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Subrat SaurabhAuthor of Kuch Woh PalDr. Adv. Harshul Savla Dr. Adv. Harshul Savla (MRICS) is a Principal Partner of M Realty (Suvidha Lifespaces) which has successfully completed more than 1.2 million sq.ft. in last 30 years across Mumbai City under the able leadership of Mr. Pramesh Rambhiya. CRISIL India recognized Dr. Harshul as “Young Thought Leader” and Realty NXT featured him as “Young Turk of Real Estate Sector”. He has won the prestigious CREDAI-MCHI Golden Pillar Award in the category of Best Debutant Real Estate Developer and has been awarded “Young Achiever of the Year” by ET NOW, CNN News 18, ZEE BusinesRead More...
Dr. Adv. Harshul Savla
Dr. Adv. Harshul Savla (MRICS) is a Principal Partner of M Realty (Suvidha Lifespaces) which has successfully completed more than 1.2 million sq.ft. in last 30 years across Mumbai City under the able leadership of Mr. Pramesh Rambhiya. CRISIL India recognized Dr. Harshul as “Young Thought Leader” and Realty NXT featured him as “Young Turk of Real Estate Sector”. He has won the prestigious CREDAI-MCHI Golden Pillar Award in the category of Best Debutant Real Estate Developer and has been awarded “Young Achiever of the Year” by ET NOW, CNN News 18, ZEE Business, MAHARASHTRA Times, ABP News, MID DAY and Realty Quarter.
Dr. Harshul has worked as EA to Ramesh Nair, Former CEO and Country Head at JLL, India and has worked in the Wealth Management Team at TATA Capital where he was awarded the National Award for Exemplary Performance. He is a perfect blend of Corporate Experience along with stellar education credentials of Ph.D., LL.M, LL.B, MBA and BMS.
Dr. Harshul was awarded Doctorate (Ph.D.) for his Thesis on REITs (Real Estate Investment Trusts) which is first such thesis in India on the said subject and the Thesis is also available in the form of a book. Apart from this he is an NSE Certified Market Professional - Level 4 and has done a course on ‘Strategic Real Estate Management’ from ISB, Hyderabad.
Dr. Harshul is “Co-Chairman: Statistics & Standards” at CREDAI National, which has more than 13,000 Real Estate Developers as its Members and has presence in 217 Cities (21 State Chapters). As a matter of fact, he is one of the youngest Office Bearer in the Managing Committee of CREDAI-MCHI wherein he is the Convener of Research & Analytics Wing and looks into the Learning and Development Initiatives of CREDAI MCHI. Dr. Harshul is also the National Head of the Committee on E-Learning and Masterclass at CREDAI National.
Dr. Harshul is also an Amazon Best Selling Author and has authored one of India’s most comprehensive books on Real Estate Sector. Some of his books are: ERA Post RERA, Real Estate Laws, Reality of Realty, Real Estate Valuation, Affordable Housing, NBFC & HFC Crisis, Fractional Ownership & REITs, Insolvency & Bankruptcy Code, Self-Redevelopment & Reviving Stalled Projects, Luxury Retail and COVID-O-NOMICS. He regularly writes articles for fortnightly business magazine “Property House”.
Dr. Harshul is also a Visiting Faculty at the prestigious RICS School of Built Environment, Mumbai Campus. He teaches the subject ‘Real Estate Development Process’ to Management Students at the Mumbai Campus. He is also Guest Lecturer at REMI - The Real Estate Management Institute, Mumbai. He was Invited to conduct Session on REITs in India for Developers Members of NAREDCO and was one of the youngest Member Developer to do so. He has also delivered a lecture at PEATA (I) on Future of Realty.
Read Less...Achievements
FSI - A Development Tool book covers topics like:
· Land and its Usage
· Norms of FSI for Residential, Commercial, Malls, Social Infrastructure, Industries, Data Centre & IT / ITES
· SEZ (Special Economic Zones)
· Townships
· SMART Cities
· FSI & Environment (ESG)
· Redevelopment
· Types of FSI
· Hyderabad: The Land of Unlimited FSI
· How to Make Mumbai Great Again!
