Mumbai, India / Institutional real estate
I work out which homes should leave a $15B portfolio, and when.
Senior Associate, Investments and Disposition Strategy at Amherst Group, and the first strategic investments hire for its India platform. Before Mumbai: valuations at Revantage, a Blackstone company, and HUD financed acquisitions in New York.
Platforms and firms
About
I began as a mechanical engineer at Uhde India, moved into real estate development in Pune and Mumbai, and then spent six years in the United States learning how institutional capital looks at the same buildings. Acquisitions, development and asset management at WB Property Group in New York. Valuation and portfolio reporting on an $8B+ multifamily portfolio at Revantage, a Blackstone company, in Chicago.
In 2025 I became the first strategic investments hire in India for Amherst's Merchant Banking division. My work sits on the sell side of a $15B single family rental portfolio: which assets are underperforming, what should be sold, in what order, and at what price. I lead the India disposition team through underwriting, brokerage and closing, and I review the models the team builds.
The engineering still shows. I like problems where a model has to survive contact with the actual asset, because that is usually where the interesting answer is.
Expertise
Finding underperforming assets across a $15B portfolio using cohort level performance metrics and market analysis, then turning hold versus sell into a call that holds up.
Bulk SFR acquisitions, development and waterfall models, hold versus sell, capital stack. Rebuilding inherited models into auditable ones that other people can rely on.
Monthly and quarterly valuation cycles for an $8B+ North American multifamily portfolio, reported to senior management across BREIT, BPP and BREP.
HUD financed multifamily and mixed use, from screening 40+ markets through closing, into ground up development and asset management.
Leading and mentoring analysts, reviewing their models for accuracy, and writing the training material and quality control standards that make output consistent.
The investment committee mindset of global capital, and the on the ground reality of Indian development. I have worked in both and can translate between them.
Selected impact
80–90
Homes disposed per monthI lead the India disposition team end to end, spanning underwriting, brokerage and closing. Homes list at roughly 104% of underwritten value and close at roughly 99%, which is the number that tells you the underwriting and the market view are in agreement.
$0.67
Precision on the rebuildAn unstructured insurance model rebuilt as an accurate, auditable version and integrated into the ReVUe underwriting platform. I also supported QC and logic updates on the tax model and contributed to the 2026 tax budget.
$800M
HUD financed acquisitions closedTen HUD financed acquisitions closed, sourced by researching 40+ markets and analyzing over 5,000 deals, alongside 8% growth on the existing $250M portfolio. On the development side, a 60 acre planned unit development with $100M of Phase 1 multifamily, $20M in tax credits secured, and a $20M bank financed credit line to launch new projects.
20%
Gain in predictive accuracyExcel cash flow models integrating Argus Enterprise to forecast NOI, capex and capital events lifted predictive accuracy by 20%. Control processes on valuation assumptions cut errors by 20% and improved underwriting consistency by 15%, and market intelligence work lowered valuation risk by 12%.
Experience
First strategic investments hire in India for the Merchant Banking division, supporting a $15B SFR portfolio of 45,000+ homes across 30+ US markets. Promoted to Senior Associate within six months.
Monthly and quarterly valuation cycles for an $8B+ North American multifamily portfolio, with analytics and performance reporting to senior management across BREIT, BPP and BREP.
Acquisition, development and asset management of HUD financed multifamily and mixed use projects on a $250M portfolio, including leasing and gut renovations at 495 and 499 Broadway. Promoted from intern to analyst to associate, and mentored five interns.
The India years. Real estate development and advisory in Pune and Mumbai, taking projects from land through delivery. Career started in mechanical engineering at Uhde India.
MS at NYU between the India and US chapters, with a summer at Douglas Elliman in New York in 2017.
Career arc
United States
India
The line crosses twice. India to the United States for the institutional training, then back to Mumbai to run a US portfolio from here. Both crossings are why the US and India conversation is not theoretical for me.
Credentials
MS, Real Estate Finance and Investments
New York UniversityNew York
B.Tech, Mechanical Engineering
National Institute of TechnologyNagpur, India
Tableau Certified
SQL Server Developer Programme
Microsoft Excel 365 Advanced
Contact
If you are investing across the US and India, or building a team that has to work in both, I would like to hear what you are working on.
Karan KalaniMumbai, Maharashtra, India