Real Estate Finance in India

By Maiti, Moinak | South Asian Journal of Management, October-December 2017 | Go to article overview

Real Estate Finance in India


Maiti, Moinak, South Asian Journal of Management


Real Estate Finance in India By Prashant Das and Divyanshu Sharma Sage Publications India Pvt. Ltd., New Delhi, 2014, Pages: 332, Price: ?995 ISBN: 978-81-321-1164-1 (HB)

INTRODUCTION

Every person who invests in well-selected real estate in a growing section of a prosperous community adopts the surest and safest method of becoming independent, for real estate is the basis of wealth.

- Theodore Roosevelt (1858-1919), 26th President of USA

Real estate sector of India is one of the most versatile and vibrant sectors with high Year-on-Year (Y-o-Y) growth rate and expected to have a market size of USD180 bn by 2020. It is the second highest provider of employment in India after agricultural sector. Real estate is further sub divided into commercial, hospitality, housing and retail sub sectors. In the past few years, the Indian real estate has witnessed a high demand for both offices and residential spaces. The growth of real estate and its sub sector has a direct impact on the development of the corporate environment and demand for urban and rural office spaces.

As per Department of Industrial Policy and Promotion (DIPP) report, the construction development sector has been attracting a huge amount of FDI inflow over the past few years. Though the real estate sector of India seems to be a lucrative avenue for investment but there exists many hidden risks that are associated with it. To understand the complex nature of risk and return relationship that persists in Indian real estate, one needs to understand the theory. Real estate finance decisions are irrevocable and need higher degree of accuracy in spite of several complexities as a single wrong decision can lead to high loss. As far as estate finance of India is concerned, very limited reference materials are available for academics. Several high quality knowledge books on real estate are available but most of them fail to relate the literature with real situation application in Indian real estate. There is need for a book that can provide holistic knowledge about the Indian real estate sector with excellent body of knowledge extant in the international literature and its interpretations in Indian context through case studies, discussions, macroeconomics perspectives revolve around local and foreign market. The book emphasizes on all such issues with rich survey of the real estate financial markets of India along with highlights of few unique features of Indian real estate market that are not addressed by other available international books.

INTENDED AUDIENCE

Prashant Das, Assistant Professor of real estate finance at EHL Switzerland, and Divyanshu Sharma, founding partner of 'realism. IN' have together brought out a concise yet comprehensive understanding of the scenario of real estate finance in India through this book. The book is introductory in nature, so anyone who has an interest in Indian real estate can refer to this book. Each chapter of the book is welldesigned with theory and literature backed by real-life examples, case studies and solved problems. The book is ideal for a Bachelor's or Master's level programs in economics, housing, real estate finance, urban planning, and urban policy. The book and its chapters can be used as references in courses such as real estate (finance, investment, management), mortgage banking, and housing finance. In a nut shell, this book is very useful for those universities, colleges, vocational institutes, and professional institutions which offer programs in real estate.

ABOUT THE BOOK

The book has total of 10 chapters that covers real estate finance in detail. The chapters are well backed by theory with suitable real-life examples and practical usefulness. The presence of well-suited mathematical problems with solutions provides an empirical touch for further clarification other necessary supplements are provided such as opinions from experts, hands-on financial exercises, and illustrations. …

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