Facing Down The Odds
October 18, 2014 2 Comments
There is little Kushal Pal Singh hasn’t seen. He built the city of Gurgaon out of nothingness. He also saw it begin to crumble under its own weight.
He almost sold DLF for Rs 26 lakh, but later also saw the value of his shareholding in it climb to Rs1,87,920 crore. Now, it’s declined to just Rs14,701 crore.
In 2007, he was celebrated for bringing India’s biggest IPO.Seven years later, he stands condemned by Sebi, for failing to disclose material information in that very offer. He has also seen both friends and foes occupy high places.
He is among the first who had the vision of a large-sized modern building that is as good as any in developed countries. Now, cash flow questions are being asked about many of his ongoing property projects.
Consistent with the title of his autobiography ‘Whatever the Odds’, his ride is neither smooth nor straightforward.
When KP Singh ventured into Gurgaon in the late seventies, no one would have imagined what it would become over the next few decades. Good fortune and intent and perseverance all played a part. Read more of this post
A measure of power and the ability to project force has always been at the heart of property ownership.Any body willing to conquer, colonize, squat, legislate, litigate, subvent the existing system etc. is able to amass property.Purchase,that too at “market rates” is optional.In fact,markets are made,
Demand for rented homes has halved and rents are down by 25% in several popular residential localities in Mumbai, Delhi and Bangalore, as India Inc tightens housing budgets in its battle against economic slowdown. In Mumbai, rentals in marquee buildings like the sea-facing Haveli on Malabar Hill, NCPA Apartments at Nariman Point and Maker Towers at Cuffe Parade, where rentals range between 5.5 lakh and 12 lakh a month, are down by up to 30%. In Delhi’s Vasant Vihar, West End, Chanakyapuri, Shanti Niketan and farmhouses in Chattarpur and West End Greens,rentals have dropped 25% in the last one year. Rentals in apartment buildings in Bangalore neighbourhoods like Epsilon in Yemlur and Prestige Exotica on Cunningham Road are also down by 35% this year.Rents in Epsilon range between 7 lakh and 10 lakh. Corporate earnings have been subdued and no new expansions have been announced in the recent past. Companies are hiring less and also cutting down on perks such as rentals. 
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