· F
FSI - A Development Tool book covers topics like:
· Land and its Usage
· Norms of FSI for Residential, Commercial, Malls, Social Infrastructure, Industries, Data Centre & IT / ITES
· SEZ (Special Economic Zones)
· Townships
· SMART Cities
· FSI & Environment (ESG)
· Redevelopment
· Types of FSI
· Hyderabad: The Land of Unlimited FSI
· How to Make Mumbai Great Again!
· FSI: A Boon or Bane
Insolvency is a state of financial distress in which a business or person is unable to pay their bills. It can lead to insolvency proceedings, in which legal action will be taken against insolvent person or entity, and assets may be liquidated to pay off outstanding debts.
Bankrupt is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency. Bankruptcy usually refers to Balance-shee
Insolvency is a state of financial distress in which a business or person is unable to pay their bills. It can lead to insolvency proceedings, in which legal action will be taken against insolvent person or entity, and assets may be liquidated to pay off outstanding debts.
Bankrupt is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency. Bankruptcy usually refers to Balance-sheet Insolvency wherein a person or company does not have enough assets to pay of all their debts.
The Insolvency and Bankruptcy Code, 2016 (IBC) is the bankruptcy law of India which seeks to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.
IBC is a major legal reform to speed up resolution of stressed assets in India and is applicable to Individuals, Partnerships, LLPs and Corporates. Authority decides insolvency application within 180 days and can also fast track process of 90 days extension available for specified entities. This books covers the Global Insolvency and Bankruptcy Norms, the Indian Code and focusses its impact on the Indian Real Estate Sector.
RERA is an Act to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector and to ensure sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector and to establish an adjudicating mechanism for speedy dispute redressal and also to establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Re
RERA is an Act to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector and to ensure sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector and to establish an adjudicating mechanism for speedy dispute redressal and also to establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority and the adjudicating officer and for matters connected therewith or incidental thereto.
1 lakh Real Estate Projects and more than 70,000 Agents across India have registered under RERA. Furthermore, RERA has disposed of more than 1,06,000 cases till date. All States and UTs have notified rules under RERA except Nagaland, which is under process to notify the rules. 32 States/UTs have set up Real Estate Regulatory Authority.
Mumbai is often referred to as the city of dreams for all Indians but the issue of dilapidated buildings haunts Mumbai. There are more than 16,000 buildings in Mumbai which are in dilapidated condition and need repair or reconstruction. About 8 lakh people stay in such buildings. 300 people have died since 2013 due to building collapses and more than 3,945 accidents have happened in last 6 years.
Redevelopment and Self-Redevelopment are the only viable
Mumbai is often referred to as the city of dreams for all Indians but the issue of dilapidated buildings haunts Mumbai. There are more than 16,000 buildings in Mumbai which are in dilapidated condition and need repair or reconstruction. About 8 lakh people stay in such buildings. 300 people have died since 2013 due to building collapses and more than 3,945 accidents have happened in last 6 years.
Redevelopment and Self-Redevelopment are the only viable options for the owners, occupants and tenants of such buildings.
There are around 4.8 Lakh housing units valued at Rupees 4.48 Lakh Crores stalled in Top Seven Cities as per Government of India. Majority of these projects are from MMR and NCR regions which account for 77% of these stalled projects. As of December 2021, MMR alone had about 1.34 Lakh housing units valued at Rupees 1.91 Lakh Crores stuck.
Reviving these stalled projects is extremely important for all real estate stakeholders namely Customer, Financial Institution, more than 300 Ancillary Industries and Government. Initiatives like Special Window for Stalled Housing Projects and Stressed Asset funds like SWAMIH by SBICAP Ventures are steps in right direction.
