Disaster Response Discussion Board

Covid-19 impact on Indian, Mexican real estate markets

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    Through our partners and borrowers, we at my firm are currently involved with over 30 active residential development project in India, and a greater number of projects in Mexico, though not limited to residential.

    As some of you may know, on Tuesday, the Indian government imposed a 21 day lockdown on its 1.3 billion people and all real estate activity. In contrast, Mexico’s Federal government has just really begun to take action, and all substantive steps to date have been local.

    Would welcome the chance to share information and perspectives on those two markets with any who are interested. Today’s announcement by the Indian government authorizing banks to grant 90 day moratoriums on payments due under many residential and other loans is a different approach that being used in US. Far too soon to assess the impact.


    Raphael Dawson



    Wow–quite a portfolio to have at this time.  How much of your residential market is for ex-pats?  How much hospitality?  Do you primarily use local teams?  While it may look very difficult in the short-run, and even in the longer run for hospitality assets, the lack of quality assets in India and to some degree in Mexico, suggests to me that quality assets in those markets may outperform some more developed markets where the oversupply problem could become more severe.

    Good luck with your work–and would love to hear more of how your doing in the future.


    Scott Muldavin



    Our products in India are targeted at Indian citizens/residents as their primary residence. An occasional purchase by Non-Resident Indians.

    We have an office in India and work through local developing and operating partners on predominantly what we would refer to as mid to high rise condominiums and 2-3 story detached townhomes or “villas”.

    We also have an office in Mexico which has a broader mix of product types.

    Both offices are staffed by those who grew up in the respective real estate markets.

    Oversupply knows no borders, and we’ve seen that condition in various product types and locations in both countries.


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