Real Estate

International Research Journal of Finance and Economics ISSN 1450-2887 Issue 24 (2009) © EuroJournals Publishing, Inc. 2009 http://www.eurojournals.com/finance.htm

Prospects & Problems of Real Estate in India Vandna Singh Head-MBA Department Seth Jai Prakash Mukand Lal Institute of Engeenring &Technology (JMIT) Radaur, Yamunanagar Komal Lecturer, Institute of Technology & Management (ITM), Gurgaon E-mail: [email protected] Abstract The present paper entitled “Prospects & Problems of Real Estate in India” is an attempt to reveal the issues concerned with real estate investment sector in India. This paper is concerned with the investment on real estate in India and the trends in the concerned industry. The paper has been divided into three sections. Section one deals with the fundamental factors affecting the real value like demand, supply, property, restrictions to use and site characteristics. Section two and three explains the causes and the constraints to the present real estate boom respectively in India. The paper also presents the suggestions and future prospects of real estate in the country.

Keywords: Real estate, property, prices, market, investment, income etc.

Objectives The paper aims to examine the present scenario of real estate in India. In this broader framework, an attempt has been made to achieve the following specific objectives:1. To study the fundamental factors affecting the real estate value. 2. To examine the present factors of real estate boom. 3. To present the future constraints of real estate investment in India.

Sample Size Out of the total companies working in India in the field of real estate 50 major players have been selected for the purpose of the study.

Research Methodology The present study is of analytical and exploratory nature. Accordingly the use is made of secondary as well as primary data. The secondary data is collected mainly through various newspapers, magazines, Internet and RBI review. To supplement the secondary data, some primary data has also been used which is collected through interviews and personal visits to the various companies to know the present situation of the market.

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The present study is dependent more on secondary data. Primary data is not used due to the reliability of the data. The factors in the present paper are the Macro Economic factors for which the secondary data is more suitable and reliable. The collected in the aforesaid manner have been tabulated in condensed form to draw the meaningful results. To analyze the data tables, percentage and graphs were used.

Independent Variables Prices, features of flat, material used and advertising.

Dependent Variables Customer awareness, presences and their perception about property.

Introdection Real estate or immovable property is a legal term (in some jurisdictions) that encompasses land along with anything permanently affixed to the land, such as buildings. Real estate is often considered synonymous with real property (also sometimes called reality), in contrast with personal property (also called personality). However, in technical terms, real estate refers to the land and fixtures themselves and real property are used primarily in over real estate. The term real estate and real property are used primarily in common law, while civil law jurisdiction refers instead to immovable property. In law, the word real means relating to a thing as distinguished from a person. Thus the law broadly distinguishes between real property (land and anything affixed to it) and personal property (everything else e.g. clothing, furniture, money). Real Estate Business Includes: With the development of private property ownership, real estate has become a major area of business. Purchasing real estate requires a significant investment and each parcel of land has unique characteristics, so real estate industry has evolved into several distinct fields. Some kind of real estate businesses include• Appraisal – Professional valuation services • Brokerage – Assisting buyers and sellers in transactions • Development – Improving land for use by adding or replacing buildings • Property Management – Managing a property for its owner(s) • Real Estate Marketing – Managing the sale side of the property business • Relocation Services – Relocating people or business to difficult country Types of Ownership Interests: Real property (immovable property) can refer to the real estate itself or to various types of ownership interests in real estate, including: • Freehold: Provides the owner the right to use the real estate for any lawful purpose and sell when and to whom the owner wishes. • Life estate: An interest in real estate which is granted to a life tenant until that person dies. The interest terminates upon the death of the life tenant. • Estate for years: Similar to life estate but term are a specified number of years. • Leasehold: The right to posses and use real estate pursuant to the terms of a use. • Reversion: The right to posses the free interest in real estate after the expiration of a life estate, estate for years or leasehold. • Concurrent or co-tenancy: The ownership of an interest in real property by more than one party. Rights of any single party may be limited in various ways depending on the jurisdiction and type of concurrency. Participants of Real Estate Market: The main participants in the real estate markets are-

