Property companies are apparently easing up on plans to float public issues reports CNBC-TV18
The real estate IPO market could well have ground to a halt. Four IPOs lined up for a float are apparently going slow. Bangalore-based Purvankara projects seem to be the first victim. Volatile markets forced it to revise the offering downward.
"The volatility seems to have brought in a cautious approach by investors both in India and across the world," says Ravi Ramu, director, Puravankara Projects
Even though the management might attribute it to volatile markets, analysts say there might be an excess of real estate industry IPOs. Three more Bangalore-based property companies are contemplating issues. Nitesh estates is developing eight million square feet of retail and commercial space, including India's first Ritz Carlton hotel in Bangalore. The brigade group has projects worth over Rs 4,000 crore in the pipeline and Mantri developers, which plans a Rs 2,500 crore hospitality foray wants to raise about Rs 1000 crores through an IPO or private equity placements.
About USD 10 billion dollars have been invested in real estate equity in India. And FIIs and Indian mutual funds own half this float. With many more IPOs due, the question is whether valuations of existing real estate stocks will take a beating or new listings will have to bear the brunt.
The real estate 
