Tuesday, 10 September 2013
Gurgaon is the new South Delhi
Gurgaon, arguably India's most expensive suburb with glitzy high-rises and neon-flashing malls, could be on the road to emerging as the new equivalent to South Delhi locations. A look at the rise in property prices over the past three-four years shows why.
Apartments in Gurgaon/ New Gurgaon, which were priced at Rs 1,825 a sq ft in 2009, now have a price tag of about Rs 4,983 a sq ft, an increase of 173 per cent. In South Peripheral Road, Gurgaon, a high-growth area in the region, apartment prices have risen from Rs 2,550 a sq ft in 2009 to Rs 6,145 a sq ft, a rise of about 141 per cent, according to data provided by PropEquity, a realty research firm.
Let's compare the rise in realty prices in Gurgaon with that in Vasant Vihar, one of the most expensive locations in South Delhi, housing many of the city's rich and famous. In 2009, apartments in Vasant Vihar - not too far from Gurgaon - were priced at Rs 28,000-31,000 a sq ft; now, these cost Rs 35,000-50,000 a sq ft, a rise of only 61 per cent, if one considers the higher end of the price bands, according to data from international consultancy CBRE.
In South Delhi, Golf Links, Jor Bagh, and Sunder Nagar are among the areas that have seen the steepest rise in apartment prices---from Rs 44,000-48,000 in 2009 to Rs 85,000-95,000 last year, an increase of 97.9 per cent, many notches below the escalation in property prices in Gurgaon.
While the price differential between Gurgaon and the most expensive areas in South Delhi is stark (1,446 per cent if one compares Golf Links with South Peripheral Road in Gurgaon), there's little doubt that Gurgaon, the biggest investor-driven real estate market, is fast catching up with the prime locations in the capital. In fact, property prices in the Golf Course Extension in Gurgaon, which is not seeing any new launches, are close to those in some South Delhi localities.
Gurgaon, which started being developed as an industrial and information technology hub about 30 years ago, is now seen as the dream destination for investors looking for extraordinary property returns. (Click for graphs)
Although average property prices in South Delhi are three to six times more than in Gurgaon, depending on the location, the gap is expected to narrow to two to three times in five years, says Sanjay Sharma, managing director, Qubrex, a real estate research and brokerage company.
However, experts throw in a caveat. The gap between prices in Gurgaon and South Delhi would narrow further, provided the infrastructure around the Dwarka Expressway is developed soon, says Sharma. The Dwarka Expressway, where a series of housing projects have been launched in recent months, looks promising and is expected to come up fast. However, it has been marred by litigation, delaying the progress of nearby areas.
Shweta Jain, executive director, Cushman & Wakefield, says despite the fact that the gap between property prices in South Delhi and Gurgaon has narrowed, it remains significant. She adds that on an average, the gap would remain at the same level. Only locations such as East of Kailash, Lajpat Nagar and Kailash Colony, where prices stand at Rs 22,000 a sq ft, can be compared to some areas in Gurgaon such as Golf Course Extension, she says.
"Private developers in Gurgaon are giving competition, in terms of prices, to some locations in South Delhi because of lack of infrastructure in the capital. And with Gurgaon becoming a commercial hub, people are compromising on address and preferring better facilities and amenities over a South Delhi address," she adds.
Experts also agree that Gurgaon prices are not comparable to that of South Delhi because there have been neither new launches nor many high rise apartments in the latter.
However, Harinder Singh, managing director of Realistic Realtors, feels Gurgaon is a better version of South Delhi. The comfort level of living is much higher in Gurgaon, which has better infrastructure than in South Delhi. Plus, there are added amenities such as clubs, swimming pools, and security -- all in a gated community, which makes the price comparison impossible, says Singh.
Like Gurgaon, residential property prices at Whitefield - the industrial suburb that has come up on the outskirts of Bangalore - are three-four times lower than the city.
In Whitefield, the prices have appreciated by as much as 86.15 per cent to up to Rs 3,537 a sq ft in 2012 against Rs 1,900 a sq ft in 2009, estimates show.
At Navi Mumbai in Vashi, on the outskirts of Mumbai, the prices have appreciated by 187.3 per cent at Rs 11,780 a sq ft in 2012 against just Rs 4,100 a sq ft in 2009.
In terms of development, Bangalore's Whitefield would be comparable to Gurgaon as both have commercial as well as residential development, experts point out. However, in Navi Mumbai, the commercial development has not taken place at a similar level as Gurgaon.
