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"All the big developers (with IPO plans) are waiting. They want to raise money for new projects but they are already holding so much inventory," said one of the sector analyst at brokerage Elara Capital.
High prices and rising mortgage rates are hurting demand in India's once-booming housing market, jeopardising a pipeline of about $6 bn in initial public offerings (IPOs). According to an ICICI Securities survey across eight major Indian cities,nearly 72 percent of respondents believed property prices were unaffordable.
At least 12 real estate firms are suspending their offers despite getting final regulatory approval, according to analysts. Another six to seven firms have filed their draft prospectus. But only three real estate IPOs have hit the market so far this year.
Lodha, among India's top developers by sales signed India's costliest land deal, agreeing to pay $850 mn for a plot in central Mumbai.Indiabulls Real Estate won two plots at land auctions in Mumbai for $430 mn, or twice the asking rate.
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