Most Expensive Homes Owned by Indian CEOs

By: Sumita Roy

Owning a house is a dream come true for most people. We tend to choose houses that reflect our personality. Houses also manifest the wealth, power, status and lifestyle that we have. In India there are a few business tycoons who have constructed homes suited to their style. Apart from the luxurious amenities, facilities and tremendous cash flow, these houses have features that are completely and entirely unique.

In this country there is, on one hand, a huge proportion of people purchasing moderate homes and paying EMIs for as long as 20 years. On the other, there are many industrial magnates who own the most expensive homes in and around the country. Let us take a peep at the most expensive homes owned by super successful CEOs of India.

Mukesh Ambani’s Antilia:

The Chairman of Reliance Industries resides in the most expensive home on earth, with his wife and children. It is situated in Mumbai’s Tony Altamount Road. The amount spent on building this has been estimated to be $1 billion. It spreads over an area of 400,000 square feet and has 27 storeys. But since some of the ceilings are of double-height, the height can be estimated to the size of a 40-storey building.

Antilia is featured with a multi-storey garage providing space for 168 cars, a health spa, multiple swimming pools, a yoga studio, nine elevators in the lobby, a floor for vehicle maintenance facility, three helipads, a ballroom, a 50-seater movie theater and lush green hanging gardens. Inside two design motifs- the sun and the lotus- have been repeated throughout the mansion in rare materials like crystal, marble and mother-of-pearl. It is named after a mythic island in the Atlantic Ocean.

Ratan Tata’s Colaba Mansion:

The ex-chairman of the Tata Group owns a spectacular and elegant sea-facing mansion set in Colaba, Mumbai. The edifice comprises of three stories that is separated into 7 levels. It stands erect in a huge area of 13350 sq ft. It has parking area for about 10-12 cars. It stands unpretentious and simple in its appearance. 

The third floor’s second level features swimming pool and sun deck. The third floor of the bungalow houses a gym along with a bedroom in its first level. A media room is also present in this infrastructure. There are private places like bedrooms and living rooms, all located on the 2^nd floor along with a library. The ground floor has a kitchen, a living room, bedroom and study.

Vijay Mallya’s White House in the Sky:

‘The King of Good Times’ has a new address at Kingfisher Towers- Residences. It sits over an area of one acre. It is split into two levels. It has a built up area of around 40,000sqft. It has a wine cellar, an indoor heated pool, an outdoor infinity pool, a gym, a salon and a spa. The roof of the penthouse will also have a helipad.

Underneath his residence are the residential apartments for billionaires. There is a clubhouse and garden on the 5^th floor; a similar sized swimming pool on the 10^th floor; a badminton court on the 15^th floor; and a party hall and terrace garden on the 25^th floor. A common garden area for all the residents of 25,000sqft is also present.

Singhania’s Mansion, JK House:

JK house is the name of the 30-storied Singhania Mansion located in Breach Candy, South Mumbai. It is owned by Gautam Singhania, Chairman and Managing Director of the Raymond Group. The billionaire family lives in this spectacular structure which is 145 meters high. It offers a panoramic view of the sea and has ultra luxury features like six levels of car parking, private swimming pool, gymnasium with spa, helipad, sprawling living apartments for each family member and a museum floor that includes a jade collection by the Singhanias.

Lakshmi Mittal’s Kensington Palace Gardens:

Lakshmi Mittal, the Chairman and CEO of Arcelor Mittal, resides in Kensington Palace Gardens, also known as London’s ‘billionaire’s row’, with neighbors like Roman Abramovich and Len Blavatnik, who are tagged as richer than the Indian business ace. It is a palatial penthouse apartment in the most expensive residential area of UK.

Hinduja brother’s John Nash:

Hinduja Brothers have spent 100 million Euros on a palatial property near Queen Elizabeth’s iconic Buckingham Palace. It was bought in a dilapidated condition from the British monarch in 2006. The Brothers have reportedly spent heavily to restore this John Nash mansion. 

The property sprawls over 70,000 square feet. It is divided into four different apartments, one for each brother. This six-story palace is reported to be the U.K.’s largest Grade One-listed historic abode. In total it has fifty large and spacious rooms that are divided into four spacious segments. This mammoth mansion has a swimming pool and a cinema hall.