Unlike in prime localities of Delhi, the prices in Central Bangalore have not shown as much of an increase though. Prices in Central Bangalore were in the range of Rs 18,000-28,000 a sq ft in January 2013, up from Rs 14,000-18,000 a sq ft in 2009.
In South Mumbai, the prices rose to Rs 46,000-78,000 a sq ft in January this year against Rs 43,000-62,000 a sq ft in January 2009, according to Cushman data.
With hardly any space left in the metros for real estate development, increasing project launches on the periphery are bound to stretch the boundaries of big cities even more. That, along with enablers such as infrastructure, could change the complexion of the property market like never before, to the advantage of the likes of Gurgaon.
source:- http://www.business-standard.com/article/economy-policy/gurgaon-is-the-new-south-delhi-113042800547_1.html
Housing prices dip in Delhi, Mumbai, Bangalore as slowdown takes its toll
NEW DELHI: The rising interest rates, liquidity tightening in the banking system and slowing down of economy have badly affected the real estate sector. As the demand for residential real estate has softened, its prices across the markets in India have started showing a declining trend.
According to National Housing Bank residential index, the prices have shown a declining trend in 22 out of 26 cities in the April-June 2013 quarter compared to the January-March quarter. Real estate prices have softened in major cities like Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Kolkata and Pune.
R V Verma, CMD of NHB, said rising interest rates have adversely affected the demand from end-users, which led to rise in the inventory of unsold property. As builders have to meet the loan repayment liability as well as complete the already started projects, they find it more prudent to cut prices to sell the units and generate cash.
Sanjay Dutt, joint MD at Cushman and Wakefield, a property consultancy, said the decline in prices is not sufficient enough to attract the buyers. But, the good thing is that a beginning has happened. He felt if the economic conditions do not change, the trend will continue and it will provide a good opportunity to the end-users to buy a house. Dutt said as the sentiment is subdued the investors are also absent from the market.
Verma too argued that the declining trend in the real estate prices is good for both builders as well as endusers. As the cost of money has gone up and the chances of making money in the short-term are not very bright, the investors are absent. This will be a positive for end-users to buy house.
He added that if prices come down, transactions will increase , which would improve the cash flow in the sector. In 2008 and 2009, when the entire country was reeling under the global financial crisis, real estate came out of it unscathed mainly because of its strategy to cut prices and increase turnover.
source:- http://economictimes.indiatimes.com/markets/real-estate/news/housing-prices-dip-in-delhi-mumbai-bangalore-as-slowdown-takes-its-toll/articleshow/22117001.cms?intenttarget=no
According to National Housing Bank residential index, the prices have shown a declining trend in 22 out of 26 cities in the April-June 2013 quarter compared to the January-March quarter. Real estate prices have softened in major cities like Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Kolkata and Pune.
R V Verma, CMD of NHB, said rising interest rates have adversely affected the demand from end-users, which led to rise in the inventory of unsold property. As builders have to meet the loan repayment liability as well as complete the already started projects, they find it more prudent to cut prices to sell the units and generate cash.
Sanjay Dutt, joint MD at Cushman and Wakefield, a property consultancy, said the decline in prices is not sufficient enough to attract the buyers. But, the good thing is that a beginning has happened. He felt if the economic conditions do not change, the trend will continue and it will provide a good opportunity to the end-users to buy a house. Dutt said as the sentiment is subdued the investors are also absent from the market.
Verma too argued that the declining trend in the real estate prices is good for both builders as well as endusers. As the cost of money has gone up and the chances of making money in the short-term are not very bright, the investors are absent. This will be a positive for end-users to buy house.
He added that if prices come down, transactions will increase , which would improve the cash flow in the sector. In 2008 and 2009, when the entire country was reeling under the global financial crisis, real estate came out of it unscathed mainly because of its strategy to cut prices and increase turnover.
source:- http://economictimes.indiatimes.com/markets/real-estate/news/housing-prices-dip-in-delhi-mumbai-bangalore-as-slowdown-takes-its-toll/articleshow/22117001.cms?intenttarget=no
Real estate market: How to build India's future cities
The main reason that the Indian real estate market finds itself in trouble today is that prices have become unaffordable, even for most professionals. The underlying reason for this is an artificial scarcity of land in our cities.
