Mumbai and Bengaluru, Jan. 22 -- When Mangal Prabhat Lodha embarked upon the division of the real estate empire he founded in 1986, the underlying goal was simple: Avoid acrimony in the second generation, a phenomenon which has plagued Indian business families since forever.

Over two years beginning 2015, an arbitrator appointed by the Lodha family crafted multiple family settlement agreements and arbitration awards. Finally, by the end of 2017, family members agreed that the elder brother would take over the reins of the flagship Lodha Developers, while the younger one would transfer his ownership to his mother, with the assurance that all business would eventually be divided between the two. Additionally, Abhinandan was given two busin...