EXECUTIVE SUMMARY

• Post the global financial crisis of 2008, structured debt investment deals in the real estate sector became
popular with private equity funds in India. These were primarily debt transactions arranged in a manner that
provided assured returns to the investor along with a possible upside, if the deal structure so allowed.

• Between 2010 to 2014, the number of structured debt deals increased by more than 6.3 times, whilst the total
value of such investments increased by 3.6 times.

• Going ahead, investors looking at entering into new structured debt transactions may need to factor in ever
changing market dynamics, end-use constraints, cash flow mismatches and the issues presented by the high
cost of funding.