India real estate: price correction looms

Revenue visibility is better. In some markets, office or retail may be safer but mostly housing trumps these, as many US investors, who were earlier focused on office buildings, are now discovering.

We have eighteen on-going developments, across large cities such as the greater Delhi area and Calcutta, to smaller cities such as Tirupur, Meerut and Bhubhaneshwar. We consciously trade off the liquidity characteristics of a large market for the higher margins in smaller city developments. On the whole, the portfolio is going well, though some aspects like licensing can be difficult. I do not believe these problems are unique to India though.