| Adani's Mundra Port & Special Economic Zone Ltd. | | | | rupees. |
| more than doubled on its first trading day in | | | | The IPO attracted $52 billion of bids, 116 times |
| Mumbai, boosting the value of his family's 81.3 | | | | the stock for sale. Adani declined to be |
| percent stake to $7.8 billion. | | | | interviewed for this story. |
| Real estate "has caught the fancy of investors,'' | | | | Mundra Port is about 70 kilometers (45 miles) |
| said Jayesh Shroff, who holds property | | | | from the airport at Bhuj in the western state of |
| companies DLF Ltd. and Indiabulls Real Estate Ltd. | | | | Gujarat. The port can cater to companies including |
| among the $6 billion he helps manage at SBI | | | | Reliance Industries Ltd., which is constructing the |
| Funds Management Pvt. in Mumbai. "We could see | | | | world's biggest refinery in the state. |
| many more billion-dollar property tycoons as | | | | India's per capita income increased 40 percent in |
| investors pay a premium to own real-estate | | | | the past four years, helping real-estate developers |
| stocks.'' | | | | as prices for homes in the southern part of |
| India's 10 richest property investors have more | | | | Mumbai almost doubled in the past two years, |
| funds than Donald Bren, Donald Trump, Samuel | | | | according to data compiled by Bloomberg. Prices in |
| Zell and the next seven wealthiest U.S. real-estate | | | | New Delhi, Hyderabad, Bangalore and Chennai also |
| investors, Forbes Magazine reported. Mumbai has | | | | climbed as more local and overseas companies |
| the world's second-highest office rents after | | | | expand operations. |
| London's West End, according to data compiled by | | | | Housing Shortage |
| real-estate broker CB Richard Ellis. Rents in | | | | Demand for homes near the capital New Delhi |
| Mumbai rose 55 percent in the past year to | | | | helped DLF complete India's biggest initial public |
| $189.51 per square foot, almost double the costs | | | | offering this year. The July IPO lifted the fortune |
| in midtown Manhattan, CB Richard Ellis reported. | | | | of Chairman Kushal Pal Singh, 76, to $35 billion, |
| Adani, 45, is among eight Indian developers whose | | | | making him the world's richest property tycoon, |
| wealth exceeded $1 billion for the first time this | | | | according to Forbes. |
| year, Forbes reported. A government plan to | | | | The government's five-year plan estimates a |
| spend $500 billion on ports, roads and airports has | | | | housing shortage of about 24.7 million units. |
| lured investors to developers focusing on | | | | Almost half of the 210 million households still live in |
| infrastructure. | | | | temporary shelters, implying a significant demand |
| Infrastructure Spending | | | | for low-income and mid-income housing. |
| Adani's Mundra Port, India's largest cargo terminal | | | | "This is a sunrise industry and we have just |
| outside government control, rose as much as 710 | | | | started off,'' said Pradeep Jain, chairman of |
| rupees to 1,150 rupees on the Bombay Stock | | | | Parsvnath Developers Ltd. who is ranked by |
| Exchange and traded 500 rupees higher at 940 | | | | Forbes as India's 46th wealthiest person. "We |
| rupees at 10 a.m. The IPO raised 17.7 billion rupees | | | | could see 30 to 40 new billionaires from the |
| ($446 million) this month with shares sold at 440 | | | | real-estate sector next year. |