Real Estate

Our Private Markets Quarterly is out now. Here’s what we’re seeing across asset classes:   Private Equity: Deal and exit activity have picked up compared to last year, while #fundraising remains a significant challenge. Managers are increasingly focused on value creation through operational improvements, margin expansion, and revenue growth within portfolio companies.   Private Credit: While fundamentals remain solid, market dislocations are rising with spreads compressing and the likelihood of declining yields. Still, fundraising is robust, with larger, established managers dominating capital raised. Overall, #directlending remains an attractive option for investors, with yields still around 10% even as spreads have compressed.   Private Real Estate: We believe weakness in publicly traded US REITs is masking improving fundamentals in private US commercial real estate. Investors are capitalizing on price declines across several asset classes, while banks are also now more willing to lend to #CRE investors. Multifamily and industrial remain favored sectors owing to strong long-term demand. See the full report below from Jennifer Liu, Daniel Scansaroli, Ph.D., and Christopher Buckley, CAIA® with contributions from Leslie Falconio, Jonathan Woloshin, CFA, and John Murtagh.

💥 New homes are now CHEAPER than resale homes 💥   This marks a significant inflection point in the housing market, reversing the historical trend where new construction commanded a premium—often as much as 20% more than existing properties. The shift, which began during the pandemic with a narrowing of the price spread, has fully materialized over the past three months.   While new home prices can be influenced by changes in product offerings or location, our Zonda data, builder survey, and NewHomeSource.com trends all confirm that real price cuts are also occurring in the new home space.   Beyond the raw data, several additional factors make new homes even more compelling for buyers: - Lower insurance premiums. New homes typically incur lower insurance costs compared to existing properties due to modern building codes and materials. - Reduced maintenance. New construction offers a maintenance-free or lower-maintenance lifestyle, saving homeowners time and money on immediate repairs and upgrades compared to the resale market. - Enhanced energy efficiency. New homes are often more energy-efficient than existing homes, leading to lower utility bills and a reduced overall cost of living. - Attractive builder incentives. Builders continue to offer incentives (e.g. buydowns or design credits), providing extra perks to buyers that can further offset costs. Zonda Sarah Bonnarens Alexander Edelman Tim Sullivan Bryan Glasshagel Evan Forrest #housing #realestate #newhomes

America needs 10,000 more small developers. But $100K+ pursuit costs keep most people out. Here are the 4 ways to fund the chase: Most developers quit before their first deal closes. It has nothing to do with talent. They think the hardest part is finding good properties. It's not. It's funding the chase. Let me show you the $100K+ barrier that kills careers before they start. I was talking to a sharp developer last week. Great eye for deals. Strong construction background. He'd been "getting ready" to start developing for 18 months. "I just need to find the right property first," he said. That's backwards. Here's what actually happens: You find a property. Then you spend $100K+ before you even know if it works. The breakdown: • Surveys and title: $5K-$20K • Legal fees: $10K minimum • Environmental studies: $3K-$50K • Site planning: $10K-$100K • Permitting: $500 to millions (depending on complexity) Most developers run out of money before they run out of deals. The successful ones solve this first. Here are the 4 ways to fund pursuit costs: 1. Platform Investors: They back your operating company, not individual deals. Best option if you can get it. 2. Predevelopment Loans: 12-18% interest, personal guarantees required. Expensive but available. 3. Seller Financing: Motivated sellers sometimes help with pursuit costs. Rare but powerful. 4. Your Own Pocket: Still the most common. Also the biggest barrier to entry. The reality: America needs more small developers. But $100K+ risk capital keeps most people out. The solution isn't finding better deals. It's finding better capital. Stop looking for properties. Start looking for partners who understand pursuit costs. P.S. This is exactly what we cover in our Introduction to Real Estate Development course. From pursuit costs to closing day. Details in the comments.

