Sunday, June 21, 2009

Resale home market fails to attract buyers

Resale home market fails to attract buyers

MUMBAI: The increase in the demand for housing in the past one month appears to be restricted to resale do not have too many takers, at least not in the large cities. In the case of new projects, developers have been offering attractive discounts, while prices in the resale segment have remained high.

Agreed Sunil Bajaj, another city-based property consultant, “The asking rate for old property market is not in line with the prevailing market rate. In Kandivali (a suburb in western Mumbai), the price of an apartment on the first floor on a per square foot basis was as expensive as the one on the penthouse in the same building.” He added that the flat has remained unsold.

Potential buyers have not been finding the going easy. Amit Desai, a Mumbai-based professional employed in a large business group, is one such person. “For a salaried employee, the rates for older property is out of reach since sellers ask for at least 30% of the price in black. This means you get a loan only on the white component (the price after deducting the black component).”

Industry observers said new property has witnessed a price drop of 30-50% in the past six months that is the result of developers facing a liquidity crunch and falling demand. Some buyers have chosen not to go ahead with the purchase, as they feared the property might not be completed. This has led developers to offer schemes like getting the buyer to make a partial payment initially and pay the rest at the time of possession.

63 comments:

shailesh said...

These home sellers are what we call Chasing the Market Down.

http://www.longbeachrealestatehome.com/my-long-beach-home-won-t-sell

shailesh said...

Let me explain what ˜Chasing the Market Down is.

Anonymous said...

Anyone has idea about the price for Mayur Vihar area in Delhi. I looked at a house which was built by DDA in Pocket I in 1984 and the seller is asking for 75 lacs. He wants all the money white. It is a 3 bedroom, 1.5 bath ground floor flat.

I feel this seller is out of his mind. Who will give him 70 lacs white? And moreover, these flats were selling for 18 lacs in 2004 and went upto 85 lacs in 2008.

I'm thinking of making an offer of 40 lacs in white. Thoughts???

Vik said...

One way to force him is that your offer of 40L is valid for the next 3 days. See if he budges. Also find out what are comparables selling for. Just goto another broker and tell him you have flat to sell. Ask him what is the going rate.

Sandip said...

hiranandani announces project in kandivali-west, mumbai called hiranandani heritage.
broker super excited at getting 7000/ + psf.
Difficult?

Anonymous said...

Broker is on dope. He will get a kick on his arse by buyers.

The way to get prices to go down is to squeeze these brokers and builders by balls and keep squeezing.

Anonymous said...

broker may be super excited,but from where will people get that kind of money to pay in kandivili west,the trains are cramped up to go to down town,and what is the earning capacity of most of the people in mumbai,i was born and brought up in Bandra,but the congestion is so great i could not believe it ,this broker will get Rs 7000 in his dreams,it is builders like Godrej and Hirnandani who increased flat prices like this and looted the common man,who works hard to pay for the politicians and their luxuries

Vik said...

they are hoping NRI's will fall for this :). Hiranandani quoting 7k is bit rare. It shows demand for anything greater then 3-4k has evaporated into thin air. All these areas are worth no more then 4k

Anonymous said...

read the World Bank outlook today on economy. They are constantly cutting forecasts.

These people in India need to wake up to the new reality. All the party from the last 6-7 years is over. ALl the high paying jobs are evaporating. Major layoofs on the way and salaries are being slashed. Banks do not want to give too much loans.

These greed of the builders should be checked. The Govt. should play a role of regulating some of this stuff. Capitalism doesn't mean that businesses keep screwing common man. And what capitalism: when they are in a loss, the Govt. becomes socialist and gives them money or bailout. Profits are for builders and losses are for taxpayers.

--HB

Bharat said...

HB do not despair..Long Beach folks are chasing the market down, what do you think Indian Investors are doing? They are waiting for markets to go up once the realization hits you will see people chasing the market down in India too. It might take them a year but it will happen.

The economy has been propped up with liquidity across the globe..all that printing of money saw a small bear rally and now its time for markets to resume their downward journey...mark my words the economy will swing downwards and builders/brokers will in a short time be chasing the market down...

Remember all the kings horses and all the kings men could not put humpty dumpty together again..Do not wait for the govt. or others. Its a matter of time.

As Buffett has said the thing which works for investors is time. Be patient wait for the right opportunities and then get onto the train and then again give it a long time to yield benefits. This philosophy is not meant for short time traders, leveraged growth oriented folks who are impatient for quick returns. Be patient things will swing your way..

Anonymous said...

Roubini predicts a massive correction for stock markets all across the globe. I think Sensex will lose close to 700-800 points today.

--HB

Anonymous said...

