Wednesday, May 27, 2009

Searching the blog and other things

Someone asked me on how to search the blog effectively to find out articles related to duping of buyers by the builders. I've tried to tag all such articles with various tags like fraud etc. Look at the bottom of this posting and you will see those tags. Click on those tags and you will find the relevant articles.
On another note, due to some personal commitments I am unable to follow the market and post articles on a regular basis. I would urge some other folks to take up this mantle for the benefit for all concerned parties. I had given some folks posting rights in the past and I can give some more folks who would like to take up the cudgels from me. We have a good audience and the bull bear story will continue for a long time before everyone is exhausted.

As I see the market in Mumbai, speaking to friends everyone tells me the money has dried up. Some businessmen friends have drops of upto 40-50% in their sales. Rents have dropped. I was shocked to see some rentals going for 32k, which were quoting 50-60k last year.

We are in a deep protracted downturn, specially Mumbai. As I have said repeatedly, be it Mumbai, Pune, Chennai, Bangalore, affordability for Indians or NRI's is upto 4,000 per sq/ft. Anything above is for the politicians and black money operators. Anyone who pays more then that is going to suffer for a long time.

Lastly I spoke to a loan banker who said that most builders have reduced rates but still some are holding on. He does not see any hope for anything more then 7k. He is bit more bullish them I am :)

the areas I was referring to in this and previous posts is in Santa Cruz and Vile Parle.

52 comments:

Anonymous said...

wow, if builder cant find buyers at 7k in Santacruz area, then market IS real bad.
definitely need to wait out until it reaches around 5k. anyway, salaries are being cut in most sectors including mine(non-IT), and most of my friends. so EMI payment ability is lower than 1 year ago.

lsjey said...

Well this is what is keeping the people from buying RE:

If you buy and the economy improves and RE/stocks et al bounce back, you are all smiles and happy

But if you buy and the economy does not improve and RE/Stocks et al tank, then you are screwed royally.

So the option is to wait and watch rather than go into buying mode just yet.

I've just applied pascals argument about whether god exists...

Regards,
lsjey

Anonymous said...

Indian people may not realise yet but India is on a path of major downturn. All the growth of last 8-10 years would be wiped out.

Especially there is a check going on now for the Financial Investors in US who are/and have in the past invested retirement funds of American people in Emerging economies. And the Emerging Markets Funds will take a huge hit in times to come.

That will bring Sensex back to 6000 level.

Anonymous said...

I remember 1995-96 and 2001-02 when people in Bombay had no money. Business was bad, there were no customers and morale was down.

RE was also in the pits because people had no money.

I know a lot of people who have lost heavily in the stock market downturn of 2008. A lot of people are hurting.

Bull markets are unlikely when people are in a bad mood!

Venkat

Anonymous said...

Vik, indian realty news has enough RE news and articles to provide grist for this blog's mill

Venkat

swamy said...

Sensex is expected to reach 19500 by the end of this year and thereafter remain steady for some time. It is evident that the positive outlook of the business community outweighs the gloomy predictions of white collar/IT professionals. Therefore, a change in real estate scenario is unlikely.

Anonymous said...

Excellent article on the “US Housing Bubble”. The Indian Real Estate brokers (business newspapers editors, bankers, speculators) who are predicting a turnaround piggybacked on the US economy should read this article.



Signs of more trouble ahead for housing marketTuesday, May 26, 2009


Demand still softens

-- Rising unemployment

-- No "move-up" buyers

-- Tight credit.

-- Homes still overpriced.

Supply likely to surge

-- Foreclosure moratoriums end

-- Shadow inventory

-- Walk-away underwater homeowners.

-- Loan modification shortfalls.

-- Option ARM, Alt-A time bombs.

-- High end taking a hit.

Anonymous said...

Vik,

It would really help if you can pick individuals from diff metros who can share their knowledge, track and articles, so everyone benefits.

My 2 paisa

Anonymous said...

My 2 paisa,
If you want to contribute let me know.
Vik

Anonymous said...

