CNBC TV18: The weakness in the Indian currency, rupee, seen through 2013 has forced some foreign funds to exit the Indian real estate market. A weak economic environment has also pushed domestic players to put their investment decisions on the back burner. However, 2014 seems to have brought fresh hope for the real estate sector in terms of fund flows.
Its a new year and the Indian real estate sector has begun 2014 with a bang. In the last two months, several private equity funds have together invested over USD 700 million in real estate projects. This has raised hopes that 2014 will help the sector forget the nightmare that was 2013.
Brick Eagle Group is raising USD 100 million to buy land for affordable housing projects in Mumbai & Chennai. ICS Group is raising USD 250 million for mixed-used developments across the country. ASK Group has raised USD 50 million to fund its mid-income residential projects in the metros, and is in the process of raising USD 150 million more.