10/9/13

No buyers for Lutyens Bungalows for fear of getting spotted by politicians looking for funds - The Economic Times
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NobuyersforLutyensBungalowsfor fearofgettingspottedbypoliticians lookingforfunds

ByRaviTejaSharma,ETBureau|9Oct,2013,02.37AMIST
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READMOREONSunilMittal|realestate|propertyprices|NaveenJindal|Lutyensbungalows|EssarGroup| economy
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BuildingInfrafortheCityofDreams

FoodBiz:RacetobeNo1

NEWDELHIAvailablenow:Adozenor

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FutureofMicrosoft&BillGates

sobungalowsintheheartofDelhi.Nice, quietneighbourhood.Lotsoftrees. Generousparkingspace.Fewhighrisesin closeproximity.Suggestedpriceof150 croreandabovesaidtobeabargain. Severalownersarekeenonoffloading priceybungalowslocatedinthearea

Nottoolongago,anyLutyens'BungalowZone(LBZ)property wouldhavebuyerslininguparoundtheblock,butit'snolonger aseller'smaket.

Mumbai'snewlocaltrainswith energyefficientcoaches
Thecountry'sfirststainlesssteelelectric multipleunit(EMU),meantforMumbai's suburbannetwork,wasflaggedoffat IntegralCoachFactory.Clickthrough... MumbailagsbehindotherIndiancitiesin infrastructure IBMtodevelopsmartcitiesintheDelhi Mumbaiindustrialcorridor

knownasLutyens'Delhi,namedafterthe SpriteisNo1,topplesThums Newluxuryomnibusesgive ETSPECIAL: QuestionatMicrosoftca GetlatestDollarpriceupdateson WhatwillBillGatesdo? Upafterthreedecades airlinesarunfortheirmoney architectwhodesignedtheareaandits
yourmobile RameshChauhan,themanwhocreated notcontenttostopatastraightdrive, buildingstowardtheendoftheBritishRaj. ThumsUpin1977andsoldhisbizto superiorsuspension,ACanddrapes,

CocaColain1993,saysit'salldowntothe busestodayofferahostofluxuryfeatures foralmostayearnow,buttheownershaven'tbeenabletoshiftthem. palateandclevercampaigns. thatactuallyrivalaircrafttravel.

Manyofthehomeshavebeeninthemarket

Thenarrativeoftherescuingfoun powerfulone,sinceSteveJobs,r

toAppleandtransformeditintoo world'smostprofitablecos.

MotherDairyentersNorthEast Howtobuyanalmostnewluxuryride Microsoftlaunches'Krrish3'ga Nottoolongago,anyLutyens'BungalowZone(LBZ)propertywouldhavebuyerslining launchesicecreamsinGuwahati reallycheap Windowssmartphones,PCs ParleAgroreturnstofizzaftertwenty BentleylaunchesnewFlyingSpurpriced BillGates,SteveBallmerseekr uparoundtheblock,butit'snolongeraseller'smaket. yearswithacoffeerush atRs3.1crore electiontoMicrosoftboard

Potentialbuyersareshyingawayastheyareuncertainaboutthefuture,saidMudassir Zaidi,nationaldirectoratpropertyconsultancyKnightFrankIndia,whohasbrokered dealsintheareabefore.

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Thelackofinterestisalsoattributedtotheupcomingnationalelections,scheduledtobe heldin2014. "Thefearofgettingspottedbywilypoliticiansforfundsduringanelectionyearhasslowed downdeals,"saidabroker,requestinganonymity. Considerthis:An8,000sqyardbungalowonTughlaqRoad,closetoPrimeMinister

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economictimes.indiatimes.com/markets/real-estate/news/no-buyers-for-lutyens-bungalows-for-fear-of-getting-spotted-by-politicians-looking-for-funds/articl

10/9/13

No buyers for Lutyens Bungalows for fear of getting spotted by politicians looking for funds - The Economic Times