Real estate recovery in next three months: Assocham

ANOTHER ARTICLE BY THE BUILDERS TO SAVE THEIR SKIN IN THE ECONOMIC TIMES-(MUST BE PAYING FOR THIS ARTICLES BY WAY OF FULL PAGE ADVTS)

Pradhan said...

for chembur interested folks : visited resale in safal twins, rate 8k, good building but still rate on high side,
visited kukrejas building behind runwal centre, only 1 building 12 floor dint like so much. rate 9k! (what can 1 expect from kukreja looter)
visited acropolis, only last building available, that too back facing where new building is coming up, front facing few but can see only rahejas other building about 50 meter gap, not v good in my opinion.
must look for other good projects, please post here if have info about projects in this area.

Abeer Bagul said...

Hi Vik,

I would be interested in posting articles and news about Pune real estate, let me know if that is possible.

Thanks
Abeer

Shantanu B. said...

What recovery are these folks dreaming about? Yeah, we might see 'green shoots' from time to time, but make no mistake - the world is descending into an unknown territory of hyper-inflationary depression. There is no way in hell that India will remain unscathed in the ensuing global carnage. My advise to everyone would be to make no connections to previous cyclical downturns (and recoveries after that). This one is not your typical recession induced downturn or not even your grand-mother's depression. In fact, there is hardly a living person today who can remember the haunting days from the depression era period in the 30s. Yes, there will be many violent spikes to the upside, but make no mistake about the long term trend (which is down). During the next 5-10 years, we will see almost all asset classes (including real estate) being destroyed in value. If you are patient and not currently over-leveraged, you may be able to snag real estate in prime locations in the western world at far cheaper prices than what you'd pay for a 2BHK super built-up cage in Santacruz (unless you prefer the 'river-front' at Vakola).

The credit bubble (and leverage) built up over the past 20 years cannot be undone in 1 year. For the uninitiated, read up on K-waves or google 'Kondratiev cycle'.

Bharat said...

http://finance.yahoo.com/real-estate/article/107122/Is-Your-Home-a-Good-Investment;_ylt=AkRPBgNo.GU_QdNsTsPOoqW7YWsA?

I have wondered about this quite a lot. The article is wonderful and covers some areas...

But imagine this - if someone makes say Rs 10 lacs after taxes per annum.

He lives on rent for the next 30 years and maybe retires and buys a house with his savings.

On the other hand - he buys a house and gets into an EMI induced bonded labour. For the next 20 years he pays of his burden. Given the illiquid nature of the estate and lets assume that he gets raises to beat the rate of inflation..with depreciation and the impact of property taxes, maintenance and other things thrown in.

Which would really be better? Living a lifetime of rent, saving money and then using it as you will? (Say he saves money and puts it in govt. bonds(RBI) or even fixed deposit..at rates which beat inflation)

Conventional wisdom (by whom? usually such conventional wisdom is a brainwashing campaign by the builder lobby or the banker lobby) states that its better to buy as soon as possible, even on loan, instead of renting a home.

I want to ask some of our folks inputs on what should we do to create a spreadsheet and do several scenarios to find out what would be better?

I suspect that we might be surprised and discover that it might be better to rent over the longer term and defer buying a house till we absolutely need to buy a house. I think that homes are white elephants which people have been enduring because they think that its required for wealth creation and on the contrary they are wealth destroyers.

One obvious person who is going to scream bloody murder at this is going to be good ol BB.

But what say you? Vulture, Shailesh, Vik, Shayna, my good friend Observer (if he is still around) and others?

shayna said...

Bharat Said;
But what say you? Vulture, Shailesh, Vik, Shayna, my good friend Observer (if he is still around) and others?,Firstly by renting you are paying other peoples mortgage, having said that the there are many variables to this equation.

Good you asked this Q as i've been contemplating this for the last 2yrs now.

In my view its a moving scenario involving parameters like House prices, Rents, stock markets, wages/jobs, interest rate etc.

To put it simply, If you have a sound qualifications and career with your wage increasing at the rate of Inflation +2%, ideally i would rent based on the foll

* Rent cost being not more than 10-15% of take home salary.

*Rental contract running at atleast 3yrs to expiry, i.e. Renew a 5yr contract once every 3yrs. This gives you adequate time to relocate if reqd.

*Spread your savings between diff investment vehicles for a rainy day and retirement. Stocks are undoubtedly the best however require a level of knowledge.