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Owner/User: These people are both owners and tenants. They purchase houses or commercial property as an investment and also to live in or utilize as a business. Owner: These people are pure investors. They do not consume but rent out or lease the property to someone else. Renter: These people are pure consumers. Developers: These people prepare raw land for building which results in new product or the market. Renovators: These people supply refurbished buildings to the market. Facilitators: This includes banks, real estate grocers, lawyers and others that facilitate the purchase and sale of real estate. The owner/user, owner and renter comprise the demand side of the market, while the developers and renovators constitute the supply side. In order to apply the simple demand and supply analysis to real estate markets a number of modifications need to be made to standard microeconomic assumptions and procedures. Real estate can divided into three categories: These are • Commercial • Residential • Agricultural We can invest into all the given areas and can make return by capital appreciation, rental income, agricultural produce, lease and commercial use. The following factors influence the price and cost of the real estate: 1. The physical characteristics of the property 2. The property rights 3. The time horizon of holding the property 4. Geographical area 5. The development rate Features of Real Estate Markets: In particular, the unique features of the real estate market must be accommodated. These include: • Durability • Heterogeneous • High transaction costs • Long time delays • Both an investment good and consumption good • Immobility

PART-1: Fundamental factors determining the value of real estate These factors includes Demand Demand refers to people’s willingness and ability to buy or rent a given property. In part demand stems from a market area’s base. In most real estate markets, the source of buying power comes from jobs. Property values follow an upward path when employment is increasing. The real estate market in India has seen remarkable changes in the past few years. The rapid expansions of information technology, especially BPOs, spurt in the middle class income and 8% growth in GDP are the potential key factors for the growth. India is the 4th largest economy in the world, and has the 2nd highest GDP among the developing countries based on purchasing power parity. IT and IT enable services sector in India is still in its growing stage due to increasing demand for business processing units in India and is estimated to grow by 107% to $583 million in revenue. This could lead to a space requirement of 20-25 million sq.

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ft. per annum, according to a Merrill Lynch report. Taking this factor into consideration, the Total value of real estate created by the IT and ITES sector in the next three years will be Rs.132000. Supply Analysis Supply analysis means sizing up the competition. Nobody wants to pay more for a property than the price they can pay for competing property. An integral part of value analysis requires identifying sources of potential competition and then inventorying them by price and features. An analysis of supply should not limit potential competitors to geographically and physically similar properties. In some markets, for example, low priced single family houses might compete with condominium units, manufactured homes and even with rental apartments. The Property In real estate the property itself is also a key ingredient. The price that people will pay is governed by their needs and the relative prices of the properties available to meet those needs. To try to develop a property’s competitive edge, an investor should consider five things: 1. Restrictions on use 2. Location 3. Site characteristics 4. Improvements 5. Property management

The Property Transfer Process In efficient markets, information flows so quickly among buyers and sellers that it is virtually impossible for an investor to outperform the average systematically. As soon as something good or bad occurs, the prices of the affected company’s stock adjust to reflect its current potential for earnings or losses. Real estate markets are no as efficient as stock markets. Rental Trends in India Recent trends of rental properties in India are conspicuous by the immense potential that is being realized today. Rental values in cities like Delhi and outskirts are witnessing an increase of 20-25%. Real estate agents are devoting themselves to negotiations for rented homes than ever. Though the interest rates on home loans, continued tax exemptions on such prompts people to buy property, those with the ability to buy a flat among the middle-class are thinking twice. In residential segment, the capital value or cost of flats has almost doubled in cities like Gurgaon where prices went up to Rs. 45 lakhs from Rs. 15 lakhs a couple of years back. The demand for more capital appreciation in the wake of rising prices coupled with home loan rate hike has dampened the buying spirit. This has in ways propelled demand for rental property in India. Increased demand for independent houses or paying guests occurs mainly in the metros like Delhi, Gurgaon, and Mumbai etc. where the corporate sectors rent independent houses for their senior executives. A paying guest or PG accommodation in India is a convenient arrangement. Even PG hostels and working women’s hostels, are considered safe and can be availed of on an individual or sharing basis mean big business. The real estate rental trends in commercial sector are momentous as the key tendency among the investors is to rent a commercial space instead of buying. It will facilitate low risk and less worry on maintenance. Commercial rentals including corporate office space, BPO spaces, mall space, shops and showrooms are an integral part of the commercial rentals in India. Buying good space in highquality development and leasing it to a good brand is a wise investment decision. Usually, commercial lease agreements specify a 15% escalation in the real estate rental in every three years which is a good enough yield. For those considering regular rental returns rather than capital appreciation, mall space

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has the distinction to be an excellent option. It gives returns higher than that received with office space and much higher than the rental returns from residential space.

