India, Sept. 16 -- India may be heading into a different interest rate environment. Robert Subbaraman, Head of Global Macro Research at Nomura, expects the Reserve Bank of India to potentially raise rates twice by a total of 50 basis points as inflation risks build.

He pointed to high energy costs, food inflation and El Nino as risks. Globally, he expects the US Federal Reserve to raise rates by 25 basis points this week and another 25 basis points in December.

That is not an easy setup for businesses linked to real estate. Higher rates can make home loans and project finance more expensive and may make developers more cautious about new launches.

Yet Mukul Agrawal is still holding shares worth Rs. 105 crore (6.6 percent) of Capacit...