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New Delhi [India], May 23 (ANI): Once notorious for oversupply and all-round market disarray, Delhi-NCR's real estate sector is witnessing a reversal of winds as the unsold inventory in the region has declined by a massive 57 per cent in the last five years, the latest report by real estate consultant Anarock Group observed. The report added the unsold real stock in the national capital region declined from approx. 2 lakh units at Q1 2018-end to approx. 86,420 units by Q1 2024-end. In the same period, the main southern cities saw their unsold stock decline from approx. 1.96 lakh units in Q1 2018 to over 1.76 lakh units in Q1 2024. Gurgaon holds the highest stock with approximately 33,326 units, marking a 37 per cent decrease. Greater Noida follows with about 18,668 units, having reduced its stock by 70 per cent. Ghaziabad's inventory declined dramatically by 70 per cent to around 11,011 units. Noida saw a 71 per cent decrease, with approximately 7,451 unsold units remaining. Combined, Delhi, Faridabad, and Bhiwadi have about 15,964 unsold units, a 31 per cent reduction since 2018, as per the report. It further observes the top Southern markets Bengaluru, Hyderabad, and Chennai saw their collective unsold stock shrink by 11 per cent in this period. MMR and Pune in the West saw their cumulative unsold stock reduced by 8 per cent. In the East, Kolkata saw its unsold inventory decline by an impressive 41 per cent in the period. Citing the reason behind the low decline of unsold inventory, the real estate consultant added that there have been massive new property launches in Hyderabad, most notably over the last two years. The city saw its housing stock almost quadrupled in the last 5 years. Bengaluru saw unsold inventory decline by 50 per cent in this period. In the West, MMR and Pune saw unsold stock decline by 8 per cent in the last five years - from approx. 3.13 lakh units in Q1 2018 to approx. 2.90 lakh units in Q1 2024, the report added.

Unsold real estate properties decline in Delhi-NCR by 57%; Rate slower in Bengaluru, Hyderabad, Chennai

<ul class="summary-list"><li>Zorro Ranch, previously owned by Jeffrey Epstein, has dropped from $27.5 million to $18 million after over a year on the market.</li><li>The property is a 7,500-acre compound that includes an air strip, stables, and multiple residences.</li></ul>Jeffrey Epstein's Zorro Ranch was once the most expensive home in New Mexico before its price tag was significantly reduced after sitting on the market unsold for over a year. The disgraced former financier left behind an extensive real estate portfolio after his death by suicide in his jail cell at Metropolitan Correctional Center in 2019. His 7,500-acre New Mexico mansion was listed for $27.5 million in June 2021, but the price has since dropped to $18 million, <a href="https://www.realtor.com/news/celebrity-real-estate/jeffrey-epstein-new-mexico-zorro-ranch-will-someone-buy-it/">according to a Realtor report</a>.<div type="image" title="Realtor.com listing for Jeffrey Epstein's Zorro Ranch in New Mexico." height="774" width="1548" msid="95811481" hostid="261" sizebytes="151428"></div>According to the Realtor listing for the property, the 33,339-square-foot mansion has spent 514 days on the site as of Sunday.Epstein purchased the land in 1993, <a href="https://www.businessinsider.com/jeffrey-epstein-new-mexico-ranch-for-sale-7">Insider reported in 2021</a>. The massive compound includes multiple residences, stables, an air strip, and hangar. It's located about 35 minutes away from Santa Fe.Although the convicted sex offender's New Mexico home has been tough to unload, his properties in New York City and Palm Beach were quicker to sell.In March 2021, <a href="https://www.businessinsider.com/jeffrey-epstein-nyc-and-palm-beach-listed-hitting-market-110-million-wsj-2020-7">Epstein's Manhattan townhouse </a>was purchased for nearly $40 million under its original asking price. In the year prior, <a href="https://www.businessinsider.com/jeffrey-epstein-palm-beach-mansion-will-be-demolished-2020-11">his Palm Beach mansion sold to a developer for $18 million</a>.Dolly Lenz, founder and CEO of Dolly Lenz Real Estate, explained to Realtor why Zorro Ranch has been more difficult to sell than Epstein's other luxurious properties."New York and Palm Beach were blessed with world-class locations, addresses, grandeur, and scale, and yet were priced very well to sell quickly," Lenz told Realtor.She continued: "Although all the homes will always be stained with horrible juju, the below-market sales prices made them very tempting indeed and too good to pass up."