PART-2: Causes for Present Real Estate Boom Foreign Funds The Government has allowed FDI in the real estate sector with certain caveats. Recently the Cabinet Committee on Economic affairs has decided to permit 100% FDI in forms of housing, hotels, resorts, commercial premises, educational institutions, recreational facilities, hospitals and city and regional level infrastructure in order to attract higher investments. Earlier, restrictive norms were imposed on foreign investments with their presence permitted only in the integrated townships. They invest in urban infrastructure like hotels, shopping malls, large scale residential complexes in new townships, InfoTech parks and special economic zones. Over a half a dozen domestic realty funds have been setup so far with a corpus of over Rs. 3,500 crore. Figure 1: FDI in Indian Real Estate 30%

26.5%

25% 20%

16.0%

15%

10.6% 10% 5%

4.5%

0% 2003-04

2004-05

2005-06

2006-07

Real Estate Exposure of Banks Commercial banks exposure to the real estate sector almost doubled in the first 10 months of 2005-06 over the March 31, 2005 level. In real estate, banks advances for 2005 were Rs. 26,600 crore against Rs. 17,355 crore the year before. The total outstanding loans to real estate rose by 84.4% as on January 20, 2006, according to RBI’s report on macroeconomic and economic developments in 2005-06 released. In the meantime, the housing finance industry started to expand rapidly, making home loans easily available to everyone. The supply increased enormously and the demand remained steady, as prices had gone beyond the realistic levels.

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Figure 2: Loan Disbursement Loans (Rs. in crore) 45000

39750

40000 35000

26500

30000 25000 20000 15000 10000 5000

7500 4500 5700

9821

12626

0 19961997

19971998

19981999

19992000

20002001

20012002

20022003

Shortage of Land for Special Economic Zone In the great rush to developing special economic zones a schism have emerged between the companies that posses land for the projects and those that don’t. As many as 125 projects for over 2,13,023 acres (86,208 hectares, which is more than half the area of the national capital) were considered at a meeting to a massive 1,48,290 acres or 70% of the projected land size these SEZs. For instance Mahindra Realty does not have the 2,500 acres land for it s proposed SEZ as yet. Out of the 23 multi product SEZ projects for which the data is available, only three were in possession of a total of 30,250 acres of land a month ago. Of this, Reliance Industries accounted for 25,000 acres. Another seven projects had managed to get a portion of the 27,510 acres of the total land they sought. The remaining thirteen projects did not have land totaling 1,35,000 acres available. Of this Adani Exports Limited did not have the 75,000 acres if land available at that stage. The companies are not having the required land for their projects making the prices of land very high. Investment by IDFC The Infrastructure Development Finance Company (IDFC) plans to invest Rs.1,000 crore every over five years on township projects, InfoTech parks, hotels, retail and transport sectors. Commercial Boom According to an expert to a real estate consultancy, there are currently 18 malls in New Delhi, Gurgaon, Nodia and Faridabad, with approximately built up space of 3 million sq. ft. While 66 new mall projects have been announced, the crush in the meantime is on the existing space. Abhijit Das, head, Ansalplaza Mall Management Company, confirms the rental increase. Shops on the first and second floors of the mall, he says which were being leased at rates between Rs. 175 and Rs. 225 per sq. ft. two months ago are now being out at a minimum of Rs. 250 per sq. ft. 10-Year Tax Holiday The finance Ministry has announced a 10-year tax holiday for developers of Industrial parks set up from April 1, 2006 to March 31, 2009. According to the Industrial Park Scheme 2008 notified by the Central Board of Direct Taxed (CBDT), the industrial park developers will be eligible for 100% tax deduction which is to be provided for 10 consecutive assessment years out of 15 years after the commencement of operations of such units. The developers will be free to choose the 10 consecutive years for the purpose of availing themselves of the tax holiday.

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Price Variations in India There are unbelievable variations in the prices of real estate sector in the past. Mainly there are two causes for the same: Per Capita Income Figure 3: Per Capita Income Income (in Rs.) 23240 25000

19592

25000

21543

20000 15000 10000 5000 0 2002-03

2003-04

2004-05

2005-06

As depicted by fig. 2 per capita income is increasing in India, which has increased the purchasing power of the people. Due to this over the last year (2006-07) houses prices have raised by 10-90% and commercial property prices by 10-30% in different area of India. Correlation .996 is found between PCI and real estate prices. Thus there is a positive correlation between per capita income and real estate prices. GDP at Market Price Figure 4: GDP GDP at Market Price (in Crore Rs.)

