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Morgan Stanley To Pump In $1bn For A Bite Of Indian Realty
By property vertical
MORGAN Stanley Real Estate plans to pump in over $1bn into the Indian realty sector over the next five years. The investment bank has already invested around $140m in two real estate companies, and one service apartment project in Pune over the last six months. “These investments would include equity positions in realty companies and stakes in specific projects,” said Zain Fancy, executive director and head of Morgan Stanley Real Estate for the Asia-Pacific region. The real estate arm of Morgan Stanley manages around $51bn in real estate assets worldwide on behalf its clients. The fund has picked up equity stake in Bangalore-based Mantri Developers and Delhi-based real estate firm Alpha G for around Rs 300 crore each. In Pune it has pumped in around $7.5m in a
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service apartment project. “We plan to bring in our global expertise in asset management to India,” he added. Along with Alpha G, the fund is looking at setting up large format retail and township projects in the tier II and III cities, which are FDI compliant. A Alpha G on its own plans to invest over Rs 4,600 crore in new projects over the next three to four years with focus on Ahmedabad, Amritsar, Bangalore, Chennai, Dehradun, Gurgaon, NCR, Karnal, Mumbai, Pune, and some cities in Punjab and Rajasthan. Alpha G is currently looking at developing four-five projects in Punjab. Bullish on Indian realty sector, Mr Fancy said India will continue to enjoy a lower affordability ratio along with China. “China, however is ahead of the curve, with Indian real estate sector lagging behind by couple of years,” he added. India is yet to catch up in terms of sheer volume of transactions that the Chinese real estate market enjoys. Further China is better placed infrastructure wise compared to India, Mr Fancy said. He said that the fund would work closely with its global retail partners and facilitate their entry into the country. Morgan Stanley has 10-15 retail clients in its portfolio. Over the past year, there has been renewed activity in Indian realty that has been attracting attention of several global real estate funds. Merrill Lynch forecasts the Indian realty sector to grow from $12bn in ‘05 to $90bn by ’15. Industry estimates say around $5bn of private equity funds are chasing Indian realty projects. Acquire information on Real Estate at http://www.propertyvertical.comFor information on Real Estate Property in Delhi, Gurgaon and surrounding areas Visit http://www.propertyvertical.com/delhi | Sign In |
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<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif><STRONG>Wi-Fi around Chicago..</STRONG></FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif><FONT size=2>The Daley Center between Clark and Dearborn is now (as of September 2003) a wi-fi hot zone. I have not personally connected there, but the word is </FONT><FONT size=2>that the signal around Daley Plaza and Block 37 is strong. Click <A href="http://www.xchicago.com/main/article.php?articleID=413">here</A> for more information. </FONT></FONT></P>
<P><FONT size=2>If you are outside of downtown Chicago,the UPS stores (formerly Mailbox Etc.) will have wi-fi access (for a fee) in mid-September as will many McDonalds (for a fee). <A href="http://www.computerworld.com/mobiletopics/mobile/story/0,10801,80914,00.html">UPS story</A></FONT></P>
<P><FONT size=2></FONT> </P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif><STRONG>Truth about Annuities</STRONG></FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2>Many clients buy annuities. I think it is fair to say that most clients do not understand the annuities and, in many cases, the annuity purchase was an inappropriate choice. In my opininion annuities are appropriate when:</FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2>1. The client wants to save more for retirement and already puts the maximum in his or her IRA/401k; </FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2>2. The client is in a high tax bracket and wants to reduce taxes;</FONT></P>
<P><FONT face=Verdana size=2>3. The client won't need the principal for quite a long time and the annuity makes up a small portion of the client's total investments.</FONT></P>
<P><FONT face=Verdana size=2>I have one client who paid no income tax, was 85 years old, had been retired for 20 years and purchased 4 annuities with all of her liquid assets; her only other assets, after the mass annuity purchases, were her condo and a checking account. The annuities were "unsuitable" for her, but were perfect for the annuity salesperson who netted at least $20,000 in commissions.</FONT></P>
<P><FONT face=Verdana><FONT size=2> See the </FONT><A href="http://www.annuitytruth.org/"><FONT size=2>annuity truth</FONT></A><FONT size=2> web site for some interesting reading on annuities and whether one is right for you </FONT></FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2><STRONG>What to Do if Your Mortgage Lender Bails Out on You</STRONG></FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2>Recently, as interest reates rose and the number of files on their desks exploded to record levels, mortgage companies have bailed out on clients and failed to close. In two cases I am involved in (both of which are new construction) the mortgage companies literally "forgot" about the client. The loans were not ready to close because no one paid attention to the file for months. The other problem is that many lenders are so busy that they can't close by the end of the "lock-in" period. The client is left with a lame promise that the mortgage company will do a "free refinance" later to cure the problem.</FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2>How can you prevent this? Pick a reputable lender in the first instance; not one from the internet or your brother-in-law who thought he would try out mortgage brokerage. Stay in touch with the lender. If all else fails, file a complaint with the office of banks and real estate. Here is the form to file the complaint:</FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2> </FONT><A href="http://www.bre.state.il.us/CONSUMER/FORMS/c-Form41.pdf"><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2><a href="http://www.bre.state.il.us/CONSUMER/FORMS/c-Form41.pdf">http://www.bre.state.il.us/CONSUMER/FORMS/c-Form41.pdf</a></FONT></A><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2> </FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2>It rarely pays to file a lawsuit against the lender. Attorneys fees are cost prohibitive and your damages are hard to prove.</FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2> </FONT></P>
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Arranging to make sure your assets pass to those who you want to have them after your death.
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