Investing ₹20 lakhs in an under-construction flat in Hyderabad could have made you ₹1 crore in 4 years. No, this isn’t a clickbait ad. It’s an actual deal that early buyers in a project I visited just exited from. ⸻ Last week, I flew to Hyderabad to meet Ajitesh Korupolu, founder of ASBL — a developer who’s building over 10,000 homes and scaled to ₹6,000 Cr in sales. I wanted to learn what real estate investors really do to make 2X, 3X, even 5X returns — and how everyday folks can do it too. Here are the 5 Things Nobody Tells You About Real Estate Investing in India: 1. Timing beats location. Buying during “excavation stage” (literally when the builder starts digging) gives the highest upside. In the project I saw: ₹1.2 Cr (early stage) → ₹2.2 Cr (ready to move in) That’s ₹1 Cr appreciation in 4 years. 2. Leverage is your friend — if you understand it. With just ₹20L down, buyers took home ₹1 Cr net after selling. Why? Because construction-linked loans mean you pay EMI only as the building goes up. 3. Ready-to-move-in = ready-to-trap-yourself. If you’re buying to invest, stop chasing finished flats. Capital is locked, returns are capped, rental yields are 2–3%. 4. Risk isn’t in the property. It’s in the builder. 30% of under-construction projects still face delays. Do this before investing: → Study builder’s past projects → Compare scale continuity → Understand their financing cycle 5. Hyderabad is exploding — for real. Amazon, Google, Apple are setting up their second-largest global HQs here. Tech jobs → housing demand → appreciation cycle → investor opportunity. ⸻ Real estate isn’t slow money. If you play it like the pros, it’s high-leverage, high-upside, timed risk. And I’m going to keep learning, testing, and sharing every play. Watch the full episode to learn it all. I'm adding the link in the comments. #rentvsbuy #realestate #investinginahome #hyderabad

Multifamily housing starts dropped to the lowest levels in a decade, according to U.S. Census data released yesterday, further evidence that the apartment supply cooldown will be deeper than a mere return to pre-COVID norms. Total multifamily starts over the last 12 months tallied 336,100 units. That compares to the peak of 538,700 units started in the T-12 period ending in November 2022. Also notable: On a monthly basis, multifamily housing starts in November 2024 were the third lowest of ANY month since 2015 -- only higher than March 2024 (same headwinds) and April 2020 (COVID lockdowns). It's worth noting (as several media articles did) that permits have not cooled quite as dramatically as starts. So the number of units permitted but not started remains well above normal -- and actually re-accelerated a tick after dropping off in 2023. So that remains an interesting data point to watch. Remember that permitting rules vary by city (in terms of costs and how long you have to start the project once permitted), so in some cases, developers may be pulling permits to get shovel ready once capital is lined up. But in today's environment of sticky/elevated rates plus reluctant LP equity, I would think a good chunk of those projects won't be able to break ground any time soon. Bottom line: Construction starts data continues to play out as expected -- feeding into the the consensus forecast for a low-supply environment in 2026-27, and possibly helping justify some of the industry's bullish expectations for that period. Other thoughts?

One of my recent posts on real estate vs mutual fund returns was featured by Business Today. In 2014, my uncle chose a flat. I chose mutual funds. Ten years later, I did the math. His ₹50L flat = ₹89.5L today. My ₹50L in mutual funds = ₹1.44Cr. That’s 61% more, with full liquidity and no hidden costs. Once we added his home loan interest, maintenance, taxes, and stamp duty—his actual return came to just 1.9% CAGR. Meanwhile, MFs delivered 11.06% CAGR. The point wasn’t to say property is bad, it’s that property as an investment needs a more realistic lens. The real lesson: Don't put all eggs in one basket. Diversify. > Emergency fund: FDs/liquid funds > Wealth creation: Equity mutual funds > Stability: Debt funds > Lifestyle: Property (if you can afford it) Bottom line: Both have their place. But expecting 15% returns from property while ignoring costs is wishful thinking. Choose based on your goals, not emotions.

This is the chart I look at most to determine the future of housing demand in America. Less: 1) family-oriented housing 2) traditional active adult (55+) housing 3) rental housing targeting young adults More: 1) senior living housing 2) single-story homes with universal design features, both for rent and for sale 3) universal design remodeling 4) housing near extended families, which, for many seniors, will involve relocating to where their adult kids live These will be massive pivots for today's homebuilders, apartment developers, and building material companies. And location matters: * In no/low growth areas, focus on providing a better home than the existing market, but don't count on much price appreciation unless the employment market is also growing. * In high-growth areas, be wary of competition. It is possible to overbuild in high-growth areas, as we are finding out in many areas of Texas right now.

