Abstract
Private equity real estate (PERE) in developing markets has limited reliable publically available data. In this paper, we analyze the transaction data of PERE in India for the 2005–2015 period. Investments during this period are classified into three phases depending on major policy, economic, and political events that shaped these investment phases. These three phases are 2005–2008, 2009–2013, and 2014–2015. During the first phase, opportunistic equity investments in development assets were favored by investors. In the second phase, equity investments got transformed to structured debt. During the third phase, long-term investment by institutional investors and fund managers in the form of platform transactions took place. REITs, Housing for All by 2022, Smart City Mission, tax reforms, and other government initiatives are likely to improve transparency and corporate governance in real estate. These initiatives will help to grow investments and organize the real estate industry in India.
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