3529240

4000000

3121414

3500000 3000000

2463324

2760224

2500000 2000000 1500000 1000000 500000 0 2002-03

2003-04

2004-05

2005-06

GDP, the indicator of the national growth, from the past 2-3 years is increasing by 6.5% to7.5%. Every rupee spend on the construction add to nearly 60% of GDP. As shown by the fig. 3 the GDP has increased from the 2463324 crore to 3529240 crore from 2002-03 to 2005-06, so it indicates that how the spending on the construction sector helps the real estate prices to increase.

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Price Variations in Different cities Figure 5a:

Price variations in Mumbai

Mumbai Cuffe Parade Malabar Hill Worli Bandra (W) Navi Mumbai

Figure 5b:

Mar-04 11500 15000 8500 8500 1800

(in Rs. Per Sq. Ft.) Mar-08 42000 46000 32500 26500 5500

Mar-05 18000 22000 12000 10000 2300

Mar-06 25000 28000 18000 13500 2800

Mar-07 35000 38000 26000 21500 3500

Mar-05 15000 14500 8000 2500 2800

Mar-06 18000 17000 10000 3700 3700

Mar-07 22500 21000 13500 4850 4900

(in Rs. Per Sq. Ft.) Mar-08 27000 26500 18000 6100 6850

Mar-05 8500 7500 4500 3000 2800 2000

Mar-06 10000 8500 6000 4000 3500 2250

Mar-07 12500 11000 8500 5800 6500 3800

(in Rs. Per Sq. Ft.) Mar-08 16000 14800 11200 7500 8500 5200

Mar-05 2000 6000 6000 3700 3500

Mar-06 5000 7200 7500 4200 4000

Mar-07 8900 11000 11000 6500 6500

(in Rs. Per Sq. Ft.) Mar-08 12500 15500 13500 9200 8500

Price variations in Mumbai

Delhi/NCR Shanti Niketan Vasant Vihar Friends Colony Gurgaon Nodia

Figure 5c:

Mar-04 11500 11000 6000 2000 2000

Price variations in Chennai

Chennai Baoat Club Road Poes Garden Mylapore Tnagar, Adyar Anna Nagar Vadapalani

Figure 5d:

Mar-04 7750 6200 3000 2000 2300 1900

Price variations in Banglore

Bangalore White Field Richmond Town Palace Orchards Indira Nagar Kanamangala

Figure 5e:

Mar-04 1000 5000 5300 3200 3100

Price variations in Hyderabad

Hyderabad Banjara Hills Jublee Hills Himayatnagar West & East Marredpally Secunderabad

Mar-04 2000 2000 1500 1500 1500

Mar-05 2500 2500 1700 1700 1700

Mar-06 3000 3000 2000 2000 2000

(in Rs. Per Sq. Ft.) Mar-07 Mar-08 4800 6500 4600 7500 3200 4800 2800 4200 3100 4500

250 Figure 5f:

International Research Journal of Finance and Economics - Issue 24 (2009) Price variations in Kolkata

Kolkata Allipur Allygunj London Street Rajarhat Salt Lake

Figure 5g:

Mar-04 2850 3000 2975 1100 1875

Mar-05 3000 3200 3100 1200 1950

Mar-06 3400 3575 3575 1550 2075

Mar-07 5400 6200 6250 2800 3600

(in Rs. Per Sq. Ft.) Mar-08 7800 8500 8000 4200 5250

Mar-05 3500 2500 2000 1800 2500

Mar-06 4000 3200 2500 2000 3500

Mar-07 5800 5500 4500 3500 5400

(in Rs. Per Sq. Ft.) Mar-08 7250 7000 6200 5800 7500

Price variations in Pune

Pune Karegaon Park Aungh Banger Wakad Kalyani Nagar

Mar-04 3000 2000 1600 1300 1800

It is clear from the above tables that in real estate prices are touching heights. In some areas the prices are increased by 90-100%. In Gurgaon and Noida prices has jumped by as much as 200%. The cheapest DLF apartment in Gurgaon costs Rs. 1 crore.

