A group of NRI investors have filed a case in the Supreme Court of Mauritius against ICICI Venture Funds Management Company accusing the PE firm of misleading them while raising a real estate fund that eventually underperformed while they had been promised a certain return.
Around 69 investors, mostly from the United Arab Emirates and Gulf Cooperation Council (GCC) countries, had invested around $34.7 million in the $220-million Dynamic India Fund (DIF) III since 2005, after being allegedly promised a return of 25%. Instead their investments are now under water.The investors claim that the fund manager did not keep them informed about the subsequent performance of the fund or about the quality of assets in which the fund had invested. Further, the aggrieved investors allege there was huge delay in completion of projects about which they were also kept in the dark.
When the fund’s tenure came to an end, they were told that their investments were valued below par.
At that stage ICICI Ventures asked them to remain invested for another three years. Instead these investors have approached the Mauritius legal forum claiming $69 million in damages.-from ET
Category: Realty
In all this noise about equity markets getting ahead of themselves, central Vijayawada real estate is up 400% in 2 months – 8 cr/ground!
— Tejus Sawjiani (@tejus_sawjiani) July 9, 2014
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Real Estate-A great asset even in war?
Sinan Al Dulaimi, 43, works for the United Nations in Baghdad, where he has lived in the eastern Zayouna area since he was 14.
In a telephone interview on June 16, he described life in a 1,300-year-old capital with about 7 million people that has fallen from being one of the Arab world’s cultural hubs to a ghettoized city marred by bomb blasts and sectarian killings.
His neighborhood was established by former President Abdel Karim Qasim, who took power in a 1958 coup and gave 600-square-meter plots to army officers to build homes
“The situation in Baghdad is very bad. The entrance to the city closes at 10 p.m.; it used to close at 1 a.m. Curfew starts at midnight and ends at 5 a.m.
‘‘You can see huge lines of people outside banks trying to withdraw cash. Otherwise, the streets are mostly empty
‘‘We’ve stockpiled food. We’re all worried about food — cooking oil, rice, those basics — and prices are rising. Ten kilos of rice usually costs $10, now it costs more than $25.
‘‘I want to avoid car bombings, another reason I don’t leave my neighborhood. I do shopping here though it costs more – – five loaves of bread is $1 versus in the local market outside where $1 buys 10 loaves. Here, it’s about $14-15 per kilo of mutton, outside it’s $10.
‘‘Tap water isn’t healthy for cooking or drinking; we have to buy that, too.
‘‘Power only comes on for about 4-6 hours a day so I supplement with private generators. I pay, like, $250 a month for that. You can’t use ACs with private generators, just TVs, fridges, lights and air coolers.
‘‘There’s no electricity and there’s garbage everywhere, but house prices have been getting higher and higher. In my neighborhood, you can’t buy a house for less than $300,000 and that would be for a 150-square-meter house. For 600 square meters, it’s not less than $900,000, up to $1.2 million.
–from Bloomberg
When ppl say their house was the best investment they ever owned. That is because it was the only investment they ever owned for 30 years
— Carl Richards (@behaviorgap) June 10, 2014