There are several reasons for this: states have zoning restrictions, land-use rules and so on. This need not be a bad thing, but these rules are administered by inefficient and corrupt bodies. Clearances and permits follow a labyrinthine process and involve the greasing of many palms.
The resultant shortage of land where apartments, offices and shops can be built inflates prices. Today, as demand starts to weaken across property markets countrywide, we need to think of ways to build really affordable real estate.
First, the government must identify tracts of land to build new urban projects. Once identified, the change of land use from farm or fallow land to commercial or residential must be automatic, involving no bureaucratic meddling. With conversion becoming automatic, middlemen and touts will disappear.
The price of farmland will then reflect the real value of residential or commercial property. That will be a huge incentive to sellers, who will realise much higher rates than unconverted farmland. Once land sellers buy into this model, much of India's current worries with land acquisition and construction will go. Property prices, too, are likely to come down to reasonable levels as the "scarcity of land" argument disappears.
Wherever possible, the government should encourage the building of high-rises, which use all resources, including land, power, water and parking facilities much more efficiently than low-rise construction. As India urbanises, we cannot live with archaic models of land administration that encourage graft and curtail the supply of land.
source:-http://economictimes.indiatimes.com/opinion/editorial/Real-estate-market-How-to-build-Indias-future-cities/articleshow/22241847.cms
There are several reasons for this: states have zoning restrictions, land-use rules and so on. This need not be a bad thing, but these rules are administered by inefficient and corrupt bodies. Clearances and permits follow a labyrinthine process and involve the greasing of many palms.
The resultant shortage of land where apartments, offices and shops can be built inflates prices. Today, as demand starts to weaken across property markets countrywide, we need to think of ways to build really affordable real estate.
First, the government must identify tracts of land to build new urban projects. Once identified, the change of land use from farm or fallow land to commercial or residential must be automatic, involving no bureaucratic meddling. With conversion becoming automatic, middlemen and touts will disappear.
The price of farmland will then reflect the real value of residential or commercial property. That will be a huge incentive to sellers, who will realise much higher rates than unconverted farmland. Once land sellers buy into this model, much of India's current worries with land acquisition and construction will go. Property prices, too, are likely to come down to reasonable levels as the "scarcity of land" argument disappears.
Wherever possible, the government should encourage the building of high-rises, which use all resources, including land, power, water and parking facilities much more efficiently than low-rise construction. As India urbanises, we cannot live with archaic models of land administration that encourage graft and curtail the supply of land.
source:-http://economictimes.indiatimes.com/opinion/editorial/Real-estate-market-How-to-build-Indias-future-cities/articleshow/22241847.cms
Good news for the Indian economy
It may take till the next elections for the govt to act cogently, but the good news is that Parliament has woken up
Charles Dickens may lose his balance under our present conditions and be compelled to say: it is the worst of times, an age of foolishness, the epoch of incredulity, the season of darkness, the summer of despair, we have nothing before us and we are all going direct to hell.
Our economy is currently in a shambles. Several years of misrule and missed opportunities have resulted in slowing growth, a plummeting rupee, increasing indebtedness, and rising inflation and joblessness. It has pushed us Indians into a panic. But, hang on before you buy that one-way ticket. A silver lining is emerging on this very dark cloud.
Speaking specifically of cumulonimbus clouds, we have had a very good monsoon season. According to the Indian Meteorological Department (IMD), India has had cumulative seasonal rainfall of 804mm versus a normal of 742mm, resulting in 8% excess rainfall. The spatial distribution of this rainfall (except for Bihar, Jharkhand and the North East) has been excellent and should support a bumper crop. The Food and Agriculture Organization (FAO) said that cheaper global food prices last month reflected declines in corn, wheat and edible oil prices. Prospects for a rebound in global cereal supplies to record levels have reversed the price trend this year. The FAO price index, which measures monthly price changes for a food basket, is at its lowest since June 2012 and is expected to decline further.
So, prices make up a bit of the silver lining. How, you may well ask, in the context of generalized inflation can prices be an item of good news? First, as the FAO index suggests agricultural prices are likely to decline because of record global production and a good monsoon (this is net of adjustments for imported items, and the increasing costs of transportation and storage).