In last couple of weeks, improving stock market conditions induced sellers to put their RE in the market. It only attracted other brokers & there is a surge in RE advertisement. We have also seen how BB was excited. But the ugliness is already there, and pretending it won’t make it go away.

Magicbricks Pune Ad surge
Pimple Saudagar -2878
Viman Nagar - 2553
Kalyani Nagar - 2507
Magarpatta - 2109
B.T Kavre Road - 1242

Though buyers can commit the same mistakes but banks are not ready to extend credit to buy bubbles. Yeah, official defaulters rate has went up by 4% & govt. is only promising affordable housing. So who will buy the bubble?
Labor market still have long way to go, before it will arrest the rising default rate.

Rising rates of unemployment could discourage buyers, even if they have not lost their jobs, can afford the property, and can get credit.

India’s Historical data.

The data clearly shows that full recovery is not in distant future.

http://web.worldbank.org/external/default/main?content
MDK=20413173&menuPK=659183&theSitePK=659149
&pagePK=2470434&piPK=2470429


Sharp drop expected in capital flows to developing countries

“A new report from the World Bank warns that the globe is entering a new era of slower growth. The World Bank’s new Global Development Finance Report, for 2009, looks at the prospects for an end to the world-wide downturn…and the long-term effects it will leave behind”.

http://web.worldbank.org/WBSITE/EXTERNAL/
NEWS/0,,contentMDK:22217518~pagePK:34370
~piPK:34424~theSitePK:4607,00.html


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

Vulture.

Bindas Bhai said...

India
Research
Tower Capital & Securities


June 17, 2009
RBI Monthly Update (May 2009)

•During May 2009 the banks have added INR 450bn of deposits as against INR 927bn added in April 2009
•Credit deployment continues to be a cause of concern as the credit in absolute terms has decreased by INR 104bn in May 2009 as
against a decrease of INR 238bn in April 2009
•As the deposit growth continues to outpace credit accretion, the C/D ratio for the banking system has declined to 69%.
Deposits continue to surge Credit disbursal continues to contract
Incr.Deposits Incr. Borrowings Other Borrowings Incr. Credit Incr. Inv in SLR Other Inv Cash & Bal with RBI Other assets
27-Feb-09 671 (109) 82 27-Feb-09 318 216 (11) (27) 119
31-Mar-09 945 136 (30) 31-Mar-09 1,019 (219) (76) 432 (7)
30-Apr-09 927 (228) (0) 30-Apr-09 (238) 697 58 (125) (45)
29-May-09 450 (61) (130) 29-May-09 (104) 228 (23) (55) (61)
* Total 2,992 (261) (79) Total 994 923 (53) 225 7
* Four month moving Total
Source: Tower Research, RBI Source: Tower Research, RBI

Banks to take hit on their margins going forward


In the last four months banks have cumulatively added INR 2,992bn in deposits. Against this the banks have been able to disburse credit only to
the tune of INR 994bn.

Banks have been parking their funds in government securities instead of disbursing them in the form of credit. Thus the incremental investment in
government paper has increased by INR 925bn between February, 2009 and May, 2009.

As the deposit growth continues to outpace the credit disbursal, the C/D ratio continues to decline and currently stands at 69%. The reduction in
C/D ratio is also attributable to the banking system’s apprehension to assume greater credit risk.

The yield on government bonds is likely to show a hardening trend on concerns about the huge borrowing programme of the Central and State
governments. The yield on 6.05% 2019 paper ended at 6.89% on June 12, 2009.

Growth in money supply remains fairly strong at 20.5%YoY to INR 49.3TN. The liquidity in the system remains at a very high level and thus we do
not expect the central regulator to cut rates (mere token 25bps could be possible) despite falling inflation.
Conclusion: The central regulator and government have been directing the banks to cut their lending rates, despite the banks contracting deposits at
higher costs. The banks have thus far resisted the pressure to reduce lending rates, until their deposits get re-priced. The government is planning to
review the administered interest rate structure for the National Small Savings / P.O. deposit schemes. However, a 50bps reduction will still peg the
rates of these products at ~7%, thereby limiting the scope for banks to reduce deposit rates drastically. We believe a confluence of the above factors,
will continue to put pressure on the NIM’s of banks

Analyst: Chinmay Desai

..: chinmay.desai@towercap.com
+91 22 6740 3581 (Direct

Anonymous said...

Even if the rates go down to 5%, housing is not going to recover in India but will keep falling. These exotic rates will make the fall slower and the fall will be extended over years just causing pain to Indians in the long run.

70-80% buyers were speculators and they have exited the market.

Btw, India is building a huge deficit. And the stupid Govt. gave double the pay raise to Govt. employees which would be costly for the country and that much raise was not needed. Now teachers are making 70-80 thousand rupees per month. Absolute insanity.

