Despite the apparent revival in recent months, the stress in the industry residential segment still exists, with delayed projects, cash flow issues and an ongoing liquidity crunch.

The government has announced a number of initiatives, particularly for stalled projects, such as the special window for affordable and mid income housing (SWAMIH) scheme that will enable the completion of 71,559 dwelling units across states.

Additionally, private players are getting in on the act to bolster the industry.

Srinivasan Gopalan, former CEO and currently vice-chairman at Bengaluru-based realty firm Ozone Group, has co-founded Unitern Advisors Pvt. Ltd to help stressed developers in operational efficiency, financial management, sales and overall strategic management.

In the residential sector, in particular, sales have been largely concentrated in projects by so-called branded developers numbering 15-20 across cities, with buyers remaining skeptical about the others.

After working with real estate companies and, most recently, as CEO-real estate practice at Edelweiss Financial Services Ltd, Ram Yadav is setting up an asset management firm for real estate.

The firm will focus for the first 3-5 years on stressed asset resolution, and work closely with non-banking financial companies (NBFCs) and funds.

Anuranjan Mohnot founded Lumos Alternate Investment Advisors Pvt. Ltd earlier this year after resigning as CEO of Amplus Capital, an investment firm managed by Ahmedabad-based Lalbhai Group.

Lumos is planning to raise a ₹300 crore fund to invest in stressed real estate projects, but will work on a hybrid model where it will both fund projects as well as do development management with the help of empaneled developers.