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India - A Multi Decade Structural Growth Story

Backed by Strong Economic Fundamentals

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Population Size
~600 Mn in 18-35 age group

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Consumption market
One of the fastest growing Global Economies (10 year CAGR @7%)

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World’s largest IT & ITeS market Fastest growing at 8% CAGR since 2012 employing 5.4 Mn people

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Infrastructure budget for 2024-25 ~3.4% of GDP

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Fastest growing urban population in the World 28% in 2001 to 36% in 2024

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Urban India contribution to GDP

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Real estate market in FY22 up from $67 Bn in 2011, contributing c.7.5% in the GDP

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Residential Market size in 2024 Fastest Growing residential market (530k unit sales in 2024 vs 435k in 2023)

View Graph

Functional Levers – Core to Deliver Strategy

Sustainability

Asset Management

Finance & Treasury Operations

Origination & Distribution

Risk Management

Governance

  • Focus on sustainability impact from the portfolio
  • Location and asset class specific sustainability parameters as key to respective investments
  • Independent Sustainability review and monitoring
  • Independent Legal and compliance functions
  • Strict Portfolio Monitoring and reporting
  • Early alerts and Stress Resolution Framework
  • Portfolio Management
  • Distribution and sell downs
    Efficient Technology based controls
  • Well defined policies and clear guidelines in line with regulatory requirements.
  • Balance Sheet and Process driven Cash Management
  • Focus on counter party risk assessment
  • Price for risk
  • Focus on opportunistic transactions
  • Focus on Distribution (Yield Enhancement)
  • Independent credit assessment and approval functions
  • Strict Underwriting Standards and Business Processes
  • Strict Portfolio Standards and Sand Box criteria’s
  • Credit Underwriting Standards, Portfolio Monitoring controls and Portfolio Standards
  • Compliance to regulatory guidelines
  • Oversight on Business and Risk Management
  • Investment and Asset Management Committee
Sustainability
Sustainability
Asset Management
Asset Management
Finance & Treasury Operations
Finance & Treasury Operations
Origination & Distribution
Origination & Distribution
Risk Management
Risk Management
Governance
Governance

India Urbanisation – Pivotal Role in India’s growth

Largest population in the world of 1.4 Billion (B) with 46% working population a median age of 28.2 years.

2nd largest urban system globally with 11% global urban population living in Indian cities

Urban area contributes 60% of GDP

Growing Urbanisation rate :

  • 2023 – 35% | 2031 – 40% | 2047 – 50%.
  • Growing faster than the population (1.45% vs 0.60%)

Top 10 cities have 27% of urban population i.e. 135 million population

Per capita income at USD 2450, growing at CAGR of ~10% for last 5 years. Expected to reach USD 4,000 in 2030 and USD 15,000 by 204

Urban literacy rate at 90%+

64+ cities with more than 1 million population. Top cities by population – Mumbai, Delhi, Bangalore, Kolkata, Chennai, Ahmedabad Hyderabad, Pune, Surat, Kanpur, Jaipur

