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