The real estate market has been facing a sharp slowdown in demand, coupled with a large build-up of inventory. : Piramal Fund Management has sought an extension of one year from investors in its domestic real estate fund, called Indiareit Fund Scheme V, as it is finding hard to exit some of the investments it has made in developments in Tier I cities. The Indiareit Fund Scheme V was launched in 2013 with a primary tenure of six years, extendable by up to two additional one-year periods. The primary tenure of the fund ends on July 31, 2019.