$585,000 for this place shown by Jim the realtor:
(Hat tip: Calculated Risk)
That’s about Rs. 2.8 cr., for a 4300 sq. ft. 4br house, fireplace, pool in the front yard, big back yard, an outdoor fire-pit, a doll-house garage in front. No appliances, but we in India think that’s par for the course. For around Rs. 6,000 per square foot, that’s a lot cheaper than the equivalent in, say, Gurgaon or Navi Mumbai. And you don’t have the property hassles, water or electricity problems etc. Time for a distressed real estate fund for Indian investors!
Some 15 houses in foreclosure in that lane, 8 of them owing greater than a million. When a house lists on that lane for 585K, they’re not going to be very happy.
