Vikram Kapoor / Chief Financial Officer
Perspectives from a life in leadership.
The latest essay
RERA's 70 per cent rule is often read inside developers as a limit on how much cash must be locked away. I read it as a floor, and I think boards that judge a developer on consolidated net debt are reading the wrong balance sheet.
Read the essayRERA's 70 per cent rule is often read inside developers as a limit on how much cash must be locked away. I read it as a floor, and I think boards that judge a developer on consolidated net debt are reading the wrong balance sheet.
Listed Indian developers guide investors on pre-sales, the value of homes booked. The measure rewards launches and lenient payment plans; collections and handovers show whether a developer can turn bookings into finished homes.
Promoter families in Indian real estate often own land their listed company could develop. Independent valuation is necessary but not sufficient; boards need a standing policy, agreed before the next parcel arrives, that fixes the evidence and structure such deals require.