PART-3: Constraints in the Real Estate Investment The various constraints are as underUrban Land Ceiling Regulation Act (ULCRA) The central government has replaced this archaic law in 1999-2000, but the state government has not followed the lead. Some states like Punjab, UP, MP, Rajasthan, Gujrat and Orissa are yet to act on it. This law has been failed and this is the right time to act on it and to release more land into the market. This will definitely lower the price of land, which accounts for about 50% of the price of real estate property in India, unlike the developed countries, where it is much less. Distribution of cost of Housing in India and USA: Figure 6: Housing Cost in India & US 50% 45%

49% 37%

40% 35% 30%

28%30% 24%

25%

India

18%

20% 15%

US

10%

3%

5%

5% 0% Land Costs

Material Costs

Labor Costs

Prof it

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Clear Title 90% of the lands in India do not have clear title. The ownership is unclear, thereby creating a scarcity of land. This is due to poor record keeping and outdated complaint processes. All updated records must be computerized to increase transparency in land ownership. And special fast track courts must be set up to clear all legal land disputes in a short period of time. Stamp Duty & Registration The cost of transferring land titles must be reduced from rates of 10% stamp duties to reasonable levels of 3 to 5%; similar to prevailing rates in developed countries. This will encourage sellers to pay stamp duties, instead of trying to cheat the government, thus increasing the revenue for the country. The high duties have also encouraged unaccounted money being used in most real estate transactions in India. The registration procedure should also be made transparent and simple so that corruption can be minimized. Rental Laws Obsolete tenancy and rental control laws keep a large part of the urban properties off the market. The rental laws must be revised to protect the owner and his/her property from the tenant. The tax laws must be revised to make renting of properties a financially viable option. Some states like Maharashtra, Goa, Bengal and Karnataka have already made amendments to the rent act. Foreclosure Laws Though the level of foreclosure for the housing finance companies are relatively low at around 1.5 to 2%, these must be revised and made up-to-date to suit the current context. The laws for non-payment of Equated Monthly Installments (EMIs) and consequent foreclosure and repossession of the property law must be revised so that the financing companies have the final rights on the property, which is collateral for the housing loan. Building Codes, Standards & Permissions There are several building guidelines and standards in various cities and states, however they are neither followed by the developers nor implemented by the authorities. Development and Planning In India development and planning concerned with real estate sector is not up to the mark. The city or state authorities must use professionals to plan and execute all development plans for cities and towns, with future development in mind. This must be done without political compulsions. This will allow proper zoning within cities and towns, green areas and other infrastructure systems to fall into place as the development plans unfold. Present Scenario in India Up to the end of 2007 real estate sector in India was growing at a very high rate. There was a situation of boom in this sector. The home loans were easily available and RBI was following very liberal policies regarding the interest rates. But in 2008 the things are changing due to the high rate of inflation in the Indian economy. There is uncertainty in the market as share market is showing depression and the RBI is also increasing the Bank rate leading to the increase in the interest rates. So the buying power is reducing. The major reasons for this downfall are inflation and the low rate of GDP. Inflation rate is touching the heights as shown by the figure given below:

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Inflation rate in India Figure 7: Inflation rate Date Feb 5, 08 Mar 22, 08 April 4, 08 April 26, 08 May 10, 08 May 24, 08 June 7, 08 June 14, 08

Inflation rate 3% 6.68% 7% 7.61% 7.82% 8.24% 11.05% 11.43%

Inflation rate is increasing continuously in India making the market unstable. Barriers in GDP Growth The present contribution of the housing construction industry in India is small when compared to developing and developed countries. This sector contributes only 1% of the GDP in India, as compared to 3 to 6% in other developing countries. If the above issues are addressed and the economy was to grow at 10% a year, the housing sector would grow at 14% a year and create over new3.2 million jobs over the next 10 years. The problems are numerous, the solutions are obvious and clear, but the choices are difficult and few. The advantages of implementing these changes will overcome all the negative and political issues, which have kept the problems dormant for so long. India does not have option, but to act strongly and immediately. This will provide the impetus to get Indian economy back on the track for a double digit growth. Figure 8 shows the various barriers, keeping the GDP growth in India at 5.5% in 2000, and the resulting GDP growth of 10.1% with the complete reforms by 2010. Figure 8: Barriers in GDP Status Quo Gro wth, 5.50%

P ro duct M kt B arriers, 2.30% Land M kt B arriers, 1.30% P rivatizatio n, Lack o f Labo r M kt 0.70% Infrastructure, B arriers, 0.20% 0.10%

Findings Findings of the paper are as under• As the GDP increases the real estate prices also increases because there is a high degree of positive correlation between the real estate prices and GDP. • Real estate prices also increases with increase in the per capita income as there is high degree of positive correlation between these two also.