Navin Jindal’s bungalow in Delhi’s Lutyens Zone:

Industrialist turned politician, Naveen Jindal owns an expensive heritage bungalow whose estimated cost can be amounted to Rs. 150 Crores. The prices of the properties in this area have raised eight fold in the last decade. The zone also houses bungalows of other famous industrial grandees like Sunil Mittal, KP Singh, and LN Mittal. 

Vikram Chatwal's Manhattan Bachelor Pad:

Vikram Chatwal, a well known hotelier, who was referred to as “larger than life” in the Wall Street Journal has an apartment in Manhattan, New York. He bought it for $6 million in 2010 and further invested an amount of $2 million furnishing it. He had employed the services of talents like Hilary Swank's decorator Mark Zeff to imbue a modern, white Gwathmey Siegel-designed box with a "turn-of-the-century feel." 

On one floor he has a "wall of self-realization" where he keeps his framed picture clippings "as well as photographs with him and his father with heads of state like Bill Clinton.” There is also a unique mirrored wall with built-in TVs inspired by the sleekness of Chatwal's "150-foot yacht, Fathom."

Thus, the presence of such luxurious residences of Indian tycoons gives our country a truly diversified hue. They also add a feature of exquisite luxury to the Indian real estate market. 

Investing in the Suburbs: Is it a Good Option?

By: Sumita Roy

What is a suburb?

A suburb is a neighborhood that is located on the outskirts of a city. It is a semi developed area. It is less populated and developed than the city and more populated and developed than the rural areas. Here the residential and commercial areas are usually set apart. The residents generally have to travel quite a distance to do their shopping or pursue entertainment.

There may be small number of retail shops present within walking distance from the residences. But usually, these are not as pedestrian friendly as the urban locale. Most of the residents in suburbs are commuters. It is common for them to commute to the city to reach their work places. Public transportation is not as good as it is in the city. These are normally located at least 30 minutes away from the housing areas.

Suburbs offer more space than an urban setting. You can get more area for your investment here than in a city. Outdoor spaces such as a back yard and parking areas like garages are almost always present in this kind of property.

Suburbs are mostly habituated by middle income families. They can also belong to lower- middle income as well as higher middle income criteria.

Investing in Suburbs:

Buying a property in the suburbs for investment purpose can prove to be highly beneficial. But it has its own drawbacks too. One should be aware of the pros and cons of it before investing in this kind of property.

1. Pros:

• People in this area search for a more permanent setting than in the city. Usually, you will find more home buyers or long term renters in this area. For example: a couple who cannot afford buying a home in the city to start a family can get a better space at a reasonable rate in this area.
• If you are renting out your property, you can find long term renters who will take care of the property as their own. Residing for a long term usually inculcates a feeling of respect and attachment to the property as a result of which the property is less likely to suffer high cases of wear and tear.
• The rate of per square foot area of a property in a suburb is lower than that of a city. For example the rent of a 1 BHK apartment in the city may be equal to a 2 BHK or a spacious 1 BHK in the suburb.
• Unlike city apartments, you will have a larger outdoor space in the suburbs. Some of these outdoor areas are laid out in such a spectacular fashion that they become the highlight of the projects.
• Residing in this area can prove to be a welcome change for any person who prefers tranquility over noise. You can live a life in a far more eco friendly manner than in the city. More privacy is what you get from this kind of a setting.
• Most of the middle income families living in the suburbs own a car. Travelling by it, you can easily access the city and its neighborhoods. Apart from this, many other public transports are also available like auto, railways, taxis etc.
• Majority of the population migrating to the city belong to the middle income family. It is one of the best options for them to stay close to the city. And an investor has higher options to choose from.

2. Cons:

• Rental opportunity is minimal in this kind of setting. A buyer, you may easily find, but if you want a renter for long term returns, it is difficult to find one.
  
• Suburbs offer less variety of investment. Most of the properties are single property homes. Though in certain areas you will come across two-family homes or large multifamily homes but they are rarer to find in comparison to single family homes. There are also limited options of investment for commercial and retail spaces.
• Public transportation can prove to be a matter of inconvenience in these areas. If one does not own his means of conveyance then it could become an unpleasant setting for him. And even if he does, and your property is far away from the city, he may not want to go for it.
• Some of the suburban areas do not have any entertainment hub in the vicinity. It can also be a turn off for prospective residents.

