A $580-mn fund executive sees an opportunity in India's real estate turmoil

Indiabulls Group has shifted its focus to office buildings after demand for homes waned. Investor confidence in realty was rocked last year by a series of missed payments by IL&FS Group companies

The turmoil in India’s residential property market and the cash squeeze faced by developers after a large non-bank finance company went belly up has created opportunities for Indiabulls Group’s real estate fund.

The fund, which manages $580 million, has shifted its focus to office buildings after demand for homes waned. Sluggish residential sales at a time when developers are struggling to pare debt and can’t complete projects has forced many to start to offload commercial assets, according to Ambar Maheshwari, the chief executive officer of private equity funds at Indiabulls Asset Management Co.

Investor confidence was rocked last year by a series