Alternative Real Estate – beyond Residential, Office and Malls covers the alternate use of Real Estate in the form of:
• Co-Working
• Co-Living
• Student Housing
• Senior Living
• Warehousing
• Data Centre
• Metaverse and NFTs
• REITs and Fractional Ownership
• Industrial Parks
• Cold Storage
• Dark Godowns
• Satellite Kitchen
• Life Science
Alternative Real Estate – beyond Residential, Office and Malls covers the alternate use of Real Estate in the form of:
• Co-Working
• Co-Living
• Student Housing
• Senior Living
• Warehousing
• Data Centre
• Metaverse and NFTs
• REITs and Fractional Ownership
• Industrial Parks
• Cold Storage
• Dark Godowns
• Satellite Kitchen
• Life Science
India’s Most Comprehensive Real Estate Books Collection Comprising of Below Mentioned 10 Books:
· Reality of Realty
· Real Estate Valuation
· Fractional Ownership & REITs
· Real Estate Laws
· Affordable Housing
· Facility Management
· Green Building
· Digitalising Real Estate
· NBF
India’s Most Comprehensive Real Estate Books Collection Comprising of Below Mentioned 10 Books:
· Reality of Realty
· Real Estate Valuation
· Fractional Ownership & REITs
· Real Estate Laws
· Affordable Housing
· Facility Management
· Green Building
· Digitalising Real Estate
· NBFC & HFC Crisis
· Building Information Modeling
· Concept & Need of Green Buildings : Indian & Global Perspectives
· How to make your Buildings Green : Construction Technique & Building Materials
· Green Building Certifications : IGBC, BREEAM, Green Star, GRIHA, LEED
· Green Building Practices through Green : Townships, Homes, Warehouse, Office Space
· Net Zero Energy Buildings
· Sustainable & Innova
· Concept & Need of Green Buildings : Indian & Global Perspectives
· How to make your Buildings Green : Construction Technique & Building Materials
· Green Building Certifications : IGBC, BREEAM, Green Star, GRIHA, LEED
· Green Building Practices through Green : Townships, Homes, Warehouse, Office Space
· Net Zero Energy Buildings
· Sustainable & Innovation in Landscaping & Interiors
· Water Conservation in Green Building
· Utilization of Industrial Waste for Green Building
· Occupants Health & Well Being in Green Building
· Housewrap Benefits to Improve Energy Efficiency & Home Comfort
· Technology in Green Buildings : AI, BMS, Cloud Computing
· Case Studies of Green Buildings
“I have seen the future, and it’s BIM-shaped” – United BIM
It all started in 1974 when a group at Carnegie-Mellon University’s Institute of Physical Planning, led by Charles Eastman, published a research paper detailing the flaws of architectural paper drawings.
The traditional architectural design relied heavily on two-dimensional technical drawings (plans, elevations, sections, etc.). Building information modelling incorporates inform
“I have seen the future, and it’s BIM-shaped” – United BIM
It all started in 1974 when a group at Carnegie-Mellon University’s Institute of Physical Planning, led by Charles Eastman, published a research paper detailing the flaws of architectural paper drawings.
The traditional architectural design relied heavily on two-dimensional technical drawings (plans, elevations, sections, etc.). Building information modelling incorporates information on time, cost, asset management, sustainability, and other factors in addition to the three basic spatial dimensions (width, height, and depth). As a result, BIM encompasses more than simple geometry. It also covers spatial relationships, geospatial information, building component quantities and properties (for example, manufacturers’ details), and enables a wide range of collaborative processes relating to the built asset from initial planning to construction and then throughout its operational life.
Today the more the emphasis on sustainability in modern design and construction, the more important BIM becomes. Without BIM, any type of construction project will be difficult to accomplish in the future. That is why it is critical for everyone working in this sector to understand at least the fundamentals.
Facilities Management can be defined as the tools and services that support the functionality, safety, and sustainability of buildings, grounds, infrastructure, and Real Estate (IBM,2021). Facilities Management includes Cleaning, Pest Control, Pool Maintenance, Waste Management, Mechanical Electrical Plumbing (MEP), Carpentry, Painting, Masonry and Security.
Integrated Facility Management (IFM) is the consolidation of Facility Management efforts under a
Facilities Management can be defined as the tools and services that support the functionality, safety, and sustainability of buildings, grounds, infrastructure, and Real Estate (IBM,2021). Facilities Management includes Cleaning, Pest Control, Pool Maintenance, Waste Management, Mechanical Electrical Plumbing (MEP), Carpentry, Painting, Masonry and Security.
Integrated Facility Management (IFM) is the consolidation of Facility Management efforts under a single, unified team. This includes contracts, vendor partnerships, space management, and Real Estate planning (Spaceiq).
Facilities Managers are responsible for the security, maintenance and services of work facilities to ensure that they meet the needs of the organisation and its employees. Facilities Managers essentially look after all of the services that help a business or other organisations do their work.
This book gives an insight into various aspects in the field of Facilities Management which could help you create a better facility and provides an in-depth understanding of this sector and profession. This book also includes few case studies in the area of FM thus providing an understanding of a practical approach and also gives a fair idea of how it is implemented and executed in the real-world scenario.
