Is there realisation that property prices have spiralled quite substantially and that some form of correction will happen?

Yes, property prices have grown significantly over the last 2 years on account of great demand from actual users in all segments. There are a number of projects under construction and the coming years will see new supply. This will definitely have some rationalisation and stabilisation impact on the rents as well as on capital values.

The effect will vary from market to market. Also, the increase in mortgage rates in line with the international trend will have some dampening impact. Quite a few real estate funds have been set up or are starting operations.

How do you see the competition that is building up? It is true that a number of funds are looking to invest in India's real estate. I see this as a sign of maturity and the faith in the India story.

The latter is quite compelling and driven by economic growth. More funds will result in creating high quality supply to meet international standards. Having said that, let me add that the need for capital in this segment is tremendous.

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