Having said that i wouldn't mind owning a house if the monthly outgoing on the mortgage is less than 20% of my wage, like it is now with my present home here in London. I purchased my house in 2000 at the start of the property ownership stampede, presently i am on a Interest only mortgage which has come down from 10% of my present wage to 7% of my wage now. The house has a equity of 50% original purchase price, i have a stocks ISA (tax free) to repay the pricipal amount and this is valued at 20% of the property hence if i had to sell my property tomorrow i would be pocketing 70% of the original price paid. The interest payments are less than the current rental cost of this house however i have to add i have spent an amount equal to 2yrs interest payments on home improvements. Presently i am not very happy with this house due to the family growing up (added 2 girls since we moved in) and due to the market being so volatile i find myself stuck in here. Had i been on rent i could have packed my bags and walked out.

Will i be doing the same in INDIA ? where i intend to relocate soon maybe by sept'09. Well my plans are to rent it where ever i settle (initial its going to be NIBM -Pune) and working out the rental vs buy option its still heavily in favour of renting however knowing the Indian laws i am a bit sceptical for fear of landlords muscling you out. But atleast for the 1st year its going to be renting. I have invested in land in Coimbatore which at its present value will fetch me a descent 3 bed in Chembur however i am eyeing a 4 bed final home and would like to see the market deflate (so would the price of my land) to make it viable to purchase, mainly as investment for the girls future.

In short, prefer renting at <15% salary. Obviously at a place of my liking can't compromise on that, if rental not avail or cost to much than outright purchase.

Vik said...

Abeer, please post your email id in the thread. I will add you. Im looking for invididuals to cover the major cities. Nothing like having feet on the ground. yesterday I met some people who were discussing properties and everyone is confused on the trend. some say it will go up, some say down. again I feel unless you have the cash to endure the pain in the downturn, it is not worth going in for highly prized properties.
Builders always point to somebody else who will buy, however if that somebody else had money, that property would've gone already. Wasn't this the case 2-3 years ago. If they drop prices to those levels, people will come back.
Everyone needs housing, however how many can afford the super-built loaded rates.

Abeer Bagul said...

Hi Vik,

Abeer here :)
My email id is abeerbagul at gmail dot com

Desi Guy said...

I am unable to see a single reason why RE prices will go up in the near future in India.

Here is why I think that way – (When I started writing this piece – I did not think it will be this long and so boring!!)

At first - I don’t share the doomsday predictions of world economy going down the tube. It is good to remember that the problems of economy is not due to any fundamental weakness of the US economy,

Remember from 2002 through as late as 2008 1st qtr Lehman and AIGs and others were making phenomenal profits of historic proportions. Within a span of few months they went bankrupt. From Dec 2007, US economy was shrinking – But not to the extent that made 100+years old institutions going from Historical profits to massive bust in a matter of months.

What has really made the problems compounded is the modern version of Ponzi scheme built by cleaver financial engineering by Wall street wizards. Some where the Ponzi scheme had to stop leaving behind a multitude of losers all around.

This had a cyclical effect that resulted in loss of jobs, lack of credit and the resultant uncertainty that in turn put pressure on RE market in US. There was a real danger of economy going on a down ward spiral. I think that danger has passed. US economy is stabilizing. Most of the economists predict recession to bottom out soon and end by last qtr of 2009. (Ref: NY times May 28, 2009 issues)

How that would affect Indian side?

1) I would think investments in emerging markets will get a relook in 3rd or 4th Qtr of 2009 –That would be good for stock market in India.

2) But for RE in India – recovery will be much further. Why ?

a) There are no major IT initiatives planned in 2009 US corporate budgets. I would expect that the IT budget decision will be cautious even for 2010. If there are no surprises, I would bet that 2011 will be a “normal” year. and 2012 onwards there will be a boom time catering to pent up demands of the past few years.

Assuming that by 2012 IT/BPO sector is booming, will the buyers from IT/BPO be emboldened for investment in RE? I doubt that . Many are already bitten –They would be shy for a long time.

In the mean while excess inventory and distress sales will depress the price pushing Investors/buyers to sidelines waiting for the price to bottom out.

So RE recovery in India will take a long time to return to normalcy.