There are mainly five types of properties available in the suburbs for investment:

1. Single family investment properties: These are usually houses or condominiums bought with the intention to sell or rent it. The main goal of the investors is to buy something you feel under priced and sell it at a profitable rate. Or, rent it out to a single tenant or family for a long time return.
2. Second home/ vacation home for investment: During the summers or vacations you can rent out a property and enjoy returns from it. You can even reside in it for a few days or a season and then rent it out for the rest of the year. Rental returns come on a regular basis if the location is good.
3. Small multifamily investment property: You can own two to four units in a house or building. These you can rent out to two or more different families or sell out at higher interests. It is a common type of investment option for beginners.
4. Large multifamily investment properties: This kind of investment includes owning five or more units. Apartment complexes fall into this category. It can be occupied by the owner himself, or he may have it exclusively rented out to tenants.
5. Office investment property:  It can include tenancy of a single organization, or tenancy of more than one company.
6. Retail investment property: Again you can invest in a small space and rent it out or sell it to a single retailer who is willing to put up a small shop. Or, you can invest in a large store that has multiple units with multiple tenants paying you a good return for your investment.

Conclusion:

I feel it is wise to make an investment in the suburban areas because with the passage of time these areas will undergo as much development as the city next to them had undergone in the last decade. Even developers are coming up with new ideas like township projects, which make these areas self sustaining and a perfect place where one can lead a splendid life at affordable rates. 

Top 12 Most Expensive Commercial Hubs

By: Sumita Roy

The world economy has shown signs of recovery but the cost of office spaces has continued to rise over the last few years. United States of America has seen highest growth rate of 4.6% in this sector. Next is Asia Pacific that has seen a 3.2% growth rate. Europe, the Middle East and Africa have seen a rise of 0.4%.

The rental rise is based on things like best locations for global commerce and financial centers, connectivity, place for high value talent, harbor of global corporate headquarters, supply to constrained areas, proximity to clients, transportation, and convenience amenities and facilities.

Let us take a look at the economically largest real estate commercial centers of the world:

St. James, London

Topping the charts is St. James in West End, London. This area enjoys peerless accessibility, luxury amenities and proximity to clients.

Annual rent received: $259.36 per square foot

It harbors: British multinational oil and gas company, BP plc. has its headquarters in this area; along with finest wine merchants’ showroom, Berry Brothers and Rudd. 

It used to have the iconic English shoemaker Wildsmith, the first ever to create a loafer. It also has the London Library in St. James Square; Jermyn Street, an upmarket retail street; Pall Mall; Haymarket having Haymarket Theatre and Her Majesty’s Theatre; and Carlton House Terrace.

Central, Hong Kong

It is the international financial center of the banking and finance community. The area has first rate hotels, retail spaces and superlative transportation facilities.

Annual rent received: $234.30 per square foot

It harbors: Bank of China Tower; The Hong Kong and Shanghai Banking Corporation, a subsidiary of HSBC; and head offices of Bank of East Asia and Hang Seng Bank.

Finance Street, Beijing

It was developed to attract financial institutions of  the highest tier. Many capital state-owned companies, global investment banks and insurance firms have accepted this invitation.

Annual rent received: $197.05 per square foot

It harbors: People's Bank of China, The People's Insurance Company of China, Commercial and Industrial Bank of China, China Construction Bank, Communication Bank of China, China Securities Regulatory Commission, China Banking Regulatory Commission, and CITIC Industrial Bank and much more.

Central Business District, Beijing

It is one of the most important international financial centers in China. It is emerging as China’s media center, with the Beijing Television station in the vicinity.

Annual rent received: $189.67 per square foot

It harbors: China World Trade Center Tower III; Beijing Yentai Centre; Beijing TV Centre; Fortune Plaza; CCTV Headquarters; Jing Guang Centre; China World Trade center.

West Kowloon, Hong Kong

It is situated within the Yau Tsim Mong District. It is primarily a stretch of land which was opened to development in the late 20^th century.

Annual rent received: $170.42 per square foot.

