Realty lenders turn to white knights

L&T Realty, Godrej & Prestige see spurt in ventures with banks

Shrikant Joshi is one of those few chief executive officers (CEOs) from the real estate industry who can afford to smile at a time when the industry is going through distress.

“A number of proposals have exploded on us,” says the director and chief executive officer of L&T Realty, the developer that works under a joint venture (JV) with landowners. “Our deal pipeline has grown 10 times in the past two-three months as nobody is willing to pay for land,” Joshi says, with a grin, explaining that how the lenders of stressed projects are in talks with his company to ink