But I don’t share the doomsday scenario of economy on free fall – That is paranoia. Barring major surprises, as they are turning out now, recovery will begin in the next few months.

Anonymous said...

I am neither a bull nor a bear. In my opinion it can go either way

1)Why the prices wont go up or it will come down further: It has already had about 500% jump over the last few years.Obviosy nothing can sustain in the long run. And ofcourse we all know that what goes up has to come down. To add to that the sentiment is very bad. Even a 0% interst rate may not help

2)Why the the price go up or wont fall from the current levels: If the job market improves it will defenately recover.Eventually it all depends on the job scenario. Salaries have increased over the past few years and people have good savings. During the boom time the prospective buyers had to stretch their budget as they cudnt find anything in their budget. Now that we have already had slight correction,it might look attractive to them.

So everything depends on job market. It seems to have stabilized. Of late we havent had any layoff news. But who knows it might be a false recovery.

Consuelo Mack said...

FROM Nouriel Roubini's RGE Monitor. Read the full article in your free time. But bottomline is that - Home prices in India have to drop atleast 20% more....

The State of Real Estate Around the World: No Signs of Stabilization?
Asia

Asia has witnessed sharp real estate correction led by the Asian Tigers, plus China, India and Vietnam. All these markets saw declining home and office prices and rentals, lower sales and rising vacancies. Prices are approaching fundamental values and slowing construction activity might somewhat close the estimated excess supply. But further price and rental correction are imminent. This because household and corporate demand will remain subdued in 2009 despite policy measures such as interest rate cuts and fiscal incentives as well as attractive discounts offered by realtors. Slowing or contracting consumer spending and rising job losses in most economies are hitting residential and retail markets. Slowing corporate earnings and capex, declining exports and liquidity crunch are weighing down on commercial real estate. Though banks are reducing exposure to the real estate sector, lower earnings among realtors and income pressures among consumers are raising the risk of delinquencies. Nonetheless, as the global liquidity crunch abates overtime, high growth potential and attractive returns, given rising incomes and urbanization in developing Asia, will revive domestic and foreign investor interests in Asia's real estate.

Home prices in India have corrected 15% to as much as 40% in some prime areas since September 2008. The recent pick-up in demand due to discounts by realtors and mortgage rate cuts by banks will be largely outweighed by the excess supply of homes in the market. So another 15-20% price correction is underway in residential and office markets over the next 6-to-8 quarters. This is especially because bank lending standards have tightened, households face wealth erosion and slowing job market, affordability remains low and corporate sector faces liquidity pressures. Mall construction and rentals have taken a hit and so have activity and employment in the construction sector. Drying funding from foreign investors and domestic equity market is forcing the indebted real estate firms to divest shares to raise capital, hold back expansion plans, and refinance bank loans which has been helped by recent central bank measures.

Read the full story : http://www.rgemonitor.com/blog/economonitor/256889/the_state_of_real_estate_around_the_world_no_signs_of_stabilization

priti said...

shayna u just basjed chembur going bad a few posts ago n now u r telling u want to buy flat there ! wierd. also how is 80 laks from your plot going to get u a 3bhk there.
and may i ask what rate r u willing to pay ?

Anonymous said...

Good question Priti !!! :-)

shayna said...

To Priti,

I grew up in CHEMBUR and it is a part of me.......its my gaon, my roots. I might never live there but will always visit annually, my parental home is being re-constructed at Maitri Park.

I am looking at a 1100sq-ft (carpet) flat @ Rs7000/sft. The hope is prices should fall down to Rs5000/sft, too much money @Rs7000/sft = £100/sft.

priti said...

ah well ok then shayna, same as moi :-) grown up there , wonder though if they would evn touch 6k now with the markets up and all. not much available at even 7k at present sadly.what do u suggest, wait n watch ?

Anonymous said...

RE in India was never an investment, it was always a speculation. Investment is characterized by rationality in pricing, rate of return & liquidity. When stocks or commodity prices justify the rate of return or above characteristics, it is called rationally priced. Whereas when prices go in tandem & loose relationship with rate of return, it is called speculation. Just to give an example of our family property, the worth of property is 1Cr+ in today’s market but the rental income is max 10-15K month. The price of property got appreciated 10 times in last 30 years. But the rate of return was –ve for first 20 years & in last 10 years it was much below than banks’ deposit rate. Here is a catch, if you want to make money you have to only speculate. If you will hold it, it’s a loss. Historically, Land lords in India used the same strategy & are making money but the common people are only looking at the buy & hold strategy & incurring –ve carry on cost.

