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The Silicon Review Asia

Apollo to lend about $1B to Indian property developers

Apollo to lend about $1B to Indian property developers

Apollo Global Management Inc. wants to lend about $1 billion to property developers in India this year, betting on a recovery in the Indian residential property market as the pandemic subsides.

That is up from the $750 million Apollo Global Management lent to Indian developers last year, with nearly two-thirds of that sum directed to residential projects, according to Nipun Sahni, a partner at the private equity firm. About 70% of this year’s investment will go to home builders and the rest to commercial developers.

In an interview, Sahni said that the real estate market volumes were back to pre-COVID levels, and in some markets, it was higher than in 2019. Sahni added that the market volumes were consolidating rapidly, with the number of unsold homes in India at a 10-year low, which served as a sign of an uptick in prices.

The country’s housing market saw a strong rebound from the lows of the COVID-19 pandemic as low-interest rates and developer discounts fueled demands. Low inventory levels will likely prolong the boom in the residential property market, where prices could rise as much as 10% across the country’s top six cities, according to a CRISIL Ratings Ltd. report on May 10.

Apollo Global Management opened its Mumbai office in 2008 and currently manages nearly $513 billion of assets globally. The company began lending to Indian property developers in 2017.


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