Second, at the very time when the prices of ordinary things are going up, asset prices in real terms are beginning to decline, in some cases sharply. In particular, the rental price for commercial real estate has been declining for some time on a real basis. The average current rental yield for commercial space is only 2.5%. As the US Federal Reserve tapers its quantitative easing, real interest rates in India will likely rise. This will cause real estate prices to fall. Commercial rent, which is a critical ingredient in the recovery of the economy, will fall further. Additionally, declining equity and fixed income markets in dollar terms begin to once again attract foreign investors—both foreign direct investment and foreign institutional investors—since return on investments look attractive. Sceptics would say that the decline in asset prices is a necessary but not sufficient condition for economic confidence to return.
To generate sufficient confidence that the country is on the right track, the government needs to act, courts need to adjudicate and Parliament has to legislate. It may well take till the next elections for the government to act cogently, but the good news is that Parliament has woken up. In just this monsoon session, more important Bills have been passed than for the entire second term of this government. To name a few, the companies Bill, the food security Bill, the pensions Bill, the land acquisition Bill, the judicial appointments Bill and the street vendors Bill have all been passed.
Several others, including an insurance law (amendment), are likely to be taken up in this session that was extended by a day and may be extended further. To be fair, some of these legislations may exacerbate the problem (food security and land acquisition, for example). Nevertheless, completed action and removal of uncertainty hold a premium for economic participants. Investors will engage the long-term case making some allowances for the negative perceived effect of these actions.
The long-term case for India is well-known and I seek only to update it in light of recent developments. The most important learning is that it is not inevitable but must be consciously delivered with good policy and action. The reduction in poverty reported recently is real (the controversy over the poverty line is a sideshow) and points to the impact that can be made with strong growth and targeted social assistance. For the median Indian, born twenty-plus years ago, this is the first taste of the cost of inaction and misrule. If this young Indian gleans that good governance and continual action is required for prosperity, then this crisis would have served a very valuable purpose.
Last week, markets surged and the rupee reversed when a young man, the new governor of the Reserve Bank of India, made a speech. In economic terms, the speech was unremarkable. But, he telegraphed from the podium that he was an adult who was in charge and accepted the responsibility. The good news for India is that it may require only a few such (wo)men to put us back on track.
Don’t lose faith in Dickens’ idea of a “beautiful country and a brilliant people rising from this abyss”.
PS: “A living faith will last in the midst of the blackest storm,” said Mahatma Gandhi.
Narayan Ramachandran is chairman, InKlude Labs. Comments are welcome at narayan@livemint.com
To read Narayan Ramachandran’s previous columns, go to www.livemint.com/avisiblehand-
Charles Dickens may lose his balance under our present conditions and be compelled to say: it is the worst of times, an age of foolishness, the epoch of incredulity, the season of darkness, the summer of despair, we have nothing before us and we are all going direct to hell.
Our economy is currently in a shambles. Several years of misrule and missed opportunities have resulted in slowing growth, a plummeting rupee, increasing indebtedness, and rising inflation and joblessness. It has pushed us Indians into a panic. But, hang on before you buy that one-way ticket. A silver lining is emerging on this very dark cloud.
Speaking specifically of cumulonimbus clouds, we have had a very good monsoon season. According to the Indian Meteorological Department (IMD), India has had cumulative seasonal rainfall of 804mm versus a normal of 742mm, resulting in 8% excess rainfall. The spatial distribution of this rainfall (except for Bihar, Jharkhand and the North East) has been excellent and should support a bumper crop. The Food and Agriculture Organization (FAO) said that cheaper global food prices last month reflected declines in corn, wheat and edible oil prices. Prospects for a rebound in global cereal supplies to record levels have reversed the price trend this year. The FAO price index, which measures monthly price changes for a food basket, is at its lowest since June 2012 and is expected to decline further.
So, prices make up a bit of the silver lining. How, you may well ask, in the context of generalized inflation can prices be an item of good news? First, as the FAO index suggests agricultural prices are likely to decline because of record global production and a good monsoon (this is net of adjustments for imported items, and the increasing costs of transportation and storage).
Second, at the very time when the prices of ordinary things are going up, asset prices in real terms are beginning to decline, in some cases sharply. In particular, the rental price for commercial real estate has been declining for some time on a real basis. The average current rental yield for commercial space is only 2.5%. As the US Federal Reserve tapers its quantitative easing, real interest rates in India will likely rise. This will cause real estate prices to fall. Commercial rent, which is a critical ingredient in the recovery of the economy, will fall further. Additionally, declining equity and fixed income markets in dollar terms begin to once again attract foreign investors—both foreign direct investment and foreign institutional investors—since return on investments look attractive. Sceptics would say that the decline in asset prices is a necessary but not sufficient condition for economic confidence to return.