The Real Estate Sector contributes about 8% to India’s GDP and is the second-largest employer, employing about 5.5 crore individuals. The sector is estimated to touch USD 1 trillion by 2030 driven by rising demand and various reforms in recent years. Indian Realty Growth, directly and indirectly, affects the growth of more than 250 ancillary industries hence having an overall national economic impact.
Technology is disrupting the Indian Real Estate Se
The Real Estate Sector contributes about 8% to India’s GDP and is the second-largest employer, employing about 5.5 crore individuals. The sector is estimated to touch USD 1 trillion by 2030 driven by rising demand and various reforms in recent years. Indian Realty Growth, directly and indirectly, affects the growth of more than 250 ancillary industries hence having an overall national economic impact.
Technology is disrupting the Indian Real Estate Sector and the pandemic has had a catalytic effect on the technological disruption in this sector. As the pandemic progressed, the need for technological advancement became a necessity. Real Estate has traditionally been slow to adapt to tech, however, the pandemic steered this transformation. This book critically analyses the below concepts and their relevance in the Indian Context:
*Blockchain *Artificial Intelligence *Internet of Things *Big Data *Cloud Computing
*Drones *Robotics *PropTech *3D Printing
Above mentioned technological advancements will ensure that Real Estate transforms from being an unorganised and information asymmetric sector to an organised, efficient and transparent sector.
NBFC cannot offer CASA (Current Account, Savings Accounts) – Demand and Time Deposits, hence its cost of funds are expensive as compared to banks who offer CASA. Many a time, NBFCs borrow from Banks hence they lend at a higher rate, however they offer better structuring and flexibility of repayment. NBFC can have 100% foreign investment. In India, the working and operations of NBFCs are regulated by the Reserve Bank of India (RBI) within the framework of the
NBFC cannot offer CASA (Current Account, Savings Accounts) – Demand and Time Deposits, hence its cost of funds are expensive as compared to banks who offer CASA. Many a time, NBFCs borrow from Banks hence they lend at a higher rate, however they offer better structuring and flexibility of repayment. NBFC can have 100% foreign investment. In India, the working and operations of NBFCs are regulated by the Reserve Bank of India (RBI) within the framework of the RBI Act, 1934 (Chapter III-B) and the directions issued by it.
An HFC is a NBFC which offers home loans just like traditional banks. However, the difference between an NBFC and HFC is that the latter deals in home loans only. HFCs are governed and regulated by NHB (National Housing Bank). The loan sanctioning process is usually more tedious with banks in comparison to the HFCs. The latter usually has fewer paperwork requirements and fewer formalities.
The NBFC (Non-Banking Financial Company) and HFC (Housing Finance Crisis) crisis started with the failure of one of the most respected NBFCs in India, IL&FS, followed by DHFL, Reliance Capital, Altico etc. This NBFC and HFC crisis is unique in the sense that it is both a driver and a reflection of the economic slowdown. NBFCs create credit especially among those segments of the population to whom banks are skeptical in extending loans, because of their risky credit profile. They fund developers and home buyers which creates demand in the economy. As NBFCs struggled in the wake of a general wave of fear relating to the sector after the IL&FS crisis, banks cut down on their NBFC exposures, further exacerbating NBFCs’ funding positions. When lending by and to NBFCs goes down, demand in multiple sectors is affected, creating a vicious cycle.
“Roof for Every Indian by 2022” entailing the ambitious goal of building 40 million homes was set by India’s honorable Prime Minister, Shri Narendra Modi and the same was highlighted in his first speech after India’s election to the UN Security Council as a non-permanent member for 2 years till 2022.
With a population of more than 130 billion people, or nearly one-sixth of humanity, India faces a huge challenge in providing its people with a "sa
“Roof for Every Indian by 2022” entailing the ambitious goal of building 40 million homes was set by India’s honorable Prime Minister, Shri Narendra Modi and the same was highlighted in his first speech after India’s election to the UN Security Council as a non-permanent member for 2 years till 2022.