In today’s changing economic scenario, affordable housing is the new trend. The builders, who used to advertise about golf club & swimming pool, are now advertising about lowest rate apartment. But what about the past Luxury projects which are half complete. How builders are going to roll over the investments in those projects over night? In fact the investment in Luxury projects is much higher than affordable housing projects.

On wage deflation side, one of my friend from TCS confirmed that his salary got reduced from 11.5 Lakh to 8.5Lakh. Fortunately he had already paid his housing loan last year from onsite saving. If this wage deflation keep continue then mortgage crisis is not far away in India. Firing current employees & hiring new people at much lower rate is the corporate’s profiting strategy. This explains how misleading job market improvement news are. There are talks about green shoot & economic recovery but household balance sheet is still in bad condition.

So guys let it fall then only pick up, minimum 50% price cut is guarantee.

Vulture.

Anonymous said...

8 Indian cities among world's 25 riskiest offshoring locations

“NCR ,Mumbai ,Chandigarh ,Pune ,Chennai ,Bangalore ,Hyderabad ,Kolkata ”

http://economictimes.indiatimes.com/Features/
OutsourcingProtectionism/8-Indian-cities-among
-worlds-25-riskiest-offshoring-locations/articleshow/4599809.cms

India Inc lines up Rs 30K cr QIPs

“Companies eyeing the QIP route include Adani Enterprises (Rs 1,500 crore), Essar Oil (Rs 10,000 crore), HCC (Rs 1,500 crore), HDIL (Rs 3,000 crore), JSW Steel (Rs 5,000 crore), Karnataka Bank (Rs 500 crore), Parsvnath (Rs 2,500 crore) and Sobha Developers (Rs 1,500 crore). Funds raised through this process would be used to finance capex requirements, retire expensive debt and clean up the balance sheet in general”.

http://economictimes.indiatimes.com/India-Inc-lines-up
-Rs-30K-cr-QIPs/articleshow/4596613.cms

Anonymous said...

Vulture,

Things have taken a dramatic turn after the election and this was not anticipated neither by you nor me. I would request you to look at your views in this changed scenario.

Priti,

You are a fool to ask Shayna, pls. go ahead and buy now, Chembur will touch 12k(diamond garden area) on super built up within one year so rush. With Hiranandani coming and the kind of infrastructure lined up for Chembur I strongly feel Chembur will touch new levels.

Minimum 50% increase in 2 years (earlier i had posted 3 years, i stand corrected) for Mumbai. Pls. rush and buy before the rain ends this year.

Bindas Bhai

Anonymous said...

E-Governance Updates in India

Anonymous said...

Bindaas Beta

A government with 206 seats is as unstable as one with 15o seats. So please don't get swayed by emotion. The sentiment has changed because of this govt. is a foolish argument. No govt. has magic wand. If Obama doesn't have one. MMS definitely is more helpless.

Because of upward rally people feel that sentiment is high that is all.

Grow up BB

Retired old man (if u remember previous bashings of mine :)

Anonymous said...

Anonymous said...
Bindaas Beta

Retired old man (if u remember previous bashings of mine :)

12:24 AM


Sounds like a child !!! :-) Does it happen in old age?


Minimum 50% increase in 2 years (earlier i had posted 3 years, i stand corrected) for Mumbai. Pls. rush and buy before the rain ends this year.


Bindas Bhai

Anonymous said...

how many have you bought ? :D

Shriniwas K said...

It is foolish to believe in upswing in prices in near future. At the most the rates in outskirst will it will go up closer to the rates in better location of the respective cities today. The peaked rates are not going to be surpassed for a long time.

I dont see any reason for RE to go up in the next 5 years either. The next bubble will start only in 2014.

The dynamics of the market are being manipulated by speculators who are piling debt and investing in risky stuff. PSU stake offloading by the government seems juicy prospect, but you are forgetting that PSUs are under extreme pressure of losses in the current economic scenario.

