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The Haryana Urban Development Authority (HUDA) had invited proposals for developing an Information Technology (IT) Park near the township of Panchkula in northern India. Sreeni Iyer, a partner at AMII Advisors, was considering a bid for this project in partnership with LIRA Developers, a public company. The fact that the Haryana state government had initiated this project suggested that regulatory approvals would not be a hurdle. However, the exit price and exit options needed to be carefully assessed by Iyer and his team.
The pedagogical objectives of the case are to
- Understand the determinants of risk and return in commercial real estate,
- Understand how capitalization rates are used to determine the value of commercial real estate projects and
- Understand how an exit decision is complicated by a partnership with a developer.