Jeffrey Epstein's unsold former New Mexico ranch is no longer the most expensive home in the state after nearly $10 million price reduction

<ul class="summary-list"><li>A former China statistics official said the country's property developers need to "transform" their businesses.</li><li>That's because there's an oversupply of homes for China's 1.4 billion population.</li></ul>A former Chinese government official has told the country's beleaguered real-estate developers to change up their business strategies because there are just way <a href="https://www.businessinsider.com/china-property-real-estate-debt-troubles-financial-crisis-nicholas-lardy-2023-8">too many empty homes.</a>"How many vacant homes are there now? Each expert gives a very different number, with the most extreme believing the current number of vacant homes are enough for 3 billion people," said <a href="https://news.cctv.com/2023/09/24/ARTIvq9vNjNa9MzGGtrgkPHo230924.shtml" target="_blank" rel="noopener">He Keng, a former deputy head of China's statistics bureau,</a> according to a <a href="https://www.reuters.com/world/china/even-chinas-14-bln-population-cant-fill-all-its-vacant-homes-former-official-2023-09-23/" target="_blank" rel="noopener">Reuters translation</a> of a video from state-owned China News Service. "That estimate might be a bit much, but 1.4 billion people probably can't fill them," He said, referring to China's population.He, who was speaking at a conference over the weekend, said it's unwise for real-estate companies to continue their "rapid developments" under current circumstances, according to Insider's translation of the <a href="https://www.businessinsider.com/china-population-billion-people-not-enough-fill-empty-homes-2023-9" target="_blank" rel="noopener">widely reported comments</a> he made at a conference over the weekend. Real-estate companies must thus take the initiative to "transform" their businesses, he added.The former official did not appear to prescribe specific solutions for the real-estate developers but suggested that the many empty houses in China can be purchased by the authorities or companies as rental units for those who cannot afford to buy their own homes.The former official's comments came amid troubles in China's property sector that has been brewing since 2021 when property giant <a href="https://www.businessinsider.com/latest-news-4-questions-that-explain-chinas-troubled-housing-market-2021-10" target="_blank" rel="noopener">Evergrande</a> — then the world's most indebted company — ran into a liquidity crisis<a href="https://www.businessinsider.com/china-economy-xi-jinping-evergrande-debt-american-world-fallout-2021-10" target="_blank" rel="noopener">.</a> It had about $340 billion in liabilities as of end-2022 and filed for <a href="https://www.businessinsider.com/china-economy-evergrande-property-developer-chapter-15-bankruptcy-protection-2023-8">US Chapter 15 bankruptcy protection</a> in August.The crisis came to a boiling point this summer when <a href="https://www.businessinsider.com/evergrande-crisis-other-china-property-developers-in-trouble-outlook-2021-12" target="_blank" rel="noopener">other Chinese real-estate developers</a> ran into similar issues, and the sector started to <a href="https://www.caixinglobal.com/2023-07-31/cover-story-chinas-property-crisis-contagion-spreads-to-state-backed-developers-102087880.html" target="_blank" rel="noopener nofollow">default on its bond payments.</a> The cash crunch also slowed down home construction, prompting some buyers who pre-paid for apartments to refuse to <a href="https://www.businessinsider.com/china-mortgage-protests-why-people-refusing-to-pay-loans-2022-7" target="_blank" rel="noopener">repay their mortgages.</a>China saw a decades-long <a href="https://www.nytimes.com/2023/05/25/business/china-housing-crisis-nanchang.html" target="_blank" rel="noopener">boom in its real-estate sector</a> before the current crisis hit. The market was so hot that Chinese developers were taking on massive borrowings to build apartments ahead of demand.In fact, property developers built so many apartments that one-fifth of the homes in China were empty, <a href="https://www.businessinsider.com/china-empty-homes-real-estate-evergrande-housing-market-problem-2021-10?utm_medium=referral&amp;utm_source=yahoo.com" target="_blank" rel="noopener">Insider's Lina Batarags reported in October 2021.</a> The situation doesn't seem to have improved. There were 3.5 billion square feet of completed but <a href="https://www.wsj.com/articles/chinas-smaller-cities-struggle-to-unload-empty-apartments-1a70f551">unsold apartments</a> in February. That number seems to have ballooned to about <a href="https://www.businessinsider.com/china-vacant-homes-3-billion-people-housing-crisis-ex-official-2023-9">7 billion square feet</a> in August per Reuters — which translates to around <a href="https://www.businessinsider.com/china-vacant-homes-3-billion-people-housing-crisis-ex-official-2023-9">7.2 million homes</a>, based on an average home size of around 90 square feet.There are now fears China's property troubles could spill into the broader domestic economy and the international markets.Investment in property in China fell about 19% in August from a year ago — marking its 18th straight month of decline, according to <a href="https://www.reuters.com/markets/asia/chinas-august-new-home-prices-fall-fastest-pace-10-months-2023-09-15/" target="_blank" rel="noopener noreferrer">Reuters calculations</a> based on <a href="https://data.stats.gov.cn/easyquery.htm?cn=A01" target="_blank" rel="noopener noreferrer">official data released on September 15.</a> China's statistics bureau did not immediately respond to Insider's request for comment.