Not all AI agents are created equal — and the framework you choose shapes your system's intelligence, adaptability, and real-world value. As we transition from monolithic LLM apps to 𝗺𝘂𝗹𝘁𝗶-𝗮𝗴𝗲𝗻𝘁 𝘀𝘆𝘀𝘁𝗲𝗺𝘀, developers and organizations are seeking frameworks that can support 𝘀𝘁𝗮𝘁𝗲𝗳𝘂𝗹 𝗿𝗲𝗮𝘀𝗼𝗻𝗶𝗻𝗴, 𝗰𝗼𝗹𝗹𝗮𝗯𝗼𝗿𝗮𝘁𝗶𝘃𝗲 𝗱𝗲𝗰𝗶𝘀𝗶𝗼𝗻-𝗺𝗮𝗸𝗶𝗻𝗴, and 𝗮𝘂𝘁𝗼𝗻𝗼𝗺𝗼𝘂𝘀 𝘁𝗮𝘀𝗸 𝗲𝘅𝗲𝗰𝘂𝘁𝗶𝗼𝗻. I created this 𝗔𝗜 𝗔𝗴𝗲𝗻𝘁𝘀 𝗙𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸 𝗖𝗼𝗺𝗽𝗮𝗿𝗶𝘀𝗼𝗻 to help you navigate the rapidly growing ecosystem. It outlines the 𝗳𝗲𝗮𝘁𝘂𝗿𝗲𝘀, 𝘀𝘁𝗿𝗲𝗻𝗴𝘁𝗵𝘀, 𝗮𝗻𝗱 𝗶𝗱𝗲𝗮𝗹 𝘂𝘀𝗲 𝗰𝗮𝘀𝗲𝘀 of the leading platforms — including LangChain, LangGraph, AutoGen, Semantic Kernel, CrewAI, and more. Here’s what stood out during my analysis: ↳ 𝗟𝗮𝗻𝗴𝗚𝗿𝗮𝗽𝗵 is emerging as the go-to for 𝘀𝘁𝗮𝘁𝗲𝗳𝘂𝗹, 𝗺𝘂𝗹𝘁𝗶-𝗮𝗴𝗲𝗻𝘁 𝗼𝗿𝗰𝗵𝗲𝘀𝘁𝗿𝗮𝘁𝗶𝗼𝗻 — perfect for self-improving, traceable AI pipelines.  ↳ 𝗖𝗿𝗲𝘄𝗔𝗜 stands out for 𝘁𝗲𝗮𝗺-𝗯𝗮𝘀𝗲𝗱 𝗮𝗴𝗲𝗻𝘁 𝗰𝗼𝗹𝗹𝗮𝗯𝗼𝗿𝗮𝘁𝗶𝗼𝗻, useful in project management, healthcare, and creative strategy.  ↳ 𝗠𝗶𝗰𝗿𝗼𝘀𝗼𝗳𝘁 𝗦𝗲𝗺𝗮𝗻𝘁𝗶𝗰 𝗞𝗲𝗿𝗻𝗲𝗹 quietly brings 𝗲𝗻𝘁𝗲𝗿𝗽𝗿𝗶𝘀𝗲-𝗴𝗿𝗮𝗱𝗲 𝘀𝗲𝗰𝘂𝗿𝗶𝘁𝘆 𝗮𝗻𝗱 𝗰𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 to the agent conversation — a key need for regulated industries.    ↳ 𝗔𝘂𝘁𝗼𝗚𝗲𝗻 simplifies the build-out of 𝗰𝗼𝗻𝘃𝗲𝗿𝘀𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗮𝗴𝗲𝗻𝘁𝘀 𝗮𝗻𝗱 𝗱𝗲𝗰𝗶𝘀𝗶𝗼𝗻-𝗺𝗮𝗸𝗲𝗿𝘀 through robust context handling and custom roles.  ↳ 𝗦𝗺𝗼𝗹𝗔𝗴𝗲𝗻𝘁𝘀 is refreshingly light — ideal for 𝗿𝗮𝗽𝗶𝗱 𝗽𝗿𝗼𝘁𝗼𝘁𝘆𝗽𝗶𝗻𝗴 𝗮𝗻𝗱 𝘀𝗺𝗮𝗹𝗹-𝗳𝗼𝗼𝘁𝗽𝗿𝗶𝗻𝘁 𝗱𝗲𝗽𝗹𝗼𝘆𝗺𝗲𝗻𝘁𝘀.  ↳ 𝗔𝘂𝘁𝗼𝗚𝗣𝗧 continues to shine as a sandbox for 𝗴𝗼𝗮𝗹-𝗱𝗿𝗶𝘃𝗲𝗻 𝗮𝘂𝘁𝗼𝗻𝗼𝗺𝘆 and open experimentation. 𝗖𝗵𝗼𝗼𝘀𝗶𝗻𝗴 𝘁𝗵𝗲 𝗿𝗶𝗴𝗵𝘁 𝗳𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸 𝗶𝘀𝗻’𝘁 𝗮𝗯𝗼𝘂𝘁 𝗵𝘆𝗽𝗲 — 𝗶𝘁’𝘀 𝗮𝗯𝗼𝘂𝘁 𝗮𝗹𝗶𝗴𝗻𝗺𝗲𝗻𝘁 𝘄𝗶𝘁𝗵 𝘆𝗼𝘂𝗿 𝗴𝗼𝗮𝗹𝘀: - Are you building enterprise software with strict compliance needs?   - Do you need agents to collaborate like cross-functional teams?   - Are you optimizing for memory, modularity, or speed to market? This visual guide is built to help you and your team 𝗰𝗵𝗼𝗼𝘀𝗲 𝘄𝗶𝘁𝗵 𝗰𝗹𝗮𝗿𝗶𝘁𝘆. Curious what you're building — and which framework you're betting on?