Same for the insurance and banking sector where the present stock rally is focused on.

At the same time I think in cities like Pune, where builders are ready to bargain, there isnt really a big loss in clinching a decent deal. worse case you will lose about 5% (so maybe a 2.5 lakh loss for a 50 lakh house) in the next few years if rates fall as I am certain they wont fall below 10% from the now fallen rates.

Honestly I feel if you need a house to stay this is time to start looking and bargaining. There are loads of projects with no takers.

However people who want to invest and get profit/rent think twice...

Anonymous said...

As far as my dear brother goes (Bindaas Bhai), he's always been delusional. If not delusional, he would be conniving in order to manipulate other people. So, it was natural that he choose to become a real estate broker!

They are always under the delusion that there is no "maal" in the market or they are pulling a fast one on someone. One should not get fooled by this, one should generally do the opposite of what Bindaas says and then there will be no problem.

So, wait a bit, if prices start climbing again, its a good sign. Because it means that the RE market is running out of steam and with its last gasp is trying to prop up rates to make an exit. Prices and interest rates are both very high now and therefore do not get suckered into a life long EMI bondage..

-Samajhdar Behan

Anonymous said...

http://www.pr-inside.com/jones-lang-lasalle-meghraj-releases-state-r1257883.htm


JONES LANG LASALLE MEGHRAJ RELEASES STATE OF THE NATION - Commercial Trends 1Q 2009

2009-05-16 06:21:46


From the article-
"The suburban micro-markets of Delhi and Mumbai are among the highest correcting retail markets in the country and are expected to fall down to less than half their peak by end-2009. Hyderabad and Pune are also expected to correct between 35-45%."

Rushabh

Anonymous said...

Yesterday checked 2-3 properties in chembur. Behind golf course 7K+, Seth builders tower nr ashish theatre around 7 K ( and I saw one walk in ebnquiry)SW Pool & Garden and in sindhi society appx 7.5 K..
BB how much vcan I negociate? Anyway I heard near ashish thetre there is ammonia smell issue?

And 7K in Santa Cruz and Vile parle?? I was staying in goregaon W and my parents still stay there... in today's scenario too goregaon new buildings are 7 k +.
I keep on checking all ropery portals but noone is offeing chembur @ 7 K ... forgt santacruz...

Anonymous said...

i can confirm about ammonia smell near ashish theatre, its better to stay away from that area even if you get a good discount.

Anonymous said...

Qoute-
i can confirm about ammonia smell near ashish theatre, its better to stay away from that area even if you get a good discount.


THANKS A LOT!!!

Now my tip properties on 99 acres are slightly cheaper than makaan or magicbricks!

Any distress sale in Chembur-like 3 BHK for 65 L? BB can you help?/

Anonymous said...

3 bhk 65 l? oh plz tell me such a deal :D i doubt there would be any such when one is hardly getting a decent 2bhk for that amount.

Anonymous said...

"3 BHK for 65 L"
:)

This is my affordabality and strtched budget!!
Now if Santacruz is unsustainable @ 7 K then chembur must be around 5.5-6 K ----but I am not getting the price :(((

Also check all property portals --around 55 there are SOME 2 BHK available.
Only issue thatthe area CLAIMED as chembut=r is too big -Tilak Nagar,Govandi,Mankhurd even Some Part of Kurla and Devnar - everyone is calling themselves chembur!!!
This is like people staying in 2 KM periphery of Shivaji Park called themselves parkaites!!!
Check this link and pls give feedback-least some 2 BHK in chembur around 50 L

http://99acres.com/do/quicksearch/search?sid=UiB8IFFTIHwgUyB8IDUgfCBjaGVtYnVyIzQjIHwgQ1AxMiB8IzQjICB8IDIgIzkjfCAgfCBDUF9SIHwgMTIgIzEjfCAgfCAxMiB8IzUjICB8IFIgIzIjfCAg&sortby=price_a

Anonymous said...

if you are able to get reasonably new property 'in' chembur, not in govandi,mankhurd, chem west etc. then i would say you can look into it. u need to do some legwork, because sometimes the price quoted at website is not same as in person.
but i doubt decent 2bhk for even 55, there is 1 ad for eden garden 2bhk for 70l. its too much.
even i have same affordibility, need to keep looking.
do reply on this post if u have any news.