To generate sufficient confidence that the country is on the right track, the government needs to act, courts need to adjudicate and Parliament has to legislate. It may well take till the next elections for the government to act cogently, but the good news is that Parliament has woken up. In just this monsoon session, more important Bills have been passed than for the entire second term of this government. To name a few, the companies Bill, the food security Bill, the pensions Bill, the land acquisition Bill, the judicial appointments Bill and the street vendors Bill have all been passed.
Several others, including an insurance law (amendment), are likely to be taken up in this session that was extended by a day and may be extended further. To be fair, some of these legislations may exacerbate the problem (food security and land acquisition, for example). Nevertheless, completed action and removal of uncertainty hold a premium for economic participants. Investors will engage the long-term case making some allowances for the negative perceived effect of these actions.
The long-term case for India is well-known and I seek only to update it in light of recent developments. The most important learning is that it is not inevitable but must be consciously delivered with good policy and action. The reduction in poverty reported recently is real (the controversy over the poverty line is a sideshow) and points to the impact that can be made with strong growth and targeted social assistance. For the median Indian, born twenty-plus years ago, this is the first taste of the cost of inaction and misrule. If this young Indian gleans that good governance and continual action is required for prosperity, then this crisis would have served a very valuable purpose.
Last week, markets surged and the rupee reversed when a young man, the new governor of the Reserve Bank of India, made a speech. In economic terms, the speech was unremarkable. But, he telegraphed from the podium that he was an adult who was in charge and accepted the responsibility. The good news for India is that it may require only a few such (wo)men to put us back on track.
Don’t lose faith in Dickens’ idea of a “beautiful country and a brilliant people rising from this abyss”.
PS: “A living faith will last in the midst of the blackest storm,” said Mahatma Gandhi.
Narayan Ramachandran is chairman, InKlude Labs. Comments are welcome at narayan@livemint.com
To read Narayan Ramachandran’s previous columns, go to www.livemint.com/avisiblehand-
Rupee slide: Should NRIs buy houses in India now?
With the rupee touching all time lows against the dollar, it appears to be a great time for Non Resident Indians (NRIs) to remit funds to India for investment. And for most NRIs, the preferred asset class continues to be real estate. But with the India story looking a little bleak, is property a good investment right now?
The answer is yes, provided you are patient and cautious. "There has been price correction in India to a certain extent and developers are sitting on huge inventory. However, I estimate that the entire correction will take up to 2 years. So NRIs must be particular in their investments and pick and choose after due research," says Pankaj Kapoor, Founder and Managing Director at Liases Foras Real Estate Rating & Research Pvt Ltd.
So if you are ready to take that challenging road, here are a few tips to help you along the way.
Top locations and price points
"In the last few months, we have witnessed good closures specifically emerging from NRIs in cities where value deals are available - namely cities like Bangalore, Hyderabad, Chennai and Pune. Demand in the mid-income and budget segments is robust across cities where job creation is the key driver. In light of the rupee's depreciation, we are confident that the IT/ITeS sector will generate further job creation and strengthen the confidence of employees from this sector who are aspiring to buy first or second homes," says Om Ahuja - CEO - Residential Services, Jones Lang LaSalle India.
Kapoor adds, "In the Mumbai Metropolitan Region and the National Capital Region, the secondary market is appearing very attractive. Investors are exiting these markets and in the past 15 days, prices have corrected up to 25% in some of the cities. So this might be a good time to pick up investor's stock. Apart from these two key regions, properties in cities like Hyderabad and Kochi are undervalued and it may be a good time to look at these places."
According to Ahuja, the segment where good demand is being witnessed is in the price range of Rs 60 lakh to Rs 1.5 crore.
Investment time horizon and returns
Here is where investors need to be patient. "I think the price correction is going to go on for another 2 years," Kapoor explains, "which means investors should expect their asset value to remain more or less flat over the next two years."
Ahuja expects potential returns from current levels to be 10-20% annualized returns over 6-8 years in Bangalore, Chennai, Pune, Gurgaon and Navi Mumbai and 20-30% in Hyderabad.