It’s that time of the year when North India wakes up to a thick layer of smog every day. With the air turning ‘severe’ and AQI levels shooting past 400, Stage 3 of the Graded Response Action Plan (GRAP) has been implemented with immediate effect. Tighter curbs have been put in place. This includes pausing all construction and dust-heavy work to bring down the smog that refuses to fade. Given the rise in vehicular emissions, construction, industrial activity, and seasonal stubble burning, Delhi-NCR’s air quality has been worsening since the last few weeks. Here’s how the region leads India’s real estate growth story at the moment: 👉 Delhi-NCR recorded the highest growth in home prices — up 19% year-on-year and 9.8% quarter-on-quarter — fueled by rising demand for luxury homes and major infrastructure upgrades. (PropTiger). 👉 Completed infrastructure projects such as the Dwarka Expressway and upcoming developments like Jewar Airport have boosted regional growth. However, with the GRAP 3 in place, real estate body NAREDCO has pointed out that these restrictions are likely to delay projects and affect the timely completion of homes. But what does the pause mean in reality? In my opinion, it can help developers adopt cleaner, smarter builder practices that eventually lead to safer and greener homes. A builder, for instance, could invest in dust-control systems and make a ‘green-certified’ site. By proactively communicating with buyers, this challenge can be turned into an opportunity. Think of it as a chance to future-proof projects. When developers explore more flexible approaches and monitor compliant projects carefully, the entire project is more likely to progress in the right direction. This eventually makes the city more livable for you and your family. For homebuyers, this may mean a temporary delay, but this is also being balanced by long-term benefits: cleaner air, higher construction standards, and stronger buyer confidence. Together, with smart compliance and innovation, this will eventually pave the way for building a healthier Delhi-NCR. So, if you’re a homebuyer, now is the time to connect with your builder and confirm their environmental compliance and dust-control measures under GRAP. Stay updated, choose reputed developers, and turn this temporary pause into an opportunity for securing a premium, future-ready home in a cleaner, healthier Delhi NCR. #DelhiNCR #AirQuality #GRAP3 #SmogAlert #AQI #PollutionCrisis #FutureReadyHomes

𝐁𝐢𝐨𝐭𝐞𝐜𝐡 𝐅𝐮𝐧𝐝𝐢𝐧𝐠 𝐓𝐡𝐢𝐬 𝐘𝐞𝐚𝐫 👇 2024 appeared to be the year of Small Molecules, I&I, and Oncology. CGT remains a tough sell for many investors, but 2025 is looking more optimistic overall. VCs I speak with are showing a growing appetite for risk, with dry powder ready to deploy, AZ's acquisition of EsoBiotec certainly helped. As a biotech recruiter working closely with VC-backed founders/ investors - 𝐓𝐡𝐫𝐞𝐞 𝐊𝐞𝐲 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬 𝐭𝐨 𝐒𝐞𝐜𝐮𝐫𝐞 𝐅𝐮𝐧𝐝𝐢𝐧𝐠: 1. Lead with Clinical and Commercial Clarity: Investors prioritise companies with robust early-stage clinical data showing both safety and efficacy. A well-articulated commercialisation path can significantly increase attractiveness. 2. Diversify Financing Sources: Beyond VCs, pursue strategic partnerships with large pharma, apply for grants, and explore public market options (e.g., IPOs, SPACs). Don’t overlook non-dilutive funding sources. It's vital. 3. Capital Efficiency & Milestone Discipline: Burn rate matters. Emphasise your capital runway, milestone planning, and how each raise de-risks the business. Metrics like “cost per development stage” or “cash to IND” can build confidence in your execution discipline. 4. Regulatory Pathway: For novel modalities (e.g., gene editing, cell therapy), clearly outlining your regulatory strategy — Fast Track, RMAT, Breakthrough — helps investors evaluate time-to-market with greater confidence. Is there anything vital you would add? Source: Evercore with a great graphical breakdown. #biotech #oncology #celltherapy #CGTweekly