PE money is good for smaller developers. PE investors expect an internal rate of return of 20 per cent plus, whereas debt is available for 12-13 per cent. So for big developers, debt is a cheaper source.
But a joint venture with a foreign partner could have benefits, especially if the foreign partner can make some value-addition to the project, in addition to contributing funds. Even Parsvnath would be open to such tie-ups. The value-addition could be in the form of technology.
But one also has to keep in mind that in India construction is largely manpower driven. Also, in India construction costs are much lower whereas foreign players are accustomed to developing costlier projects. So one has to see how much of a fit there is.
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