It harbors: West Kowloon Waterfront Promenade; West Kowloon Corridor; Western Harbour Crossing; Austin Station of MTR; and International Commerce Centre, the current tallest building in Hong Kong.

Moscow, Russia

It is the hub of major political, economic, cultural and scientific activities in Russia and Eurasia.

Annual rent received: $165.05 per square foot

It harbors: Moscow Kremlin; Red Square; Saint Basil’s Cathedral; Tretyakov Gallery; Kremlin Armoury; Bolshoi Theatre; Cathedral of Christ the Saviour; Lenin’s Mausoleum; Gorky Park; Novodevichy Convent; State Historical museum and much more.

Connaught Place, New Delhi

It is one of the largest financial, commercial and business centers in India. You can rent commercial spaces in Connaught Place at a high value. 

Annual rent received: $156.65 per square foot

It harbors: the very first Indian underground market Palika Bazaar. It has rows of restaurants, shops and hotels in the vicinity. It is also a prime location of major cultural events.

Marunouchi Otemachi, Tokyo

It is a commercial district of Tokyo. It is also Tokyo’s financial district and the  three of the country’s largest banks are headquartered there.

Annual rent received: $154.67 per square foot

It harbors: The Bank of Tokyo-Mitsubishi UFJ; Meiji Yasuda Life Insurance; Mitsubishi Corporation; Mitsubishi Electric; Nippon Yusen; Tokio Marine Nichido; Hitachi; Nikko Citigroup; Toyota Tsusho. There are many other offices present in the area namely, Aeroméxico (Pacific Century Place Marunouchi); Citigroup; Nikko Cordial; Nikko Citigroup; Banca Commerciale Italiana; Rabobank; JPMorgan Chase; Bank Negara Indonesia; Bank of India; Bayerische Landes Bank; Bloomberg; BT Asia Securities; First National Bank of Boston; KPMG; Latham & Watkins; Mellon Bank; Morgan; Lewis & Bockius and many more.

City District, London

It is a leading area that entails high annual rent for office spaces.

Annual rent received: $142.71 per square foot

It harbors: Retail shops; branded clothing stores such as Nicole Farhi and many renowned business centers. It also has finest eateries and parks in the vicinity.

Paris, France

It is the capital and the most populous city of France. In the present day, the economy of Paris is essentially a service economy, with business and financial services generating nearly half of its GDP. 

Annual rent received: $122.10 per square foot

It harbors: It is one of the largest economic centers in the world, with the sixth-largest gross metropolitan product, according to a 2008 study by Pricewaterhouse Coopers. $723 billion is the GDP it earns from urban agglomerations. It has law firms, banks and corporate tenants in the vicinity.

Midtown Manhattan, New York

Commerce, especially large deparment stores/ chain stores, are willing to pay a lot to be located in the inner core of Midtown Manhattan. 

Annual rent received: $120.65 per square foot

It harbors: It is a hub of commercial activity. It has been recognized as one of the world’s most expensive shopping streets. The headquarters of many places are situated there like: 4Kids Entertainment, Barnes & Noble, Bloomberg L.P., Ernst & Young, Calvin Klein, Cantor Fitzgerald, CBS Corporation, Citigroup, Colgate-Palmolive, Cushman & Wakefield, Simon & Schuster, Six Flags, TBWA Worldwide, Thomson Reuters, Time Warner, Time Warner Cable, Univision Communications, Viacom and many more.

Pudong, Shanghai

It was transformed from an empty grassland to a bustling financial district within a span of 20 years.

Annual rent received: $119.50 per square feet

It harbors: It is Shanghai’s Largest CBD and the home of 650 Chinese and international financial institutions. The landmarks include Oriental Pearl Tower, Jin Mao Building, Shanghai World Financial Center, Super Brand Mall, Shanghai IFC, Bank of China Tower and Shanghai Tower.

Most of these locations are likely to remain in the top 12 category for quite a number of years, but the order may shift. High margin tenants will continue to get attracted to such high cost spaces because of the feasibility of these places.

