New Delhi, Feb. 18 -- Reworked concession terms, stronger traffic growth and falling yields on operational assets are nudging long-term capital back toward construction-linked road bets. After staying away from construction-risk projects for almost a decade, fund houses and private equity firms are re-evaluating greenfield build-operate-transfer (BOT) highway projects in India.

The shift follows proposed tweaks to concession agreements, improved traffic trends and yield compression in operational toll assets. Mint explains the changing landscape of investment patterns in greenfield infrastructure projects.

BOT projects are those that private companies develop. They operate projects such as highways for 20-30 years, recover their costs b...