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KKR Swoops in as Distress in India’s Property Market Worsens

By Tony Seruga

Developers struggling to complete projects amid sluggish sales
KKR, GIC, Piramal among funds snapping up real estate assets

A rusty six-story steel structure surrounded by tin-sheet huts stands on a prime plot overlooking one of Mumbai’s largest open spaces of greenery: The horse-racing track in the city’s plush Mahalaxmi area. What was to be a soaring luxury skyscraper from DB Realty Ltd. has been languishing for more than five years, with the developer’s website still claiming that the project will be launched soon.

It’s a familiar scene across India’s cities, where thousands of idle construction sites offer testament to byzantine approvals processes and debt-laden developers’ inability to finance projects to completion. It is also an opportunity too big to pass up for moneyed-up investors such as KKR & Co…

KKR Swoops in as Distress in India’s Property Market Worsens

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