Tips to buy the right property
Buying property in a market like this can be quite challenging. So here are some parameters that you should look at:
i. Rental yield
Rental yield is nothing but the annual rent divided by the property value. "Often, buyers tend to ignore rental yield and instead focus only on capital appreciation. However, rental yield is a very important parameter as it represents productivity of the price. When you buy a property, make sure that you can get a rental yield of at least 3.5-4%. An yield of less than that means the property is overvalued," Kapoor explains.
ii. Months of inventory
Months of inventory is specific to a particular project and is the amount of time the developer takes to sell all available units at the current price.
"An efficient market maintains 8-10 months of inventory. A longer time means that units are not selling at current price and a price correction may happen. Today, Mumbai and NCR carry 44 months of inventory on an average while Bangalore carries 12 months. So this is another aspect you can check to see how inventory is moving," says Kapoor.
iii. Location
"Right now, a lot of investors are exiting the market so NRIs might find many investor held property up for sale. However, a lot of these investor properties may be in uninhabited markets where the investor may have purchased the property thinking that the area would develop but expected development may not have happened. NRIs need to be wary of such locations," Kapoor explains.
iv. Developer track record
"Developers' track record in terms of delivery and quality must be verified before investing. Ensure that all approvals in place. Attractive advertisements with celebrity endorsements and futuristic promises should not be the only factor for shortlisting the project for investment. NRIs very often get carried away with good sales pitches and so-called 'premium projects'. NRIs should also be very cautious when it comes to investing with developers who are over leveraged and carry risk of project not getting completed on time," Ahuja cautions.
Infact, Kapoor suggests that now may not be a good time to opt for launch properties. "Instead, opting for secondary properties might be a good option at this point. Buying secondary properties has its own advantages. Apart from being well priced, there is no execution risk as the property is already completed. Further, there is no service tax so NRIs can save on that as well," he says.
To sum up
So while there are buying opportunities in the current market, experts suggest that NRIs tread with caution. Don't jump on deals but do a thorough research before investing.
Wednesday, 4 September 2013
Know About the Most Expensive Houses in the World
Human beings have been living in the comfort of their houses since the late Neolithic Era. They have used it for starting their daily activities, safety, relaxation, and family union. The home is also the silent spectator of happy times and bad moments in a person or family's life. Somehow, your residence becomes a part of you, and stores many sweet and unpleasant memories of your life.
A sweet home is also a dream for many, and a part of their struggles in life to earn sufficient money to build a roof over their head someday in the near future. But, for many, owning a grandeur luxury house is a status symbol inconsistent to their massive popularity, celebrity status, and immense wealth. They spend a fortune in building or buying a high rise condominium, beach home, mansion, penthouse, vast ranch, palace or grand estate. These luxury residences have few exceptional qualities and specialties such as the best location and neighborhood, finish and decor, amenities, size and views, and architectural significance and grandeur among others.
Owning a lush and plush house may be a dream for many, but there are also millionaires and billionaires who spend millions to build it. People look with awe at their architectural splendors, massive sizes, and amenities. Forbes 29th March, 2013 list "The World's Most Expensive Billionaire Homes" features 20 most expensive houses in the world and the top 5 from the list are as under:
- Antilia, Mumbai, India
- Villa Leopolda, Villefranche-sur-Mer, France
- Fair Field, Sagaponack, New York
- One Hyde Park Penthouse, London, U.K.
- Hearst Mansion, Beverly Hills,
Antila is owned by Mukesh Ambani, who is worth $21.5 billion. The massive twenty-seven stories skyscraper residence is spread in the 400,000-square foot, and consists of a 'health' level, three helicopter pads, and six underground levels of parking. Ambani spent more than $1 billion for its construction.
Villa Leopolda is located in the town of Villefranche-sur-Mer on the French Riviera, France, and owned by Lily Safra, whose net worth is $1.2 billion. The Villa is spread in 20-acre and valued at $750 million (500 million euro).
Fair Field estate is situated in Sagaponack, New York and owned by Ira Rennert, whose net worth is estimated at $6.5 billion. The estate is spread on 63 acres and named after adjacent Fairfield Pond. It is valued about $248 million and consists of 39-bathrooms, 29-bedrooms, three swimming pools, squash and tennis courts.
Kensington Palace Gardens, London, U.K is owned by the Indian born steel magnate Lakshmi Mittal, who is worth $16.5 billion. The purchase price at the time of buying in 2008 was $222 million.
One Hyde Park, London, U.K is owned by Rinat Akhmetov, Ukraine's richest man with net worth of $15.4 billion. In 2011, the sale price of the house was $221 million. The place is spread in 25,000-square feet, and features 24-hour hotel concierge service and bullet proof glass.
