Indian firm raises $800 million for real estate fund
MUMBAI: The Indian real estate development market may increase more than sevenfold to $90 billion by 2015 from $12 billion in 2005, Moody's Investors Service said in June. Funds of global investment banks are investing in Indian property as the economy grows rapidly. India will need as many as 10 million new housing units a year by 2030, according to estimates by the Asian Development Bank. The Indian central bank restricts bank lending to real estate since it is considered sensitive and speculative and may lead to losses. Funds are stepping in to fill the financing gap.