A former Chinese official is telling property developers to 'transform' their businesses as there are more than enough empty homes to house all of China

Mumbai, Home sales across the top seven <keyword id="6399501" type="UNKNOWN" weightage="20" keywordseo="cities">cities</keyword> declined 47% to 1.38 <keyword id="9369841" type="COMPANY" weightage="20" keywordseo="lakh-units">lakh units</keyword> in 2020, according to a report by Anarock Property Consultants. In 2019, overall sales across the major cities was nearly 2.61 lakh units. The <keyword id="10471738" type="UNKNOWN" weightage="20" keywordseo="new-housing-supply">new housing supply</keyword> in 2020 declined by 46% against the preceding year, nearly 2.37 lakh units in 2019 to nearly 1.28 lakh units in 2020. <keyword id="9312552" type="COMPANY" weightage="20" keywordseo="the-mumbai-metropolitan-region">The Mumbai Metropolitan Region</keyword> (MMR) and Pune were the showstoppers in <keyword id="10471737" type="UNKNOWN" weightage="20" keywordseo="overall-residential-activity">overall residential activity</keyword> in 2020. "While residential real estate bottomed out in 2020 against the previous peak of 2014, there are strong revival signs in Q4 2020 - with home affordability being at its all-time best," said the report. Amid varied offers and discounts, the top seven cities saw robust sales of nearly 50,900 units in Q4 2020, rebounding to nearly 86% of the corresponding period in 2019. In 2019, the festive quarter saw overall home sales of 59,160 units. MMR and Pune drove residential sales with the two cities accounting for more than 53% overall share. On the supply front, the top cities added 52,820 units in Q4 2020 as against 51,850 units in Q4 2019, increasing by 2% Year-On-Year (YoY). Hyderabad outpaced other cities and added a massive new supply of 12,820 units in the quarter, followed by MMR with more than 11,910 new units. Due to increased new launches across cities, <keyword id="3032077" type="PERSON" weightage="20" keywordseo="Unsold-inventory">unsold inventory</keyword> declined by 2% on a yearly basis, from more than 6.48 lakh units in Q4 2019 to more than 6.38 lakh units in Q4 2020. However, in comparison to the peak levels of 2016, when unsold stock stood maximum at nearly 7.91 lakh units in the top seven cities, it declined by a significant 19%. Anuj Puri, Chairman of Anarock Property Consultants, said, "2020 has been an unprecedented year due to Covid-19 causing all-round upheaval. However, the residential segment was quick to pick up momentum in the last two quarters of 2020 on the back of growing home ownership sentiment - catalysed by the exigencies of the pandemic." He said this pent-up demand was further accelerated by the ongoing discounts and offers, the prevailing lowest-best home loan interest rates and limited period stamp duty cuts in states such as Maharashtra. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/heres-what-analysts-say-if-you-should-subscribe-or-not-to-the-300-crore-ipo-of-antony-waste-handling-cell/articleshow/79790998.cms">Antony Waste Handling Cell ₹300-crore IPO opens today — these are the risks and opportunities</a> <a href="https://www.businessinsider.in/business/startups/news/the-founder-of-sugar-cosmetics-explains-how-the-startup-clocked-a-60-growth-in-sales-during-the-pandemic/articleshow/79832966.cms">The founder of SUGAR cosmetics explains how the startup clocked a 60% growth in sales during the pandemic</a> <a href="https://www.businessinsider.in/business/startups/news/pine-labs-valuation-crosses-2-billion-as-it-raises-fresh-funds-from-lone-pine-capital/articleshow/79833738.cms">Pine Labs' valuation crosses $2 billion as it raises fresh funds from Lone Pine Capital</a>

