Sectors
Three sectors, read from the delivery side.
A sector page owes you the difficulty, not the brochure. These are the three markets this practice leads in India, each opened with the condition that decides returns in it, and closed with the question a committee should be asking.
01 · Industrial and logistics
Sector
Volume is compounding. Rents are not.
Transactions across the eight primary markets reached 72.5 million square feet in 2025, up twenty-nine per cent in a year, while rents in the same markets moved by low single digits. That pair of facts is the sector. Returns are made in development margin and platform scale, and development margin is precisely what land inflation and approval slippage attack.
So in this sector, programme control is the return. The capability that matters is not absorbing demand. It is holding cost and time while converting land whose title, use class and clearances were never designed for institutional ownership.
Clear-title land in established clusters is the scarce input.
Agricultural conversion and use-class change run on state discretion, not national rule.
Residential competes for the same land, and prices it first.
The tenant signs faster than the state does.
The question a committee should put to any industrial scheme: who holds the programme, and what does it cost them to be wrong.
We hold entitlement sequencing, infrastructure adjacency and the tenant's specification inside one appraisal, and we verify the build against it monthly.
02 · Data centres
Sector
The constraint stack, inverted. Land ranks fourth.
India's operating base is approaching two gigawatts of IT load, and the committed pipeline exceeds everything built to date. What gates that pipeline is not ground. It is power, water, grid access and the electrical equipment order book, in that order.
A data-centre schedule is therefore a utility schedule. Connection date, water allocation, clearance defensibility and transformer slots set completion, and the building follows them. Underwriting that starts from land cost and construction cost has priced the wrong variables, and the sector's flagship campuses are already demonstrating where the risk actually lives.
Power before ground. The connection date is the completion date.
Water is a co-equal constraint, and a community question before an engineering one.
Environmental clearance defensibility now decides financeability.
Long-lead electrical equipment quietly owns the schedule.
The question: which of these four dates governs this scheme, and who verifies it monthly.
We run diligence on the utility interface as hard as on the title, and our monthly reports carry the four dates beside cost to complete.
03 · Residential and township
Sector
The market is building the product it is not absorbing.
Unsold inventory across the top seven cities stands above six hundred thousand units, concentrated in the premium segment, and launches have begun outpacing sales for the first time since 2021. The volume segment underneath remains under-served. That mismatch is the sector's clearest arbitrage, and its regulator now enforces the discipline developers used to skip.
Township work adds the harder truth. Under single-ownership thresholds measured in tens of hectares, assembly precedes architecture. A township is an aggregation and approvals business before it is a construction business, and it succeeds or fails on that sequence.
Segment selection now outranks site selection.
Escrowed collections and delivery-date liability are statutory, not contractual.
Assembly risk compounds quietly. One hold-out plot reprices the scheme.
Phase structure decides both the exit and the lock-in arithmetic.
The question: does the appraisal price the segment, the escrow and the assembly, or only the build.
We underwrite absorption by segment, structure phases as the separate projects the rules treat them as, and verify escrow compliance beside physical progress.
Enquiries
The practice answers.
128 City Road, London, EC1V 2NX
The development practice is led by Tanishq Chauhan. Correspondence reaches the principal directly.
Tanishq Chauhan on LinkedIn, opens in a new tab
Or continue with