Whalesbook
Dekho, yeh jo developers ke paise lene ka tarika badal raha hai na, iske peeche sabse bada reason hai residential property sales ka girna.
Asal mein, developers ab direct customer se payments aane par ya bank se loan lene ki jagah private credit se funding kar rahe hain. Private credit thoda mehnga toh hai, par unki funding needs ke liye zyada flexible hai.
Developers ko Private Credit ki zaroorat kyu?
Is private credit ki demand badhne ka seedha connection hai property sales ke slow hone se. Lenders bol rahe hain ki unke deal pipelines mein 10-20% tak ka izafa hua hai, kyunki developers cash flow ki kami se joojh rahe hain. Yeh funds land kharidne, approvals ke liye, aur chal rahe construction ke liye bahut zaroori hain. Motilal Oswal Alternates ke Anand Lakhotia ne bhi confirm kiya hai ki deal pipelines mein 'healthy increase' hai aur housing projects ke liye private credit mein 'meaningful uptick' dekhne ko milega. India ka private debt market $1 billion se badh kar $2-3 billion hone wala hai, aur India Asia Pacific ka 20-25% share pakad sakta hai 2028 tak.
Private Credit pe depend karne se risk badh raha hai!
Par bhai, jab flexibility milti hai, toh cost bhi badhti hai. Private credit pe interest rates 12-21% IRR tak ja sakte hain, jo bank loans se kaafi zyada hai. Isse developers ke profit margins pe seedha asar padta hai. Ab developers 80% tak loan le rahe hain kyunki sales slow hain, jahan pehle loans use bhi nahi hote the. RBI ke naye project finance rules bhi aa rahe hain October 1, 2025 se, jisse bank se additional loan milna restrict ho jayega. Is wajah se developers ko aur bhi zyada private capital ki taraf jana pad raha hai. Is quarter mein new project completions 36% kam hue hain, jo ek saal mein sabse kam hai.
Mehngi financing se margins pe pressure!
Is mehngi financing pe itna depend karna developers ke liye financial risk badha raha hai. Upar se sales kam hone se cash flow issues aa rahe hain aur loan repayment mein dikkat ho sakti hai. Agar market aur kharab hua toh, jin developers ne zyada debt liya hai, woh mushkil mein pad sakte hain. Knight Frank ke data ke hisab se, India ka private credit AUM $0.7 billion (2010) se badh kar $17.8 billion (2023) ho gaya hai. Lekin sales ke aise hi soft rehne par, costly debt ke karan default rates badhne ki sambhavna badh gayi hai. RBI ke strict rules bhi developers par pressure bana rahe hain.