Positions
A consultancy that cannot be wrong in public cannot be trusted in private. These are the positions this practice holds on Indian development, dated, each carrying its ground and the evidence that would change it. When one fails, it will be amended here with a date. Not deleted.
Held · August 2026
Ten positions
01 · Capital
The depth of domestic institutions and the maturing listed-trust fabric changed who sets the pace, not just who showed up this year. Changes our mind: two consecutive years of foreign-majority institutional flows.
02 · Industrial
Volume compounds while rents barely move, so the margin is made in delivery, not reversion. Changes our mind: sustained rental growth ahead of inflation across the primary markets.
03 · Data centres
Power, water, grid access and the equipment order book gate completion; the structure itself is the easy part. Changes our mind: utility connection lead times falling reliably inside build programmes.
04 · Residential
Inventory accumulates where developers chased margin, and absorption lives where they stopped building. Changes our mind: premium absorption clearing standing inventory faster than launches replace it.
05 · Delivery risk
On the government's own project monitor, aggregate cost overrun differs between states by a factor of nine. Changes our mind: convergence of state-level outcomes on that same monitor.
06 · Clearances
The Supreme Court's sequence through 2025 and 2026 left prior clearance mandatory and regularisation a closed, exceptional route. Changes our mind: legislation reopening a general route, and we would treat that route as fragile while it lasted.
07 · Collateral
Collateral still quoting the closed national infrastructure window as a forward number has dated itself, and everything else in the deck inherits the doubt. Changes our mind: nothing. This one is arithmetic.
08 · Monitoring
A monthly report that cannot say where each tranche stands against its lock, or how the scheme reads on the regulator's register, is reporting someone else's risks. Changes our mind: those exposures appearing in standard domestic reporting as a matter of course.
09 · Control
Client-side functions that arrive as three separate duties elsewhere collapse locally into one appointment, often one with a relationship to the developer. Changes our mind: independent client-side cost control becoming the domestic default.
10 · Residential capital
Escrowed for-sale development carries statutory delivery liability and a litigation channel; rental platforms carry neither and produce what institutions can hold. Changes our mind: the for-sale model re-rating on its own regulatory record.
None of these positions required a client's permission to publish. That is why they are the evidence.
The rule behind the page
Each position above carries the date it was taken and the evidence that would overturn it. That structure is deliberate: it lets a reader test our judgement against the market's record without asking us for references, and it prices our confidence in a way adjectives cannot. A position amended here will keep its original date beside the amendment, because the error is part of the record and the record is the point.
Enquiries
The development practice is led by Tanishq Chauhan. Correspondence reaches the principal directly.
Tanishq Chauhan on LinkedIn, opens in a new tab
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