Capital Notes: a capital allocator’s read on Indian real assets.
Contrarian theses, sourced market data and deal teardowns from the AIS desk. Every figure is cited. Nothing here is investment advice.
DevelopmentLifting the ₹45 Lakh Cap Won't Fix Affordable Housing SupplyDropping the ₹45 lakh value cap would mostly hand the 1% GST rate to premium compact homes, because metro construction costs, not the definition, are what stopped affordable supply.AIS Research · 8 Oct 2026 · 5 min read
Capital NotesHow an LOI is structured for a large real asset transactionA well-drafted Letter of Intent in Indian real asset deals is not a formality but a binding framework that determines exclusivity, earnest money treatment, and due diligence scope before either party commits legal fees.Anant Shukla · 6 Oct 2026 · 5 min read
Capital NotesDLF sold out Aureva before naming its care operator. That is the market's tell.DLF sold all 172 homes at The Aureva for about Rs 1,985 crore and says it will choose the healthcare operator in about four years. Buyers paid for land, brand and the promise of care. The care contract itself is still unwritten.Anant Shukla · 6 Oct 2026 · 6 min read
Capital NotesWhy an NCNDA matters before you share a deal in IndiaIn Indian real estate intermediation, an NCNDA is not a formality but the primary legal instrument preventing your counterparty from cutting you out of transactions you originated.Anant Shukla · 5 Oct 2026 · 4 min read
Market DataWhat 125 Indian hotel deals say about price per keyNOESIS studied about 125 disclosed Indian hotel deals and found an average of Rs 0.97 crore a key, with luxury at Rs 1.68 crore and budget at Rs 0.38 crore. The spread is the point: price per key is where a hotel valuation starts, not where it ends.Anant Shukla · 4 Oct 2026 · 4 min read
Market DataHospital chains plan 18,000 more beds. The reports flag approvals as the slow part.Leading Indian hospital chains plan more than 18,000 beds over three to five years, against a deficit that Grant Thornton Bharat puts at 2.4 million. The demand case is settled. What decides who builds is land, use and approvals.Anant Shukla · 4 Oct 2026 · 4 min read
Capital NotesAuthority is not title: the Gurugram land case that settled power-of-attorney salesIn 2011 the Supreme Court held that a power of attorney is not a way to transfer land. The case began with two and a half acres in Gurugram. It is the clearest legal basis for treating authority to sell and title to the asset as two separate checks.Anant Shukla · 4 Oct 2026 · 4 min read
Market DataIndustrial leasing grew 15% in H1 2026. The scarce input is land with clean title.Knight Frank counted 36.8 million sq ft of industrial and warehousing leasing in the first half of 2026, up 15%. Its own outlook names the bottleneck: viable land, held back by fragmented ownership and unresolved title chains.Anant Shukla · 4 Oct 2026 · 4 min read
Capital NotesIndian family offices are professionalising. Diligence is the gap EY names.EY and Julius Baer's August 2026 playbook counts nearly 300 Indian family offices, up from about 45 in 2018, and says many still decide on relationships, not process. That is the gap a verified mandate has to close.Anant Shukla · 4 Oct 2026 · 4 min readQuestions about Capital Notes
What is Capital Notes?
Capital Notes is the AIS research series: contrarian theses, sourced market data and anonymised deal teardowns on Indian real assets, written from the perspective of a capital allocator.
Are the figures in Capital Notes sourced?
Yes. Every figure carries a numbered source with publisher, report and period, and notes state the date the data refers to. Capital Notes are not investment advice.