Understanding Real Estate Private Equity and Development Financing

An advanced course on how Indian real estate projects are really funded, and where a private investor can sit in that funding. Starts with the capital stack of a development project, from land and approvals through construction and sales, and explains why developers turn to NBFCs, real estate credit AIFs and private equity when bank funding runs short. Covers the instruments in detail: construction finance, lease rental discounting, structured NCDs, mezzanine debt and preferred equity, along with the escrow, cash sweep and security structures lenders use and the RERA escrow rule that reshaped project funding. Unpacks how real estate private equity funds are built, from core to opportunistic strategies, Category II AIF structures, hurdle rates, carried interest and distribution waterfalls, and the platform deals global and domestic investors strike with Indian developers. Then works through underwriting a development deal end to end, with a full pro forma, IRR and equity multiple, and sensitivity to price, absorption and delay. Closes with risk and distress, including the 2018 to 2020 credit crunch, SWAMIH and IBC resolution, exit routes, fund due diligence, taxation of returns, and a decision checklist before committing capital. Built for HNIs, family office investors and experienced syndicate leads evaluating real estate AIFs and structured deals.