Крупные девелоперы Индии активно сокращают долги и ограничивают новые проекты из-за стагнации рынка

Major developers, including listed ones, are aggressively reducing debt on the balance sheets to reduce stress in a plateauing housing market and rising construction costs, according to market observers, and are banking on collections from sustenance sales. Home sales for the January-June period have remained on a flat trajectory, with sales growing by just 1% year-on-year, according to Knight Frank India. Launches outpaced sales, with continued inventory build-up in the affordable segment, and increasingly in the luxury category as well. Also on the agenda for developers is the sale of non-core assets, and limiting new business development, including land purchases, as well as adding few redevelopment projects, especially in Mumbai. This is despite redevelopment being the preferred land acquisition method in Mumbai, due to the paucity and high cost of land. "We have monetised certain non-core land parcels where we believed the long-term growth potential was limited. The proceeds have helped strengthen our balance sheet and reduce leverage. At the same time, our focus has been on improving sales velocity so that project cash flows fund construction more efficiently, allowing debt to reduce naturally over the project lifecycle," said Amit Paranjape, director, Paranjape Schemes Construction, which has residential and commercial projects in Pune and Mumbai. Some listed developers such as Rustomjee significantly limited launch activity and business development in the April-June quarter. Rustomjee added just two projects during the quarter, including a plotted development project in Igatpuri (near Nashik), and launched no projects over the same period. Bengaluru-based developer Puravankara noted that it continues to pursue debt reduction opportunities, even as it continues to seek value in its home market, as well as in its new markets of Mumbai and Pune, where it has carried out aggressive business development in recent years. "We had a commercial project called Purva Zentech, which we are selling to ICICI (Prudential AMC) for an enterprise value of Rs 625 crore. That will reduce our debt by Rs 350 crore which was carried by this project. Wherever we see an opportunity to reduce debt, we will do it, given that our portfolio is Rs 58,000 crore in size," said Mallanna Sasalu, CEO, Puravankara. Builders also conceded that while they continue to look to add to their portfolio, they are turning increasingly selective in their land parcels or projects, with the long-term viability of redevelopment at aggressive price points being an area of concern for the real estate sector. "... We are becoming more selective. Rather than chasing volume, we are prioritising projects with clear titles, strong society support, sound financial viability, and faster approval potential. Our approach is to focus on quality over quantity, which creates sustainable long-term value for all stakeholders," said Jitendra Mehta, chairman and managing director of JVM Spaces. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated! Find the best of Al News in one place, specially curated for you every weekend. Stay on top of the latest tech trends and biggest startup news.