareit offers its expertise & network to empower all its investments in various facets of
project development:
 Sales and marketing
 Design & planning
 Organizational planning
 Financial planning
 Strengthening developers for potential wealth creation and exit opportunities
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