As a real estate market, India has created vast opportunities, but not without challenges. Portman Holdings has been a participant in this market since 1998, well ahead of the opening of the market to foreign direct investment in 2005. As the nation’s economy grows, investors and developers have devised sophisticated strategies to take advantage of these opportunities, despite several obstacles.

Since 2007, we have been focused exclusively on the residential sector in India. Since first quarter 2010, the market has experienced consistent oversupply as a result of new launches, accompanied by a rapid increase in sales. This was countercyclical to the broader Indian economy, particularly from 2012 to 2014. Since 2014, sales have been ahead of new launches, but both are depressed relative to the 2010–2013 time period. This is, again, countercyclical to the broader economy, which has been performing strongly. This reinforces the long-term nature of the real estate business an