Lapis India Capital

Real Estate

"Real Estate is all about supply and demand – Cranes, Capital and Demographics"

This photograph captures an aerial view of south-Mumbai with a glimpse of Marine Drive (famously called the Queen’s necklace) and the CBD. The lower half of the photograph captures areas of central-Mumbai.

Lapis provides non-binding investment advisory services to the manager of SUN-Apollo India Real Estate Fund LLC ("SUN-Apollo"), one of the earliest India-focused real estate funds, which raised US$630 million in 2006/07.

Lapis believes there exists a long-term opportunity for all real estate segments (residential, offices, retail, industrial and hotels) in India, given a high-growth capital-starved economy, a large young working population moving to urban centers and an ‘under-built’ real estate landscape relative to the growing demand.

In addition to acting as advisor to the manager of SUN-Apollo, Lapis evaluates opportunities for global institutional investors to invest in India real estate, through appropriate structures. Lapis’ strategy focuses on opportunistic investing across property segments. Lapis seeks to mitigate risks by proposing investments along-side high-quality operating partners in 'infill' locations, having 'less-development' and 'covenant-light non-recourse' debt.

Lapis follows a balanced mix of "entrepreneurial - institutional" approach that allows it to be nimble in the face of emerging market uncertainties without losing underwriting and asset management rigor. Lapis has a cycle-tested team with deep domain knowledge and demonstrated track record in sourcing, executing, asset managing and monetizing real estate investments in India, ranging from residential developments and shopping malls to office buildings and hotels.

Demographics and growth underpin the attractiveness of India and we are excited about the long-term opportunity. In our experience, the key principles to successful real estate investing in India are: stick to what we know; focus on well-located, quality assets at a reasonable price; work with high-quality operating partners; and finance with asset specific, non-recourse debt.

Prakash Kalothia - MD and CEO, Lapis India Capital Advisors

Prakash has 22 years of real estate and investment management experience in India. He has been associated with Lapis / SUN-Apollo since 2006. Prior to Lapis, Prakash worked with SUN Group, Lendlease, and Larsen and Toubro.

Prakash has a civil engineering degree from NIT where he was awarded the Gold Medal and an MBA degree from ISB. He is a fellow of the Royal Institute of Chartered Surveyors, a member of the Urban Land Institute, and serves on the real estate committees of FICCI and CII, the two leading business associations in India.