Reaserch

Realty boom, capex cycle, Unitech’s fall: what pro-cyclical investors can learn from the past


Synopsis

Fund managers are sensing a return of the capex cycle across sectors, beginning with real estate. Even though broad economic indicators are yet to show robust signs of a pickup, one can’t miss the rally in real estate, telecom and capital goods stocks. Are we up to something here? The previous capex cycle could give some pointers.

Less than 30km away from New Delhi is the city of Gurugram, popularly nicknamed the Millenium City. In the 1990s, General Electric became the first international corporation to set up office in the DLF City in Gurugram. A decade later, many other IT, ITeS, and auto companies followed. These investments led to development of massive commercial parks, new residential properties, golf courses and over 40 malls. Brick-by-brick and block-by-block, a

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