Banking and investment firm Wells Fargo closed down its real-estate company in India due to poor performance of the market, according to Property Report.
Many of the investments made by the company did not provide the expected return on investment. Wells Fargo had several investments in Delhi and Bangalore.
The move comes shortly after the Starwood Group recently closed its offices in India. A study by real estate consulting firm Cushman and Wakefield revealed that luxury property declined 46% in India in a year-over-year analysis through the same time frame.Lehman Brothers, Bank of America and Merrill Lynch also have exited the Indian real estate market.