Anonymous said...

What will happen if speculators enter wheat and rice. People like bindaas bhai will hoard all the grains and as a result people will die of hunger.

To counter this government placed all the black - marketing rules in the markets and is very strict with the speculators in food grains.

Roti kapda aur makaan. This is the basic needs for the human race to survive. Hope that Black-marketing laws will come soon. I hear that a proposal is biting dust in the Urban development ministry since last 12 years. It applies heavy taxes on houses purchased as an investment and high property taxes on 2nd and 3rd homes.

The law is still in dusts because of pressures from Dons , Bhais and builders. Sooner or later the law will come and doom the property.

As for the Ch123ya Bindaas bhai signature on Mumbai . In Mumbai within next 25 years due to global warming a lot of mumbai land will be lost to sea. Have fun with investments.

Anonymous said...

Anonymous said...
As for the Ch123ya Bindaas bhai signature on Mumbai . In Mumbai within next 25 years due to global warming a lot of mumbai land will be lost to sea. Have fun with investments.

9:32 PM


By this logic you cannot invest in majority of cities globally? maybe true but if this happens in 25 years, I am sure no one will exist on this earth.

about: Chembur

Raheja Acropolis II is the best bet @ 7k but maintenance is killing. Tilak Nagar is also a good option (around 6K) but currently there is water problem and BMC is working towards resolving this issue shortly.

Ashish Theatre is a BIG NO. Pls. take your decision fast as time passes the prices will further firm up.

All the best.

Minimum 50% increase in 2 years (earlier i had posted 3 years, i stand corrected) for Mumbai. Pls. rush and buy before the rain ends this year.


Bindas Bhai

Anonymous said...

Bindaas Bhaiji why are you making innocent people loose their money and get into loss making propositions? Builders are desperate to sell their properties soon. Which is why Bindaas is urging people to buy right now. Also, he is giving the lure of 50% return in 3 years. Despite the fact that too many people have invested in too many houses at astronomical rates which will yield -ve returns forcing them to dispose of them within the next 3 years!

Vulture is right minimum 50% discount and that too very soon.

-Samajhdar Behan

Anonymous said...

about acropolis 2, one building is at 7.2k, in only back flats available, behind that is empty plot owned by everest builders. my advice dont buy back facing flats or you will be blocked by building in future.

Anonymous said...

yes samajhdar behan, already there are many resale properties coming into market,

Anonymous said...

Bindaas Bhai

I suggest you buy land in Antartica.
Currently you will get it at 1$ per acres and after 100 years you can get 100000 $ for the same.

Go ahead

Anonymous said...

Bindaas Beta

If these silly people like vulture vik etc. are not willing to buy and you see value why do you care for so much? Let them go to hell.. You see value .. go ahead and buy.

In 87 when there was a dry in India, one of my neighbors hoarded pulses and wheat. And within a quarter made 4 times profit. He NEVER told even his brothers about impending price rise. This is the PRIME pricciple of investing.

If you feel that asset will appreciate don't tell anyone and hoard.
When an asset is about to depreciate pursuade everyone to buy and sell your stock.

This Bindaas Bhai don whatever he calls himself is doing the same.

Bindaas Bhai seems a stupid IT/BPO coolie or a marketeer of Real Estate agents. He could also be one of the forum founders taking the opposite view so that the forum is live with discussion.

But one thing is sure. This bindaas bhai lacks logic and is terrible in presenting his arguments.

Retired Old Man

Anonymous said...

anyone intreted in joint property search in chembur ? i am coming down next month..

Anonymous said...

I am ready for joint propery search How we can communicate?

Sansei said...

Hi Vik,

scouting East pune for some time.

would contribute if u want.

Anonymous said...

hi anonymous, i dont want to post my email id here, so please send email to my temporary email : chemjpsearch@mailinator.com and we can be in contact.

Cool Head said...

Just saw an ad for 1 BHK in Hadapsar for 9.9 lakhs by builder.Is this a fall? or will it fall more? BTW Hadapsar was once the boondocks but now has lots of malls,etc