Housing sales in India's top cities declined by 47% to 1.38 lakh units, says a report

<ul class="summary-list"><li>A Chinese property developer is offering gold bars to buyers in a desperate bid to boost home sales.</li><li>The developer is offering 2.2 pounds of gold for the purchase of a 1,000-square-foot apartment.</li></ul>A Chinese property developer is offering free gold bars to homebuyers in a desperate bid to boost home sales in an ailing housing market. However, the campaign has since been suspended, with multiple buyers saying they've experienced monthslong waits for their promised gold.According to <a href="https://www.theguardian.com/world/2023/jun/12/gold-bars-used-to-lure-chinese-homebuyers-amid-market-slowdown" target="_blank" rel="noopener">The Guardian</a> and local media outlets, the property developer in question is Huafa Group, which is based in Hangzhou, a city in eastern China. The developer was trying to move units in a development called Huafa Hui Tianfu. An advertisement touting the promotion has been making the rounds on <a href="https://weibo.com/1700720163/N4oSi7wRb" target="_blank" rel="noopener">Weibo</a>, China's Twitter-like messaging service.A local intermediary for Huafu Group told <a href="https://www.jiemian.com/article/9535785.html" target="_blank" rel="noopener">Jiemian News</a> that buyers would be given around 2.2 pounds of gold — worth over 470,000 Chinese yuan, or $66,000 — if they purchased a 1,000-square-foot apartment. Apartment prices for the development range between $307,000 to $350,000, per The Guardian. <h2>Disgruntled buyers are raging over the gold bars </h2>However, some buyers have been kept waiting for the promised gold after purchasing a flat.A woman identified only by her last name, Zhu, told local news outlet <a href="https://s.weibo.com/weibo?q=%23%E4%B9%B0%E6%88%BF%E9%80%8150%E4%B8%87%E9%BB%84%E9%87%91%E8%BF%9F%E8%BF%9F%E4%B8%8D%E5%85%91%E7%8E%B0%23" target="_blank" rel="noopener">Xiao Qiang Ri Xian</a> on June 6 that she has yet to receive the gold bars that were promised. She said she bought her apartment in February. Zhu shared text message records with the news outlet that she said contained details of promises made by a sales representative from Huafa Group.According to the screenshots of the messages seen by Insider, the sales representative claimed on March 2 that the company was in the process of buying the gold. The representative also assured Zhu that she would receive the gold bars in due course.When Zhu followed up with the representative on April 10, she was told the gold would likely be ready by the end of the month, text messages show. When Zhu asked the representative for an update on April 20, the representative said they were not certain that they could get it to her in April.Another buyer identified only by her last name, Shao, also told Xiao Qiang Ri Xian that she had yet to receive her gold after buying her apartment in March.A Huafa representative told <a href="https://weibo.com/1700720163/N4oSi7wRb">Qianjiang Evening News</a> that the company had given out more than $1.4 million worth of gold but had since suspended distribution, citing difficulties in acquiring gold due to price fluctuations.The gold bar promotional campaign has drawn much attention in China since: <a href="https://s.weibo.com/weibo?q=%23%E6%9D%AD%E5%B7%9E%E4%B8%B4%E5%AE%89%E4%B9%B0%E6%88%BF%E6%9C%80%E5%A4%9A%E9%80%81%E4%B8%A4%E6%96%A4%E9%BB%84%E9%87%91%23" target="_blank" rel="noopener">The Weibo thread discussing the issue has accumulated nearly 3 million views</a>.A representative for Huafa Group did not immediately respond to Insider's request for comment. A staff member at Huafa told Insider the Huafa Hui Tianfu development had "nothing to do" with them. <h2>Flashy giveaways are commonplace in China's property market</h2>This is not the first time Chinese property developers have dangled freebies to entice homebuyers.Another developer, Hangzhou Yuejia Real Estate Development Corporation, was offering buyers free cell phones, parking spaces, and even a 10-year waiver on estate maintenance fees, according to <a href="https://www.sixthtone.com/news/1013082" target="_blank" rel="noopener">Sixth Tone</a>.The giveaways come as developers find themselves in a struggling housing market. In May, the number of homes sold across 50 key Chinese cities dropped 17.7% as compared to April, per the <a href="https://cn.investing.com/analysis/article-200478119" target="_blank" rel="noopener">China Index Academy</a>.The sluggish housing market has fuelled speculation that the Chinese government could step in with a series of stimulus measures, according to <a href="https://www.bloomberg.com/news/articles/2023-06-02/china-mulls-new-property-market-support-package-to-boost-economy">Bloomberg</a>.But property developers are moving ahead with their aggressive and creative sales tactics. Developers have been known to offer <a href="https://www.businessinsider.com/china-developers-accepting-wheat-garlic-farmer-down-payments-homes-2022-7">alternative payment methods</a>, where buyers can use crops such as wheat to make their down payments. However, an oversupply of unsold flats in China means that it's a buyer's market right now, the <a href="https://www.wsj.com/articles/chinas-smaller-cities-struggle-to-unload-empty-apartments-1a70f551" target="_blank" rel="noopener">Wall Street Journal reported in April</a>. And that means even free gold bars may not be enough when it comes to coaxing Chinese home buyers."The gold offer hasn't yet helped people make up their minds," a local real estate agent told Sixth Tone."And given how the market is, buyers are not in a hurry to make a final decision," the agent added.

