In October 2009, Godrej Properties Limited (GPL), a leading Indian real estate development company, announced its plans for an initial public offering (IPO), seeking to raise approximately $100 million. In the past, GPL has also raised funds by partnering with several financial sponsors and private equity funds, selling up to a 49% stake in some of its development projects. Which investment option offers the most attractive risk-adjusted returns? Does a "going-concern" in the development business create more value for the investor than a "selective" project level investment?