ManmohanSingh'sresidenceonRaceCourseRoad,hasbeenontheblockforafew monthsnow.ThreebungalowsonPrithvirajRoadandtwoonAmritaShergillMargare alsoupforsale,recentlyjoinedbyoneonFerozeshahRoad.TheRuiasoftheEssar GrouphaveputtheirJorBaghpropertyonsale,addingtothesupplyinthearea.Alsoon salearebungalowsinGolfLinksandSunderNagar,thelatterbeingtheneighbourhoodin whichartistSubodhGuptaacquiredahomeforRs100crorelastyear. OnlyonedealisknowntohavetakenplaceintheareathisyeartheBhartiGroup's RajanMittalbuyingabungalowonAmritaShergillMargthroughacourtappointed auction.ItwasregardedasabargainatRs156crore.BrotherandgroupfounderSunil Mittalalsolivesonthesameroad,havingboughthisbungalowin2002forRs40crore.

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WithLBZhomesinperpetuallyshortsupplyandfirstgenerationentrepreneursclamouring toacquirethesetrophyassets,propertypricesintheareasurged8foldinthepast decade.ThevalueofthepartofLBZthat'sprivatelyheldaround254.5acresandhome tobusinessmensuchasMittal,KPSingh,NaveenJindalandLNMittalhasrisentoRs 49,000crorefromaroundRs6,100croreinthepast10years. "Manyofthesesellersareinthemarketbecauseoftheunprecedentedlevelsthatprices havereachedinthelastfewyears,"saidAnshumanMagazine,managingdirectorof

BuyNowSellNow:Stocktradingideas fornextweek

propertyadvisoryfirmCBRE. ThebungalowonTughlaqRoad,forinstance,hasmanyfamilymemberswhohaven't beenabletoarriveatajointdecision.SimilaristhecasewithabungalowonPrithviraj

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Road. Nevertheless,sellerexpectationsarehigh. "Becauseoftheriseinpricesinthearea,sellersliketogobymassivevaluestheyhave heard.Thebuyersquoteatleast2030%lower,"saidanotherbroker,whodidnotwishto benamed. Whiletherearesomebuyerswillingtospendafewhundredcrores,theyarelookingfor betterdeals.Meanwhile,theslowingeconomyhashitformerlybuoyantsectors,which hadthrownupahandfulofbuyersintheboomtimes.Inrealestate,theyincludedShravan GuptaofEmaarMGFandKabulChawlaofBPTPbesidesothers,whopickeduphomes intheareainthelastdecadeorso. Thingsaredifferentnow. "Moneyinthemarketisdryandpeopletodayhavebetterutilisationfortheirmoney.They wanttokeeptheirbusinessesalive,"saidJaiwantDaulatSingh,directorofDaulatSingh Consulting,whichadvisesonhighvaluepropertytransactions.

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READMOREONSunilMittal|realestate|propertyprices|NaveenJindal|Lutyensbungalows|EssarGroup| economy

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10/9/13

No buyers for Lutyens Bungalows for fear of getting spotted by politicians looking for funds - The Economic Times
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NEWEST OLDEST RECOMMENDED(3) MOSTDISCUSSED AGREE LOGGEDINCOMMENTS NEW!

VipinVasudevPai (Gurgaon) 23Followers 7Minutesago Silver:3812

HowcomepeoplearenotinvestinginProperty?Whathappenedtorealestatesector? Whynoonewanttomintmoneybyinvesting150200Croreontheseproperties...You'll get50100%ReturnsonInvestmentwithinayear..

Agree(0) Disagree(0) Recommend(0) Offensive

Biplop (NewDelhi) 33Followers 42Minutesago Gold:12K

Endblackmony,thenpriceanddemandwillgodown.