A desperate property developer in China said it would give a gold bar to anyone who buys a home it builds. Homebuyers say they're still waiting.

<ul><li>Estimates vary widely on both residential <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">real estate</keyword> sales and new housing project launches.</li><li>Unsold inventory in major cities continues to be a grave problem. </li><li><keyword id="136927" type="ORGANIZATION" weightage="20" keywordseo="affordable-housing">Affordable housing</keyword> is an attractive area for developers big and small.</li></ul> <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>’s <keyword id="189423" type="PERSON" weightage="20" keywordseo="housing-market">housing market</keyword> remains a mixed bag with no clear answers about when the sector could make a firm turnaround after a prolonged slump exacerbated by sweeping regulatory changes in the past two years. Estimates vary widely on both residential real estate sales and new housing project launches when it comes to how they have fared this year as compared to a year ago. According to, property <a href="https://content.knightfrank.com/research/659/documents/en/india-real-estate-january-june-2018-5716.pdf">consultancy</a> <keyword id="6363605" type="COMPANY" weightage="20" keywordseo="knight-frank">Knight Frank</keyword>, real estate sales were, more or less, flat in the first half of this year compared to the same period last year despite a drop in home prices. Another report by real estate group CREDAI and JLL, a real estate consultancy said that housing sales in top seven cities in India in fact grew by 25 per cent in that same period. In terms of new housing project launches, according to <a href="https://www.livemint.com/Home-Page/QafqRmHCZt49bKmuwCwQMM/New-real-estate-launches-this-year-to-lift-investor-sentimen.html">data </a>from property consultancy Anarock Property Consultants, the number of new launches across seven key cities have gone up by 10% in the first half of 2018 as compared to last year. But on the other hand, <a href="https://content.knightfrank.com/research/659/documents/en/india-real-estate-january-june-2018-5716.pdf">data </a>from Knight Frank shows that the first half of this year saw a net rise of 46% in new launches at 91,739 housing units as compared to the same period a year ago. The quarterly picture, meanwhile, was much more worrying according to the Centre for Monitoring Indian Economy, saying that new project launches had actually dropped by 60% in the most recent quarter compared to last year. Real estate see-saw The housing market in India has been in a slump because of a combination of factors. For starters, the mismatch between buyer and seller price expectations has led to a massive backlog of unsold inventory of housing units. But even before the houses hit the market there are usually delays in project execution and litigation on land disputes, among other things. The introduction of regulatory changes such as the new real estate law RERA, intended to protect home buyers and bring transparency, along with the government’s demonetisation exercise and introduction of the Goods and Services Tax, pushed many large developers into a wait-and-watch mode, industry experts point out. The elephant in the room Despite the recent positive sentiment behind the launch of new <keyword id="6385126" type="UNKNOWN" weightage="20" keywordseo="housing-projects">housing projects</keyword>, the massive backlog of unsold inventory, continues to be a grave problem in major cities. Nearly 576,000 housing units worth ₹4.9 trillion ($70 billion) are behind schedule in seven key cities, <a href="https://www.moneycontrol.com/news/india/housing-units-worth-rs-4-64-lakh-crore-delayed-in-7-top-cities-despite-rera-implementation-anarock-2884421.html">according</a> to Anarock. One indicator of the health of the unsold inventory problem is a measure called QTS - quarters to sale - which roughly measures how many quarters it would take to sell the inventory. In 2018, the QTS has improved only slightly to 10 quarters as at the end of March from 14 quarters compared to the previous year, according to a report by ICRA. Subdued demand and the price mismatch for upscale housing projects continue to be sticky factors. "Despite increased launches, reduced price, government reforms and incentive, housing demand is yet to take off," Knight Frank India Executive Director (North) Mudassir Zaidi was <a href="https://economictimes.indiatimes.com/wealth/real-estate/housing-sales-up-3-in-h1-in-top-8-cities-launches-up-46-knight-frank/articleshow/65132989.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst">reported</a> as saying last month. Affordable housing - a glimmer of hope Following the government’s push into making housing more affordable and a host of government schemes including incentives, many new real estate launches are now being seen. According to property consultancy <a href="https://www.moneycontrol.com/news/business/real-estate/affordable-homes-now-account-for-over-20-of-all-properties-sold-in-india-2852131.html">Liases Foras</a>, affordable homes now make up nearly 20% of residential property sales compared to 8% in FY2016. On average, these houses in the affordable segment are typically priced at an average of ₹2.5 million. Some large and smaller developers, who are in the midst of planning new launches, are <a href="https://www.livemint.com/Home-Page/QafqRmHCZt49bKmuwCwQMM/New-real-estate-launches-this-year-to-lift-investor-sentimen.html">reportedly </a>keen on affordable housing because of the expected boom in the space. While some developers are holding out hope for a strong comeback only next year. “We may see nearly 15-18% increase in the number of new launches in H1 2019, which could be anywhere between 96,000 units to approx. 98,600 units,” Anarock <a href="https://www.livemint.com/Home-Page/QafqRmHCZt49bKmuwCwQMM/New-real-estate-launches-this-year-to-lift-investor-sentimen.html">said </a>in its report. With housing prices also going through a correction, home buyers could end up winners in the market in the long-term.

