{"id":1959,"date":"2021-09-09T16:12:00","date_gmt":"2021-09-09T16:12:00","guid":{"rendered":"https:\/\/www.earnnest.me\/web\/?p=1959"},"modified":"2021-12-15T03:31:53","modified_gmt":"2021-12-15T03:31:53","slug":"growing-trend-towards-financialization-of-real-estate","status":"publish","type":"post","link":"https:\/\/www.earnnest.me\/web\/growing-trend-towards-financialization-of-real-estate\/","title":{"rendered":"Growing Trend towards Financialization of Real Estate"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1959\" class=\"elementor elementor-1959\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-79aab87 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"79aab87\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ec773d0\" data-id=\"ec773d0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2185856 elementor-widget elementor-widget-text-editor\" data-id=\"2185856\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>Real Estate (RE) is a critical asset class, both from an economic and individual point of view. At the economy level, RE sector contributes ~7%<sup>(1)<\/sup> to India\u2019s GDP and is a major source of mass employment. At an individual level, physical assets (primarily real estate and gold) account for 50%+ of house-hold savings in India. For global institutional investors also, India has been a major focus. These investors invested ~US$40Bn over the last 6 years. And the interest remains strong despite COVID. In 1H2021, the sector received ~US$2.9Bn<sup>(2)<\/sup> of investment, more than 2x of 1H2020.<\/p><p>Most high net-worth families\u2019 exposure to real estate is in the physical form i.e. directly owning the assets. Many a times assets are legacy owned and not really being managed by a professional team. Also, asset management of physical real estate could become cumbersome. Therefore, despite the strong fundamentals of the underlying sector (as evidenced by significant institutional interest), the investment experience of individuals\/families had been mixed.<\/p><p><strong>Equity markets are at an all-time high and returns on mainstream debt products are anemic (negative real returns). This (1) risk of drawdown on equity portfolios and (2) very low debt yields, is demanding allocation towards opportunities that provide inflation-hedge with a decent real return without taking equity risk. <u>Real estate as an asset class, is best suited to fulfill such a gap but it needs to become easy to invest in to and manage post investment.<\/u><\/strong><\/p><p><strong>Recent trends<\/strong><\/p><p>We believe that what started happening to equities about 25 years ago (advent of mutual funds shifted personal equity exposures to professional managers) is starting to happen to real estate and regulations &amp; technology are playing a big role in this transformation.<\/p><p>For example, India\u2019s first REIT (Real Estate Investment Trust) debuted in 2019 and since then two more REITS have listed, all three backed by some of the largest global investors. Between the 3 of them, they own 85MM sf+ of Grade A office portfolio. In several ways, it is much better to participate in commercial real estate by owning a REIT unit vs. making a lumpy investment in a handful of self-owned assets.<\/p><p><strong>This trend towards financialization of real estate is starting to breakout. Robust digital and payments infrastructure coupled with acceptance of online investing is super-charging this transformation. For example, in the United States, platforms like Cadre, Fundrise, Crowdstreet, etc. are making private equity (PE) type opportunities accessible for individual investment. <\/strong><\/p><p>Indian real estate sector\u2019s capital need is estimated at ~US$100Bn+<sup>(3)<\/sup> over a seven-year cycle, but capital availability is limited (especially since the credit squeeze initiated by ILFS default in 2018). Fundamentally though, residential is seeing a robust off-take (FY21 sale of listed developers at 2.2x<sup>(4)<\/sup> of FY17 sales) and this demand is likely to remain strong over several years (strong macro fundamentals, affordability and COVID induced premium on home ownership).<\/p><p><strong>Take-away<\/strong><\/p><p><strong>Robust fundamental demand and low capital availability is creating a very attractive investing vintage. In our opinion, India needs similar modern-day platforms that combine (1) investment expertise with (2) digital convenience and transparency, to allow participation in real estate assets without the hassle of managing physical assets. Such platforms can play a pivotal role both for the sector and investors seeking superior risk-adjusted returns.<\/strong><\/p><p><strong>\u00a0<\/strong><\/p><p><strong>References<\/strong><\/p><ol><li><a href=\"https:\/\/www.thehindubusinessline.com\/economy\/realty-sectors-contribution-to-gdp-to-rise-to-10-by-2030\/article34687286.ece\">https:\/\/www.thehindubusinessline.com\/economy\/realty-sectors-contribution-to-gdp-to-rise-to-10-by-2030\/article34687286.ece<\/a><\/li><li><a href=\"https:\/\/realty.economictimes.indiatimes.com\/news\/industry\/pe-investment-in-real-estate-touch-2-9-billion-in-h1-2021-report\/84628125\">https:\/\/realty.economictimes.indiatimes.com\/news\/industry\/pe-investment-in-real-estate-touch-2-9-billion-in-h1-2021-report\/84628125<\/a><\/li><li><a href=\"https:\/\/www.vccircle.com\/can-real-estate-sector-bridge-the-100-bn-capital-gap\">https:\/\/www.vccircle.com\/can-real-estate-sector-bridge-the-100-bn-capital-gap<\/a><\/li><li>Investor presentations and call transcripts of Q4 FY 21 financial results of listed developers<\/li><\/ol>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Real Estate (RE) is a critical asset class, both from an economic and individual point of view. At the economy level, RE sector contributes ~7%(1) to India\u2019s GDP and is a major source of mass employment. At an individual level, physical assets (primarily real estate and gold) account for 50%+ of house-hold savings in India. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-1959","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insights"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Growing Trend towards Financialization of Real Estate - Earnnest<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.earnnest.me\/web\/growing-trend-towards-financialization-of-real-estate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Growing Trend towards Financialization of Real Estate - Earnnest\" \/>\n<meta property=\"og:description\" content=\"Real Estate (RE) is a critical asset class, both from an economic and individual point of view. At the economy level, RE sector contributes ~7%(1) to India\u2019s GDP and is a major source of mass employment. At an individual level, physical assets (primarily real estate and gold) account for 50%+ of house-hold savings in India. 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