A realty fund controlled by billionaire banker Uday Kotak wants lenders to acknowledge that they are facing a $65 billion bad-loan crisis in the nation’s real estate sector.
Kotak Realty Fund has asked lenders to recognize soured debt and take a haircut on the credit given to apartment builders. That will spur fresh credit and revive cash flow for realty companies, Chief Executive Officer Vikas Chimakurthy said.