No one quite knows where India’s housing market is headed

<ul class="summary-list"><li>NY AG <keyword id="12338139" type="UNKNOWN" weightage="60" keywordseo="letitia-james" source="Orion">Letitia James</keyword> requested a court order to compel Trump and his children to testify under oath.</li><li>Her office is investigating whether the Trump Org. inflated asset values for economic benefit.</li></ul>The New York attorney general is <a href="https://www.businessinsider.com/new-york-ag-subpoena-trump-ivanka-organization-investigation-financial-dealings-2022-1">taking legal action</a> to force former President <keyword id="11914386" type="UNKNOWN" weightage="60" keywordseo="donald-trump" source="Orion">Donald Trump</keyword> and two of his adult children to answer to subpoenas in its fraud investigation.<a href="https://www.businessinsider.com/trump-rally-attorney-general-tish-james-investigation-real-estate-company-2022-1">Letitia James'</a> office has been investigating whether Trump and the Trump Organization had been historically inflating the value of properties to secure economic benefits since March 2019. <a href="https://ag.ny.gov/press-release/2022/attorney-general-james-takes-action-force-donald-j-trump-donald-trump-jr-and">In a Tuesday statement</a>, James' office said it asked for a court order to compel Trump, <a href="https://www.businessinsider.com/ny-attorney-general-tish-james-subpoenaed-don-jr-ivanka-nyt-2022-1">Donald Trump Jr., and Ivanka Trump to testify under oath</a>.James' office said evidence from financial disclosures suggested that Trump and his organization "used fraudulent or misleading asset valuations to obtain a host of economic benefits, including loans, insurance coverage, and tax deductions."Her office also listed six properties which it said Trump had valued misleadingly, which can be seen below.In a statement to Insider, the Trump Organization said James was "the only one misleading the public" and that she had "no case." Trump spokeswoman Liz Harrington <a href="https://twitter.com/realLizUSA/status/1483807252666589192">tweeted</a> the same statement on Wednesday. The longer version can be seen at the bottom of this story<h2>1. Seven Springs — Bedford, NY</h2><div type="image" title="MOUNT KISCO, NY - SEPTEMBER 30 2020: President Trump's Seven Springs estate in Mount Kisco, New York, seen here Sept. 30, 2020. (Johnny Milano for The Washington Post via Getty Images)" height="600" width="1200" msid="89000345" hostid="261"></div>The Trump Organization bought the Seven Springs mansion and 212-acre estate in 1995, and increased its value in the ensuing years, James' office said.The firm valued the property at $80 million in 2004, $200 million in 2007, and $291 million in 2012, the statement said.The 2012 valuation was based on the assumption that nine luxury homes were to be built on the estate and make the company $161 million in profits, the office said.However, two professional appraisers later said the Trump Organization was developing the lots at a fraction of the cost cited by the firm, James' office said. The property was therefore valued at $56 million in March 2016, the office said.Despite this, the Trump Organization's financial statements were altered to disguise the fact that the property had dropped 80% in value, James' office said.The company did this by "moving the property to a catch-all category [in financial filings] where no asset was itemized," it added. <h2>2. Trump Tower Triplex — Manhattan, NY</h2><div type="image" title="Trump Tower trump abe" height="600" width="1200" msid="89000346" hostid="261"></div>Trump's triplex apartment <a href="https://www.businessinsider.com/trump-tower-photos-inside-apartments-penthouse-2019-5">in New York City's Trump Tower</a> was also placed in that catch-all category, James' office said.In 2012, the Trump Organization said that apartment was worth $127 million based on the premise that it was 30,000-square-feet large, James' office said. Trump's 2015 and 2016 financial statement also valued the apartment as $327 million based on that size, the office said.However, the apartment in fact measures 10,996 square feet, James' office said.Former Trump Organization CFO Allen Weisselberg also told investigators that the value of the apartment was overstated by around $200 million, James' office said.