Forbes list also include other most expensive and equally famous homes in the world including Blossom Estate, Palm Beach in Florida, Xanadu 2.0, Seattle in Washington, Mountain Home Road in Woodside, California, Further Lane de Menil in East Hampton, New York, Silicon Valley Mansion in Los Altos Hills, California, and Broken O Ranch in Augusta, Montana. All these magnificent houses are owned by billionaires and worth millions. These billionaire's residences also display owner's affluence, tastes for comfortable living, superior status, and lavish lifestyle.
You can browse most expensive houses on the Celeb Worth most expensive page. In addition to houses, the archive will also provide you information on most expensive shoe brands, coffins, cruise ships, pokemon cards, and private jet - Airbus A380.
Article Source: http://EzineArticles.com/7977612
Articles on property on rent finding the perfect rental property
Finding the perfect rental property is a herculean task especially when you are looking it as an investment option. It is daunting for first time investors and therefore one should be extremely cautious while taking a property investment decision. One step wrong and there goes your dreams obliterated. The idea is not to scare you but to help you search the best one.
Where? How? What?When?
Where is a big question that comes to your mind first when your give property investment a thought. Well, talking about the major cities in India we find Gurgaon as one of the suitable destinations. Gurgaon needs no introduction when we talk about development of residential or commercial projects. The other way of saying the same can be that rapid commercial development has influenced growth of residential projects in Gurgaon. A majority of real estate investors have set Gurgaon as their first preference when it comes to investment in real estate. It definitely is one of the most desirable places. There are constructions of all types happening in Gurgaon. Years back the area was famous for farm houses. It is still one of the favoured spot but now residential and commercial properties are in high demand. You will find a lot of properties on rent in Gurgaon. So the question of WHERE to find the right property ends here.
How comes next? Though the most preferred technique is to go for a real estate expert but we suggest you to search for a rental property on your own. Explore the potential area and learn about the pros and cons of the area on your own. Having an agent can bring unnecessary pressure to buy before you have found a property that suits you. The most important thing is to have an unbiased approach to the rental properties within your investing range. Of course after you are done with your homework you can go and seek advice of the expert too. There is no harm in seeking a second opinion. So we guess “how” will not bother you anymore.
What? Couple of things to keep in mind while planning to go for a rental property. The first one is the Neighbourhood. A good neighbourhood will only add to the value of your property and you will easily get tenants for it. Second point is safety. Even if you get the best rates to invest in , you must check the security measures there. A safe house is better that a lavish one. Amenities are the next most sought after things when one plans to choose an accommodation. Nearby recreational areas, malls, food courts, cafeterias and hospitals and all the other perks attract tenants. Besides these back up facility, resident welfare associations and other such needs can also be given a thought.
Now when to buy a property that can be put on rent?
Our answer to the question is that when you feel that you are financially secure then. If you talk about Gurgaon, the past trends reflect that this place is a goldmine. So buying a flat for renting purposes in Gurgaon is anytime profitable. The demand supply graph in terms of Properties on rent in Gurgaon is always linear and on rise. Don’t forget to check out do a market research before you plan the deal. The real picture is always better.
So whenever you plan to invest in a rental property you must ask yourselves the questions above and do footwork and research before closing the deal. It is not just about buying a rental property but it is about investment in the right direction to have maximum annual returns. We suggest you to choose the rental property with a thought that you will reside in it and believe us you will never go wrong.
source:- http://www.amazines.com/article_detail.cfm/5791100?articleid=5791100&title=rent%2Ca%2Cflat%2Cin%2Cgurgaon%2Crental%2Cproperties%2Cin%2Cgurgaon%2Cproperties%2Con%2Crent%2Cin%2Cgurgaon%2Crental%2Cproperties%2Cin%2Cgurgaon%2Cproperties%2Con%2Crent%2Cin%2Cgurgaon
source:- http://www.amazines.com/article_detail.cfm/5791100?articleid=5791100&title=rent%2Ca%2Cflat%2Cin%2Cgurgaon%2Crental%2Cproperties%2Cin%2Cgurgaon%2Cproperties%2Con%2Crent%2Cin%2Cgurgaon%2Crental%2Cproperties%2Cin%2Cgurgaon%2Cproperties%2Con%2Crent%2Cin%2Cgurgaon
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