ABSTRACT
Real estate development is a capital-intensive business involving close interaction with a wide variety of industry players like the land aggregators, brokers, contractors, investors, suppliers, lenders and landowners. The real estate development in India had traditionally been an unorganised, family-operated closed-door business that lacked transparency and corporate governance. The journey of real estate developers in India started with land subdivision and plotted development before the creation of large and international-quality offices, pecial Economic Zones, townships, shopping malls and residential complexes. Investors were casual in selecting development partners and evaluating their construction capabilities, past track record, transparency and corporate governance disclosures, and real estate approval and development process in India. In the initial period, the risks of investment in Indian real estate were misunderstood and underplayed by the buyers, developers and investors. With the opening of the Indian economy and its integration with the global economy in 1991, economic policies were made market-oriented, suitable for the private sector and foreign investment.