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The infrastructure of India is also growing day by day so it adds to the better facility to different sectors which affect the real estate prices. The FDI into the country affects the real estate FDI and real estate having a positive correlation leads to the boom in this sector. Increase in FDI from 2006 to march 2007 is 10%. Earlier it was 16% and now in 2008 it is 25%. The interest rate also affects the real estate prices because it affects the lending and borrowing by the investors. The growth in the real estate sector is between 25-30% in a residential sector, 10-15% in commercial sector and agriculture sector. Housing sector constitute 80% of real estate in terms of value and 20% by commercial sector. In residential segment, availability of easy home finance and rising purchasing power has driven the growth. Builders are launching high-end, life style residential products to cater to the growing bunch of high net worth individuals. In 2008 the growth of real estate sector is going down due to high inflation and hike in home loan rates by the banks following the increase in bank rate and SLR by the RBI. The outsourcing and IT/ITES industry have contributed to the demand for quality office-space. The estimated demand from IT/ITES sector alone is expected to be 150mm sq. ft. of space across the major cities by 2010.

Suggestions The following recommendations are made by this paper• Due to high prices the lower income group is not able to purchase the land, so govt. should take measures to protect the lower income group. • The agriculture land covered into the commercial and residential purpose. But the population is also increasing day by day. So govt. should steps for the same. • The investors should analyze the type of land in which they are going to invest and the potential returns from it. • Privatization of Airports and ports needs to be speed up. • There is a lack of proper data and management of the real estate sector so govt. should take the corrective steps in this regard so that the proper estimation and management of the real estate can be made possible. • Commonwealth is scheduled for 2010. Hotels, sport stadiums and other infrastructure to have successful games need to be expedited. This is another great opportunity for foreign developers and investors to step in India. Thus more and more encouragement should be given to foreign investors. • Stamp duty is extremely high and must be rationalized and brought down to 2-3% as per global practice, which is now in India varies from 13-14%. • Due to lot of investment avenues in real estate in India, fraud cases are also increasing day by day like in Delhi deconstruction of buildings. Thus careful measures and laws should be enacted to deal with these types of situations.

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Conclusion After studying all the factors of the real estate it can be concluded that the Real Estate is a very wide concept and it is highly affected by the macro-economic factors like GDP, FDI, per capital income, Interest rates and employment in the nation. The most important factor in the case of Real Estate is location which affects the value and returns from the Real Estate. India needs a stronger capital market base for property financing. The debate on the potential introduction of REITs and real estate funds points in the right direction. The introduction of REIT s in 2007, will give international investors in particular a familiar investment vehicle. Private investors could also enter into indirect investment in real estate. Although interest in new projects is most likely to come primarily from institutional investors, the rising middle class is likely to seek new instruments aside from direct property investments in the medium term. So, in the end we can say that the investment in Real Estate in India is a very good investment opportunity. But one should be very careful while taking decision in this direction due to rising inflation and interest rates. Legal issues should also be kept in mind while choosing a property.

References [1] [2] [3] [4] [5]

Seiler, J. Michael (1999), “Diversification Issues in Real Estate Investment”, Journal of Real Estate Literature, Vol. No. 07, Page 163 to 179. Jackson, O. Thomas (2001), “The Effects of Environmental Contamination on Real Estate”, Journal of Real Estate Literature, Vol. No. 09, Page 91 to 116. Benjamin, D. John (2003), “The Environment and Performance of Real Estate”, Journal of Real Estate Literature, Vol. No. 11, Page 279 to 324. Malpezzi, Stephen, ````The role of Speculation in Real Estate Cycles”, Journal of Real Estate Literature, Vol. No. 13, Page 141 to 164. Focke, Christian, “The Development of German Open-Ended Estate Funds”, Journal of Real Estate Literature, Vol. No. 14, Page 39 to 56.