Urban Asset – Landscape and Opportunity

  • Market size USD 17 B; to grow at CAGR 15.6% to USD 35 B by 2027
  • Total stock of 412 Msft with annual absorption of 40 Msft
  • Vacancy down to 12.2% from 15.6%
  • Supported by Govt. logistics policies, population growth & consumption
  • Market size USD 5.5 B; to grow at CAGR 10.7% to USD 10 B by 2028
  • Currently c.800 MW capacity, grow to 2,000 MW in next 4-5 years
  • Supported by Govt. localization policies, digitization & data consumption
  • Market size USD 17 B; to grow at CAGR 15.6% to USD 35 B by 2027
  • Total stock of 412 Msft with annual absorption of 40 Msft
  • Vacancy down to 12.2% from 15.6%
  • Supported by Govt. logistics policies, population growth & consumption
  • Market size USD 19 B; to grow to USD 48 B by 2030 at CAGR 12.5%
  • Demand surge on account of domestic travel and tourism post pandemic, supported by Govt. policies for tourism industry
  • All time high margin across segments
  • Market size at USD 113 B (public + private hospitals)
  • Growth CAGR 18.24%l expected to reach USD 221 B in 2028
  • Supported by Govt. policies including Ayushman Bharat
  • Organized retail sales expected to grow from USD 52 B to USD 136 B in 2028; CAGR 17%
  • Growth from 93 Msft to 122 Msft by 2025
  • Grade A malls are 38% of overall capacity; overall vacancy at c.7%
  • Market size USD 33 B; CAGR 28.5% to USD 117 B by 2029
  • All-time high transaction volume of c. 60 Msft new space (top 8 markets)
  • Vacancy levels decline to 16% from 17% in 2021
  • Demography & 2nd largest English-speaking population support growth
  • Market size of c.USD 140 B with 14% CAGR, grow to USD 225 B in 2025
  • Huge opportunity with 27% population in <14 age
  • School market at USD 49 B, grow to USD 125 B BY 2032 ; CAGR 10.7%

Streamlined Investment Process

Deal Origination & Screening

Deal Pipeline of Development Partner

Deal Filtering and Screening

WB Fund’s Deal Pipeline

Investment Process

Project Assessment

Independent 3rd Party DD

Independent IC Approval Documentation

Monitoring & Exit

Asset Management and Monitoring

Investor Management and Reporting

Exit Management

Summary

  • Urbanization is pivotal to India’s long-term economic and sustainable growth. Urban Assets are the mainstay and beneficiary of urbanization.
  • Urban Assets at the forefront of credit capital consumption supported by GDP, demographics and policies.
  • Private Credit growth is the fastest among various credit capital sources in India:
  • Low Base: Private Credit contributes to only 0.7% of the total credit market in India.
  • High growth: CAGR of 29% in last 5 years and expected to grow by 300% in next 6 years. Private Credit AUM in India is expected to reach USD 55 B by 2030 from USD 19 B in 2023. Highest level of deal activity 2023, USD 9 B invested across 125 deals in 2023
  • Enabling regulations : More than 55 new Private Credit AIFs (Alternative Investment Fund) have been registered in India in the last 5 years.
  • Private Credit for Urban Assets has the largest share in Private Credit market with 30% to 50% share annually. Current AUM is c.USD 10 B which is expected to grow at CAGR of 15 to 25%, enabled by :
  • Growing Urbanization resulting in growth across targeted asset class like Residential, Office, Warehousing, Data Center, Retail Malls and Hotels
  • Government policies like “housing for all”, “office of the world”, “ manufacturing hub”, “power to speed”, “digitization” and “tourism”
  • Regulations restricting / limiting Banks and NBFCs to provide “Solution and growth capital”
  • Strong regulations and structure enabling Private Credit investment in AIFs with credit enforcement / recovery through the Indian Bankruptcy Code (IBC).

investment opportunities

Millenia WB Yield Fund – Residential Fund

Coming Soon..

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Frequently Asked Questions

Whiteboard combines research-driven insights, disciplined risk management, and tailored strategies to deliver sustainable returns aligned with client goals.

We adopt a structured framework of compliance, diversification, and ongoing monitoring to mitigate risks while pursuing consistent performance.

Asset management is the professional handling of investments like equities, bonds, real estate, and alternative assets to maximise returns and reduce risks.

They include portfolio management, wealth management, mutual funds, pension funds, real estate investments, and alternative investment strategies.

The graph highlights long-term urbanisation growth across major economies, showing sustained expansion in India and China, while Japan, the US, and Germany remain highly urbanised and stable. At asset management, this signals stronger demand for urban infrastructure, housing, transportation, utilities, and consumption-led sectors. Businesses can use these trends to identify markets with rising capital needs and long-term investment potential.

India’s urbanisation is projected to rise steadily from 32% in 2019 to 52.8% by 2048; now is the time to align your investments with India’s long-term growth story. Partner with us to identify high-potential urban asset opportunities and build a future-ready portfolio.