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Life without Imminent Domain: Those poor, poor developers
07-07-2012, 05:03 PM #1
Kreeper Griobhtha
Posts:10,589 Threads:633 Joined:Feb 2011
Mumbai's Boom Turns Renters Into Millionaires


Quote:Mea Kadwani, 78, has lived in the same apartment in the Mukund Mansion in Mumbai since he was a toddler. Thanks to rent control laws, he paid less than $20 a month for decades, and $23 a month recently, for a 2,600-square-foot space in the upscale Nepean Sea Road neighborhood, where rents typically top $2,000 a month. Now he’s moving on: After three years of negotiations, he and his wife pocketed $2.5 million from Orbit, a real estate developer planning to turn the building into a garage for residents of its 29-story Villa Orb tower under construction next door.

The developer offered Kadwani an apartment in the new building. Instead, Kadwani took the money and moved to a first-floor flat nearby. “I refused an apartment in the redeveloped building, as the idea of staying in these tall towers didn’t appeal to me,” he says.

Thousands of rent-controlled tenants in India’s fast-growing financial hub are becoming millionaires as developers tear down crumbling colonial mansions to build luxury towers for the rich, according to Orbit and other companies. Home prices in Mumbai have climbed to a record 10,833 rupees ($200) per square foot, doubling in three years, according to Liases Foras Real Estate Rating & Research, based in the city.

YAY for the little guy! yay.gif





cheers.gif

I am not your rolling wheels, I am the highway
I am not your carpet ride I am the sky
I am not your blowing wind, I am the lightning
I am not your autumn moon, I am the night
The night
07-07-2012, 05:07 PM #2
Accidental Stoner Member
Posts:8,812 Threads:70 Joined:Feb 2011
For once! cheers.gif
07-07-2012, 05:59 PM #3
Octo Mother Superior
Posts:42,601 Threads:1,469 Joined:Feb 2011
That's crazy 13.gif
07-07-2012, 06:05 PM #4
yankees skier
Posts:5,898 Threads:215 Joined:Feb 2011
Very cool, but isn't it Eminent Domain? chuckle.gif t-dancing.gif

Biere.
07-07-2012, 06:06 PM #5
Upāsaka Member
Posts:1,383 Threads:252 Joined:Feb 2011
lol.gif
07-07-2012, 06:07 PM #6
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011
$200/sq foot?? damned.gif
07-07-2012, 06:10 PM #7
Octo Mother Superior
Posts:42,601 Threads:1,469 Joined:Feb 2011
(07-07-2012, 06:05 PM)yankees Wrote:  Very cool, but isn't it Eminent Domain? chuckle.gif t-dancing.gif


Might be spelled different in India chuckle.gif
07-07-2012, 06:12 PM #8
yankees skier
Posts:5,898 Threads:215 Joined:Feb 2011
(07-07-2012, 06:10 PM)Octo Wrote:  
(07-07-2012, 06:05 PM)yankees Wrote:  Very cool, but isn't it Eminent Domain? chuckle.gif t-dancing.gif


Might be spelled different in India chuckle.gif


Or in Nascar land. coffeetime.gif

Biere.
07-07-2012, 09:31 PM #9
Cynicalabsurdance Member
Posts:8,249 Threads:191 Joined:Feb 2011
and in the United States


The Ultra Rich of India who will buy these units

OWNED over 8,000 motels here

It is an Organized Crime Family

when an F.BI. Investigation got close enough to the
top of this chain of criminals
and were within the boundaries of having warrants signed for the arrest

The Department of Justice shelved and killed the investigation.

this was 1985

Today
This Organized CRIME family has flourished in real estate here in the states.

2.5 million is toilet paper to them

they just wiped the shït out of their way
is how they view the little man of 78 years of age.
07-07-2012, 09:36 PM #10
Octo Mother Superior
Posts:42,601 Threads:1,469 Joined:Feb 2011
That's cynical AND absurd coffeetime.gif


lmao.gif



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