Apollo Global Management Inc. is planning to lend about $1 billion to developers in India this year, betting on a recovery in the residential property market as the pandemic eases.

That’s up from the $750 million that Apollo lent to Indian developers last year, with two-thirds of that sum directed to residential projects, according to Nipun Sahni, a partner at the private equity firm. About 70% of this year’s lending will go to home builders and the rest to commercial developers.