Kids’ Room Décor Tips

By: Sumita Roy

Every parent wants a perfect room for his children. But most of us do not have the skills required to paint a wall on our own, to make the room look like the sky or a garden. What can we do in such a case? Here I have discussed certain easy steps that can make your kids’ room look no less than a lively and vibrant area. In short, a perfect room where the children would love to spend quality time and would be proud to show it off to their friends.

1. Sponge paint: This is a very easy option for parents who possess zero painting skills. You need to follow few very simple steps:

• First, ensure the shade of the paint you are using. 
• Paint the wall with the base coat and keep it overnight, to dry.
• Rinse the sponge in water and wring out the excess of it.
• Smear the sponge with sufficient paint and apply it on the wall to form random patches. 
• Try to overlap the patches, as they enhance the liveliness of the room. Whereas, if you patch them at regular intervals they will create a more casual look.

This lightens up the entire room. But you should be careful while choosing the colors. If the base paint and sponge paint are of different shades of the same color, then it will look good. But if you go for opposite colors like a royal blue base paint and a crimson red sponge paint then it may look clumsy and untidy.

2. Painting stripes: This type of painting requires a bit more specific planning and measurements than the previous one. But it is altogether not difficult to execute.

• The base paint should be applied and left to dry overnight.
• The columns should be measured and marked at regular intervals.
• The places where the stripes will not be painted are to be thoroughly taped on the edges, to prevent smearing or seeping. 
• Once the first coat is completely dry the second color should be put up to prevent smearing.

Contrasting colors as well as different shades of the same color, both, can be used while painting the walls in stripes. You can accessorize them further with wall hangings, suitable furniture and much more.

3. Plaid or checkerboard paint: This requires more detailing than stripe painting the wall.

• Painting the base and leaving it overnight is a must. 
• Measure and mark the check board pattern on the wall.
• Tape off the edges of the area that does not need painting.
• Start painting the edges and then fill the inside. 
• Once dry remove the tape.
• Or, in a plaid pattern put on some white latex paint over the untapped area to create the plaid effect. 

So, painting your kids’ wall can be really easy, even if you are not good with a paint brush. And you can always elevate the look with accessories like furniture, wall hangings, book shelves and so on. A good sense is required for a good kids’ room décor. If you choose carefully, your child’s room can get the look of a very lively and beautiful area.

Regular Home Maintenance Saves More than a Few Bucks

By: Sumita Roy

Maintenance is the best way you can save your home from any major defaults or damages. Not only should the construction process be good, but the house should also be maintained on a regular basis. A long term of neglect can cause major and expensive repairs. So in order to avoid breaking the bank, I have summarized a few causes of damages and their easy maintenances.

1. Water is one of the main causes. Often an occasional storm or flood can lead to seeping in or flooding in your household. It can go to the extent of weakening the foundation walls of your home via a crack. The best way to avoid such havoc is by keeping water away from your home. While the house is under construction the ground surrounding the foundation should slope away from it. If water near this area is getting clogged time and again it is advisable to apply soil to change the inclination.
2. Roof maintenance should also be kept in mind. Sometimes clogging of water in the roof causes seeping of water into the walls and ceiling. Downspouts and clogged gutters can also prove to be harmful to your house. Always ensure that the roof is properly drained of water through the downspouts. These should open into a drain which should be constructed at least five to ten feet away from the base. The jammed gutters and lost shingles can cause extensive damages too.
3. Always check of for any signs of rotting, insect damage, patches, holes and cracks present in your home. A thorough inspection of your home twice a year can prevent you from some of the expensive repairs.
4. Try to ensure that the surrounding trees and branches are at least a few feet away from your home. A storm tossed branch can haul damage to the sidings of your doors and windows. Wood siding is more susceptible to rot than an aluminum or vinyl one. So pealed paints and pockmarked areas should always be under scrutiny. And while fitting in a siding, set a waterproof polythene paper to prevent long term leaks.
5. If your sewage pipe underground leaks causing marsh like puddle in your lawn, you should call for the municipal authorities or a professional plumbing service rather than doing it on your own. Digging on your own can cause even greater damage by hitting and cracking it.

Sewage treatment and garbage disposal are important factors that can affect not just your house but also your health. Always check for signs like foul smells, clogged water and dark patches in your walls and lawns, and take immediate preventive measures. This can ward off huge maintenance costs and provide your house with a fresh and clean environment.