Tuesday, November 18, 2008

Land dealings hit by global recession’

Looks like the finance minister and the minister in Pune are looking are different set of numbers. Here Mr Pawar is calling for a deep recession and the FM is saying that India will not be affected. The FM needs to dig his head out of the sand and quit. He has wrecked havoc in the construction industry by fuelling the bubble and now is denying its existence. Today he exorted Autos, airlines and reatly companies to drop rates of their products, and ofcourse the banks too, they have to drop their interest rates ? What does all of this translate too ? A slowdown of profits for some and deepening losses for others like airlines.

The article below mentions about townships being in trouble. In Pune we have Amanora, Lavasa, Blueridge whose investors will see their mirage's last longer then half a decade.

TIMES NEWS NETWORK reports

Pune: The global recession has hit township projects and land dealings in and around the city, affecting it dearly, Pune guardian minister, Ajit Pawar, said on Monday. Addressing a meeting of the NCP workers, Pawar said, “The global recession is witnessing a local impact. Township projects around the city are largely affected due to the economic meltdown. Only few days ago, Pune and Raigad districts were leading in land deal transactions. Today, there are hardly any transactions happening.”
The state has already increased the FSI (ratio of permissible built-up area to plot area) for townships from 0.5 to 1. “But these townships are in deep trouble due to the crisis,” Pawar said.
He added that as per projections by Indian economists and political leaders, the recession will continue for a long time. “It’s time to reorganise resources and plan things,” Pawar said.
Mayor Rajlaxmi Bhosale in her speech admitted that the civic body was also facing financial crisis.
“However, the crisis can be attributed to the mammoth development works carried out by the PMC in one year. The PMC has developed infrastructure worth Rs 1,000 crore in a single year. The civic body has also contributed its share to the JNNURM funds. We have provided citizens with world class facilities on the occasion of the Commonwealth Youth Games and that has put some pressure on the municipal corporation,” Bhosale said.
Bhosale said though there are others taking credits for the successful completion of the Games, it was the civic body that created the infrastructure, with the state and Central government providing the funds and Sharad Pawar playing an important role in the process.” She said in the last one and half years after the NCP came to power, various development works have been implemented.

10 comments:

Anonymous said...

No matter what chdam/manmohan say, There is going to be recession if not it is already there. The whole idea of the govt trying to resolve the present crisis in not for the benefit of the nation, but to prop up real estate thus recovering at least part of their investment before the next election.

Anonymous said...

I guess ChUdambaram is trying to prevent a panic situation. He is playing the same role as Alan GreeDspan of USA.

There is no force in the world that can prevent a collapse in India. Major layoffs, very high crime, RE going sown by 60-70% is all coming in the coming few months to few years.

Anonymous said...

Mr Pawar is reporting the recession when there are no buyers in Nanded city(700 acre mega township project.) Can you imagine the rate quoted in the launch offer in May 2008 ? 3200 psf. The location of the project is out side the city where other builders are selling farm houses.
When there is no neighborhood still the MegaPolis project is quoting 40Lakh price why ? to get beaten up from robbers.

If you want to buy a 3 bedroom flat in Pune, you should be willing to pay minimum 50 lakh else settle for 1 bedroom flat at 30lakh. Has the city created so many opportunities to pay this kind of money?

So what politician, central bankers failed to do, market is taking self corrective action.

Anonymous said...

I guess ChUdambaram is trying to prevent a panic situation. He is playing the same role as Alan GreeDspan of USA.

There is no force in the world that can prevent a collapse in India. Major layoffs, very high crime, RE going sown by 60-70% is all coming in the coming few months to few years.

Stop writing Bad Inida for your selfish interest Inida. Sad people like you spoil the santity of this forum.

Anonymous said...

Anon above,
What the fuck you know about India and its sanity. Are you with people who are looting our country and moving money to swiss banks.

Now when the reality is coming, don't be in denial mode and face it. India is a land of thieves, mother fuckers and most politicians/IAS are misusing power to serve their own interest than country's masses.

Who are you teaching mother fucker. Indian peopkle are awakening to this bitter truth that this country has to get out of stupid beuracracy and corruption. Another idiot.

Anonymous said...

Just ask the Guardian Minister of Pune how much stake he has in all the mega townships in and around pune? all are his close friends, right..!!!
everything was goody goody when the prices were at 3800 level, lucky they to suck most of it in last 3-4 years
these guys actually spoiled pune, otherwise it was a beautiful town, now it's a spoiled city...
i see rural cheap crowd increasing, which is not a good sign

Guru said...

to Anon at 3:06 PM
"i see rural cheap crowd increasing, which is not a good sign"
I agree... i realized it when i saw u in pune. Watch out what u r saying.. and watch out what u r thinking...

Anonymous said...

hi Guru, yes I saw you last month in the zopad patti... seems you live there and no toilet in your home, hence you were sitting on the banks of that naala :)

how long we are going to screw this city like this?

Anonymous said...

someone has given reference of news from Time News Network which is false and not traceable on the net. this is bad blogging.

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