With a population of more than 130 billion people, or nearly one-sixth of humanity, India faces a huge challenge in providing its people with a "safe and secure" roof. The Government of India, through its "Housing for All" initiative, has committed to completing the aforementioned difficult task by 2022, when India will celebrate 75 years of independence. This is consistent with the government's mantra of "Sabka Saath, Sabka Vikaas, Sabka Vishwas," which is also consistent with the central UN Sustainable Development Goal (SDG) of leaving no one behind.
An important factor in achieving this goal is "Affordable Housing", Low-cost sustainable housing with the help of modern technology is the only way forward. People are migrating to urban areas with hopes of better living standards. These people moving from villages are forced to live in temporary slums in metro cities where housing prices have skyrocketed. Which not only deteriorates the quality of life of those living in slums but also burdens the cities’ resources. This book explores various approaches to overcome these problems and also discusses the Global Scenario of Affordable Housing, the initiatives of the Government of India, Public-Private Partnerships, Affordable Rental Housing Complexes, and the Nano Housing concept and case study.
India maintains a common law legal system inherited from the colonial era and various legislations first introduced by the British are still in effect in modified form today. Indian legal system has a healthy mixture of civil, common law, customary and religious laws within the legal framework inherited from the colonial era. Indian laws also adhere to the United Nations guidelines on Human Rights Laws and Environmental Laws.
Federalism in India is defi
India maintains a common law legal system inherited from the colonial era and various legislations first introduced by the British are still in effect in modified form today. Indian legal system has a healthy mixture of civil, common law, customary and religious laws within the legal framework inherited from the colonial era. Indian laws also adhere to the United Nations guidelines on Human Rights Laws and Environmental Laws.
Federalism in India is defined through Part IX of the Constitution of India which distributes the legislative, administrative and executive powers between the Central and State Government. The legislative powers are categorized under Union List, State List and Concurrent List, representing, respectively, the powers conferred upon the Union Government, those conferred upon the State Government and powers shared among them.
Real Estate Laws refer to laws controlling the ownership and use of land. It covers the rights to possess, use and enjoy land and the permanent man-made additions attached to it. Real Estate Sector is often touted to be one of the most complex and complicated sector mainly owing to a wide array of laws governing the same. The 44th Amendment Act ,1978 added Chapter VI on Right to Property in the Constitution of India. Article 300A states that no person shall be deprived of the possession of his property except in accordance with the procedure established by law.
However, every right comes with corresponding set of liability, obligations and responsibility. “Ignorantia Juris Non Excusat” is a legal maxim holding that a person who is unaware of a law may not escape liability for violating that law merely because one was unaware of its content.
“Real estate investing, even on a very small scale, remains a tried and true means of building an individual’s cash flow and wealth.” – Robert Kiyosaki
Pre-Leased Real Estate has been the most preferred and attractive investment avenue owing to the regular passive rental income and capital appreciation. However, it has a very high entry and exit barrier in terms of ticket size and liquidity. Fractional Ownership and REITs (Real E
“Real estate investing, even on a very small scale, remains a tried and true means of building an individual’s cash flow and wealth.” – Robert Kiyosaki
Pre-Leased Real Estate has been the most preferred and attractive investment avenue owing to the regular passive rental income and capital appreciation. However, it has a very high entry and exit barrier in terms of ticket size and liquidity. Fractional Ownership and REITs (Real Estate Investment Trusts) address these barriers, thus making it an ideal investment option.
REITs are structured on similar lines of mutual funds. They are companies that own, finance, or operate revenue-generating properties and can be traded on the stock exchange. It provides investors, retail or institutional, the opportunity to invest in large real estate projects while enabling them to earn dividends with long term capital appreciation. Fractional real estate investment is a method where multiple people come together to buy shares of a property. Fractional Ownership is a percentage ownership in a high-value asset.
Indian market witnessed two successful REIT listing totalling Rs 9,250 cr in recent times of Embassy Office Parks and Mindspace REIT. Blackstone and Brookfield also announced two significant deals in Indian real estate amid the pandemic, amounting to around Rs 25,000 cr, acquiring office parks from Prestige and RMZ respectively. The recent Brookfield REIT listing was oversubscribed by a whopping eight times. This is a testimony of the vibrancy and long-term prospect of this sector.
Have you ever wondered how property is valued or what is the real worth of the house you bought last summer? Should you care about it? Knowing the value of a property helps you to make affirmative decisions. Come along and dive in the world of valuation with us.