<h2>3. Trump International Golf Club — Scotland</h2><div type="image" title="Trump International Scotland" height="1588" width="3177" msid="89000347" hostid="261"></div>The Trump Organization bought what is <a href="https://www.businessinsider.com/trump-inflated-golf-course-values-citing-brand-value-ny-ag-2022-1?r=US&amp;IR=T">now the Trump International Golf Club</a> in Aberdeen, Scotland, in 2006 for $13 million, James' office said.In 2011 financial disclosures, Trump said the property was worth £75 million ($161 million at the time) but the valuation was not professionally established, James' office said."This valuation appears to have been based on an email prepared to provide information to Forbes magazine for a quote and was not professionally determined," the office said.The Trump Organization also valued the property at $436 million in 2014, based on the assumption that it had the right to build "2,500 luxury homes" on the property.In reality, it only had approval to build "fewer than 1,500 holiday apartments and golf villas," James' office said.<h2>4. Trump National Golf Club — Westchester, NY</h2><div type="image" title="Trump National Golf Club, Westchester" height="1467" width="2934" msid="89000349" hostid="261"></div>Trump bought what is now <a href="https://www.businessinsider.com/trump-inflated-golf-course-values-citing-brand-value-ny-ag-2022-1?r=US&amp;IR=T">Trump National Golf Club Westchester</a> for $8.5 million in 1996, and valued it at $69 million in 2011, James' office said.Part of that valuation was based on the assumption that it would sell 67 memberships deposits worth $13 million.The company said it was "getting $150,000" per membership but James said that her investigation determined that "many new members paid no deposit at all in 2011."<h2>5. Trump Park Avenue — Manhattan</h2><div type="image" title="Trump's 502 Park Avenue building under a blue sky" height="1656" width="3312" msid="89000350" hostid="261"></div>Between 2011 and 2020, the Trump Organization valued Trump Park Avenue at between $135 million and $350 million, James' office said.But the majority of that value was based on apartments that had never been sold, James' office said: "In 2011, the reported value of the property was $312 million with unsold residential units comprising $293 million of that value."The Trump Organization also valued the unsold apartments higher in its financial reports than it did internally, James' office said.The valuations "failed to account for the fact that many units were rent stabilized," James' office said.In one case, Ivanka Trump had "an option to purchase an apartment she was renting for $8.5 million, but it was valued as high as $25 million on Trump's financial statements," the office said.<h2>6. 40 Wall Street — Manhattan</h2><div type="image" title="A view of the Trump Building on Wall Street in lower manhattan" height="1000" width="2000" msid="89000354" hostid="261"></div>The Trump Organization owns a leasehold at 40 Wall Street, and pays rent to the owner, James' office said.Between 2010 and 2012, independent assessors said the value of the leasehold to the Trump Organization was between $200 million and $220 million, James' office said.However, Trump said in financial statements that 40 Wall Street had been valued at $602 million in 2010, $525 million in 2011, $527 million in 2012, and $531 million in 2013, James' office said.<div type="image" title="Letitia James and Donald Trump" height="2250" width="3000" msid="89000356" hostid="261"></div>A Trump Organization spokesperson told Insider: "The only one misleading the public is Letitia James. She defrauded New Yorkers by basing her entire candidacy on a promise to get Trump at all costs without having seen a shred of evidence and in violation of every conceivable ethical rule. Three years later she is now faced with the stark reality that she has no case. So, in response to Trump suing her and filing multiple ethical complaints, and on the heels of her failed governor's race, she has no choice but to mislead the public yet again by misrepresenting the facts and ignoring her own inflammatory comments. Her allegations are baseless and will be vigorously defended."

