The Other day, I was reading a blog entry about housing prices and interest rates on the website of The Economist magazine. The data on which the blog was based included a long (20+ years) history of housing prices in the UK and the US. In the US, for example, the house price index with a base of 100 in 1988 had risen to a peak of about 320 in 2006 and is now down to about 220. In the UK, a similar index started at 100 in 1995, hit about 370 in 2007 but is down only to 320 yet. The post went on to examine why US housing prices have crashed so much more than the UK.
In India, no matter how much you want to, you cannot do any analysis like this because the data does not exist. Despite the centrality of real estate prices in the economy, as well as in the lives of people, these are an almost completely opaque part of the Indian economy. This is all the more galling because with financial savings less developed than the western countries, real estate (along with gold) is a much bigger part of people’s savings.
Whether you are a researcher who needs a couple of decades worth of broad data, or an individual who needs a price map of a particular kind of unit across an area, you are pretty much on your own. This lack of quality information has huge consequences. In any kind of exchange, it skews the advantage towards the larger and more organised side. As an individual, whether you are buying or selling, you’ll start with a scramble for information and will eventually have to make do with whatever is handed to you by people who are on the opposite side.
While the broader picture might eventually become clearer when the National Housing Bank’s Residex index builds up a long enough history, individuals will probably be faced with an information disadvantage unless someone has some ideas about filling this gap.
Indian property investor Blue Mountain Real Estate Advisors has been selected as the preferred bidder for 42 Marriott hotels throughout Britain after it offered almost 750 million pounds, a media report has said.
The holding company for the portfolio of hotels collapsed under the weight of about 900 million pounds of debt, most of it held by Royal Bank of Scotland (RBS).
Blue Mountain Real Estate Advisors, a part of the Mumbai-based India Blue Mountain group, is understood to have been granted a period of exclusivity by RBS to put together funding for a deal, The Times said in a report.
The proposed sale to Blue Mountain comes as a surprise as, according to the report, the front-runners in the latter stages of the auction had been RB Capital and Sahara, the Indian group that bought the Grosvenor House on Park Lane just over a year ago for 470 million pounds.
M3M India Ltd. chains up with Larsen & Toubro, one of the leading construction firms to build their finest luxury residence in Gurgaon which is 7 star to be named as “M3M Golf Estate”.. This project will be constructed by L&T in collaboration with LERA International, the world’s leading consulting firms. The estimated worth of this deal of phase – 1 is about Rupees 400 cr, out of a total investment of over Rupees 2,000 cr. Lera International will be providing it’s most modern and pioneering structural engineering designs. In a press release it is declared that the project will be completed in 33 months much prior to the scheduled time of completion of 42 months.
The project is tactically located on the Golf Course Road (Extn.) in Sec 65, Gurgaon, which is 30 mts drive from Indira Gandhi International Airport spread over an expansive 75 acrs. Graham Cooke, the world famous architect has designed the magnificent apartments around a 9 hole reversible ‘In City’ golf course. The architecture is a perfect fusion of eco friendly, green sceneries and cutting edge designs. The project is designed by world’s finest architects ARCOP headed by Ramesh Khosla. The project has already received awards internationally in USA, UK and Dubai, as “Best Upcoming Golfing Lifestyle Residence in India” .
“In line with our commitment to give the best of quality and timely delivery, we are happy to appoint L&T which is one of the world’s best construction groups. “M3M Golf Estate” is our much honoured project, internationally acclaimed, and we have designed this, keeping in mind the taste, class and the requirements of our target clients. We ensure the use of latest technology and safety of structures” said Basant Bansal, Chairman and Managing Director, M3M Group.
M3M Golf Estate offers high – tech ultra modern luxury apartments with all modern amenities like wi-fi in all buildings, roof- top jogging path, and superior class club houses. These apartments will trait world class amenities, unique outdoor and indoor living spaces, modern kitchen, sated with fittings and high quality end fixtures. It also offers aesthetically designed golf course.