Abstract

Financing of Residential Real Estate Development (RRED) projects has not received due attention in India beyond affordable (social) housing. RRED projects continue to finance themselves through customer advances, which has been disrupted because of recessionary market conditions, supply glut, and the tough stance of the Reserve Bank of India. This has resulted in thousands of stalled RRED projects across the country for which developers cannot raise finance through any source. This paper extensively examines options of RRED project financing, across developed and emerging markets, in principle and practice. An extensive review of traditional and innovative methods of financing for RRED projects has been undertaken, and gaps have been identified in the Indian context. Authors have validated identified gaps through primary research using relative importance index and principal component analysis.

摘要

除了负担得起的（社会）住房，住宅房地产开发 (RRED) 项目的融资在印度没有得到应有的关注。RRED 项目继续通过客户预付款为自己融资，但由于市场衰退、供应过剩和印度储备银行的强硬立场，这些项目已经中断。这导致全国数以千计的 RRED 项目停滞不前，开发商无法通过任何来源筹集资金。本文从原则和实践方面广泛研究了发达市场和新兴市场的 RRED 项目融资方案。对 RRED 项目的传统和创新融资方法进行了广泛的审查，并确定了印度背景下的差距。