Here are the 6 properties the New York attorney general says the Trump Organization lied about, and how

New Delhi, Jan 31 () The residential property market is reeling under huge unsold housing stocks because of issues like stalled projects and delayed possession, but inventories can be cleared if real estate developers take a haircut and reduce apartment prices, according to the Economic Survey.
 The balance sheets of banks and non-banking financial companies (NBFCs) would also be positively impacted if builders decide so, it added.
 Pitching for correction in property prices, the survey said that housing prices are ruling at a high level, even as the growth in rates has been muted since 2015-16.
 "Government's thrust on affordable housing is evident, in order to boost the real estate sector and consequently the construction activity in the country. Higher investment in housing by households may increase the fixed investment in the economy," the survey said.
 "Existing unsold housing inventory can be cleared and the balance sheets of both bank/non-bank lenders cleaned if the real estate developers are willing to take a 'hair-cut' by allowing the house-prices to drop," it added.
 The survey mentioned that the decline in household investment in 'Dwellings, other buildings and Structures' over 2011-12 to 2017-18 period reflects slower growth in purchase of houses by households.
 "The real estate sector, and residential property in particular, has been reeling with issues of delayed project deliveries and stalled projects leading to a build-up of unsold inventory over the years. Housing prices have remained elevated, even though growth in prices has fallen sharply since Q1 of 2015-16 and remained muted since then," it added.
 At the end of December 2018, about 9.43 lakh units worth Rs 7.77 lakh crore with 41 months of inventory were stuck in various stages of the project cycle across top 8 cities.
 The survey highlighted that the government has approved the establishment of a 'Special Window' fund of Rs 25,000 crore to provide priority debt financing for completion of stalled housing projects that are in the 'affordable and middle-income' housing sector.
 "Having duly recognized the financial stresses built up in the economy, the government has taken significant steps this year towards speeding up the insolvency resolution process under Insolvency and Bankruptcy Code (IBC) and easing of credit, particularly for the stressed real estate and Non-Banking Financial Companies (NBFCs) sectors," the survey said. MJH RVK

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