Valuation existed, since early days when the Barter system existed back then the concept of money was not yet invented, People use to exchange goods or services in return for other goods
Have you ever wondered how property is valued or what is the real worth of the house you bought last summer? Should you care about it? Knowing the value of a property helps you to make affirmative decisions. Come along and dive in the world of valuation with us.
Valuation existed, since early days when the Barter system existed back then the concept of money was not yet invented, People use to exchange goods or services in return for other goods and services. Valuing things is also a day-to-day activity in one’s life, for example if you want to buy a used cell phone, you evaluate the pricing of it whether its overpriced or a steal deal. Likewise, valuing asset is also important. Knowing the value/worth of an asset is required for decision making like choosing investment in a property, deciding on the proper price to receive or pay in a making investment or takeover of an asset. Valuation gives a reasonable estimate value of all kinds of assets that may be real or financial assets.
Over the past years various methods have surfaced like comparable methods, residual methods, income methods, cost methods, etc. The difficulty in valuation and detail varies from asset to assets, but the core principle remains the same.
In this book we are going to focus on various standards of valuations followed. This book will be leaned more towards valuation of immovable property and their methods like cost approach, income approach, market approach, belting methods and zoning methods. We are also going to focus on specific asset class like residential, commercial, hotel and many more. A case study of real-life example is also inducted in this book and what are the futuristic methods.
Real Estate contributes about 8% to India’s GDP, is the second largest employer and employs about 250+ ancillary industries. Real Estate Developers have gone through almost half a dozen growth impediments in last 6 years:
RERA
GST
Demonetization
NBFC & HFC Crisis
IBC/NCLT and finally now
COVID 19
The resilience of the developer has been tested many times in the last 6 years
Total Organised Debt of India’s Real Estate Sector
Real Estate contributes about 8% to India’s GDP, is the second largest employer and employs about 250+ ancillary industries. Real Estate Developers have gone through almost half a dozen growth impediments in last 6 years:
RERA
GST
Demonetization
NBFC & HFC Crisis
IBC/NCLT and finally now
COVID 19
The resilience of the developer has been tested many times in the last 6 years
Total Organised Debt of India’s Real Estate Sector is about USD 93 Bn
Off which 40% or about USD 37 Bn is in Stress (about 3 lakh crores)
COVID19 Impact: Indian real estate’s estimated loss over Rs 1 lakh crore so far!!
Developer has taken these all in its stride and absorbed all these factors in its cost price without being able to increase sales price, all of this at the cost of margins which have shrunken to single digits and in some cases unviable projects! Real Estate Developer is the Goose which lays Golden Eggs for both the Central and State Government, unfortunately the Goose is at risk of its survival. This book seeks to explain all the real estate stakeholders and layman facts about the Sector, demystify myths, highlight challenges faced and at the same time proposes Strategies which can help the Sector prosper.
This book covers India’s first Ph.D. thesis on REITs. It studies the role of REITs in real estate development and its implications on consumer purchase behaviour in India. REIT or Real Estate Investment Trusts was first introduced in the USA in early 1960. An estimated 87 million Americans own REITs through their retirement savings and other investment funds. REITs in the USA have a market cap of more than 1 trillion USD. Today, more than 37 countries ha
This book covers India’s first Ph.D. thesis on REITs. It studies the role of REITs in real estate development and its implications on consumer purchase behaviour in India. REIT or Real Estate Investment Trusts was first introduced in the USA in early 1960. An estimated 87 million Americans own REITs through their retirement savings and other investment funds. REITs in the USA have a market cap of more than 1 trillion USD. Today, more than 37 countries have REITs, including all G7 countries. Pakistan and Saudi Arabia, too, have REITs. India’s first REIT, Embassy Office Parks listed on 1st April 2019, was Asia’s largest REIT by square footage (33 million sq.ft. total portfolio area). Embassy Office Parks REIT, a joint venture between Bangalore-based property developer, Embassy Group and private equity firm Blackstone successfully raised INR 4,750 crore from the primary market and is today (January 30th 2020) trading at almost 40% premium against a backdrop of global economic volatility and low economic sentiment in India. Realty Developer K Raheja and US private equity firm Blackstone Group will be offering through an IPO, INR 3,000 crore Mindspace Business Parks REIT in 2020. REITs can be hailed as the silver lining in an otherwise gloomy prospects of the real estate sector in India.
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