Agree(0) Disagree(0) Recommend(0) Offensive

Iyer (India) 46Minutesago

150croresisalmost25milliondollars.YoucanbuyapalaceLITERALLY,APALACE ANYWHEREintheworldwiththatkindofmoney.Malibu.London.NYCLongIsland CT.Paris.Monaco.Zurich.Geneva.Frankfurt.Berlin.SpanishRiviera.Dubai.AbuDhabi. Tokyo.HongKong.Singapore.Sydney.Martha'sVineyard.Miami.Younameit ANYWHERE!YoucanbuyabeautifuloceanviewvillaANYWHEREINTHEWORLD withthatkindofmoney!Heck,youcanevenbuyyourownislandwith$25million!LOL! OnlyanidiotwouldspendthatkindofmoneyonaLutyensproperty!Butthen,it'sno secretIndia'sfullofidiotsevenrichidiots.LOL!

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DeomaniJoshi (DehraDun)RepliesToIyer 8Followers 13Minutesago Silver:3223

InMussoorie,youcanbuyaderelict"manor"surroundedby6acresof unconstructibleforestlandfor50crores!Accessthroughapotholed road,permanentshortageofwater,powercutsguaranteed!Don't forgetallthebribesyou'llhavetopaytobeallowedtorefurbishit, neitherthe"activists",journos,whowillcometoblackmailyou,asyou willbeforcedtodosomething"illegal"intheprocess.

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Figurewizard (UK)RepliesToIyer 15Minutesago Bronze:115 Agree(0) Disagree(0) Recommend(0) Offensive

Idon'tknowagreatdealabouthousepricesinMonacoorLongIsland butincentralLondon:assuming$1.60tothepound$25millionwon't buyanythinglikeapalace,infactitwon'tevenbuyyouahouse.For exampleLivHomesareofferingafivebedroomflatinKensingtonfor

economictimes.indiatimes.com/markets/real-estate/news/no-buyers-for-lutyens-bungalows-for-fear-of-getting-spotted-by-politicians-looking-for-funds/articl

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No buyers for Lutyens Bungalows for fear of getting spotted by politicians looking for funds - The Economic Times
$48million,Cloistersanother,alsofor$48million,whileoneonsale throughKnightFrankinKnightsbridgecomeswithanaskingpriceof $109million.Theextraordinarythingisthatthereisawaitinglistfor suchpropertieswhichinvariablysellwithamatterofdaysofcoming ontothemarketandincaseyouthinkthesepricesarecrazyIagree withyou.

AmitJ (Bangalore) 8Followers 1Hourago Silver:4766

Thisisbecauseoftheincreaseinthemosquitopopulationcarryingdiseaseslike dengue.Lowlyingstructureslikebungalowsarethefavoritehauntsoftheseinsects. Governmentshouldpermitbuildinghighrisesinthislocationtoattracttoday'sbuyers whoprefertoliveabovewheremosquitoescanfly.

Agree(3) Disagree(0) Recommend(3) Offensive

Biplop (NewDelhi)RepliesToAmitJ 33Followers 40Minutesago Gold:12K

100150crores,notamatterofjoke!

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IndranilChowdhury (Bargarh) 40Followers 1Hourago Gold:12.5K

Thescenariowillchangeaftertheelection.Nobodywouldliketoinvestsuchhuge amountnowforobviousreasons.

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Biplop (NewDelhi)RepliesToIndranilChowdhury 33Followers 40Minutesago Gold:12K

correct.

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TgRamachandran (Coimbatore) 20Followers 6Hoursago Gold:6815

Whycan'tthecentralgovtmonetisetheirprimepropertiesinthisareaoccupiedby ministers,MPs&bureaucrats&shiftthemtohighrisebuildingsbuiltfromthefundsraised withadequatesecurity.Thisway,theycanalsoreducetheirhugefiscaldeficittoo.Butthe presentgovtoranyothercan'tthinkonthoselines.Therearemanygovtowned propertieslyinginprimelocationswithoutmuchuse,especiallyundervariousresearch institutes,defenceestablishments,PSUsetc.

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