Shubh Chintak

Anonymous said...

Hi Anonymous at 5.13 PM

Your query on Mayur Vihar.
I stay in the same area and I am surprised that a 25 year old flat is going for 75 lakhs.

The locality is not very posh and majority owners are government servants (25K - 40K income bracket). Some of professionals also live in the area. Ongoing rent for a 3 BHK is 14-15K per month in a non-dda society. In DDA flats the rent is 10-12K for a 3 BHK. The owners are finicky (at least mine) and greedier than dogs.

The new construction rates are 4000 Rs/ feet in the area. Old area rate should be of the same rate, If in a gated locality. Remember the area is adjacent to tow big slums and chain snatching, thefts are very common in the area. Go only for a proper gated society.

Also remember most of the ground floor DDA flats have a big problem. The small lawn available in ground floor has been encroached by almost all ground floor owners. They have converted it into small room. And that is absolutely illegal. Don't pay a single penny for that area.

If you can send me the address of property, I can tell you more about that property.

Hope this helps.

Anonymous said...

Stupid Bindaas Bhai

You have throwb so much of data copy pasted from RBI website and Chaman Chinmay's analysis.

What is the relevance of this data w.r.t. this blog? Or do you have sudden pangs of displaying your dumb intellect?

Be relevant and to the point please,

Bindas Bhai said...

I don’t see any further correction for RE in Mumbai. After elections RE in Mumbai is going thru a consolidation phase. Infact certain pockets RE has already appreciated by 5 to 10%.

Now we have to see what the budget is stored for us. If the budget announces schemes which will push the RE market then we can expect another boom in RE. All depends on the budget, even if the budget is not meeting the developers expectation, still there is nothing to fear as RE in Mumbai will not come down in near future.

Guys as mentioned buy before the monsoon ends or else........


Bindas Bhai

Anonymous said...
This comment has been removed by a blog administrator.
Bindas Bhai said...
This comment has been removed by a blog administrator.
Bindas Bhai said...

Cheap Home Loan Rates Favoured By Union Development Minister
To revive the demand in realty, Urban Development Minister Mr. Jaipal Reddy favoured cheaper loans for buying houses. "Real estate is facing a slowdown. So, we should make an arrangement for giving loans at 6.5 per cent for houses in the below Rs 5 lakh category to the poor," he said after his meeting with Finance Minister Mr. Pranab Mukherjee. He suggested extension of housing loan at 7.5 per cent presently available for flats up to Rs 20 lakh to those priced at Rs 30 lakh in cities. "The revival of real estate is the key for generating employment. The existing 7.5 per cent interest scheme should also be extended beyond June to motivate more buyers," he said. Mr. Reddy sought more budgetary allocations for Commonwealth Games projects, DMRC extension and JNNURM projects. "Keeping the ongoing Games projects in mind, we have sought more budgetary provisions," he said, adding that more funds for Delhi Metro extension programmes were also sought. "Our JNNURM programme is the most successful one and now, more and more states are seeking projects under the scheme. So we have asked for more budgetary allocations for it," he said.
18 June 2009 indianrealtynews.com

Realtors Waiting For Some Good News To Come From The FM
The officials of the ministry of housing are meeting their counterparts in the finance ministry to seek specific stimulus for the real estate sector. "Liquidity is still a major concern for the sector and the government needs to provide specific stimulus for its revival," a senior official in the housing ministry told FC Estate. The real estate associations Naredco (National Real Estate Development Council) and Credai (Confederation of Real Estate Developers Association of India), over the last week, had put across a slew of demands to the secretary, ministry of housing. Though officials of housing ministry are quiet over the exact concessions demanded, developers are expecting that the government will allow an extension of the loan restructuring facility beyond June 2009. Developers have been able to raise some money through the qualified institutional placement (QIP) route in the last couple of months but liquidity still eludes them.
17 June 2009 mydigitalfc.com


Indian Realty Drawing A Lot Of Money From Private Equity, NRIs
India-focused private equity players and non-resident Indians (NRIs) are loosening their pockets in the real estate space after foreign institutional investors (FIIs) lapped up realty stocks in the recently concluded equity placements by property majors. Realty major, Parsvnath Developers has recently signed an agreement with realty fund Red Fort Capital to invest Rs 90 crore in its premium luxury project in Delhi, making it the first PE deal in the housing segment in the June quarter. SUN Apollo Ventures, an international property fund, has picked up a 15 per cent stake in Mumbai-based Keystone Realtors for Rs 300 crore earlier this year, after a long lull in the PE-realty space. "PE is getting back in real estate as valuations have become reasonable, confidence is reviving and end-user demand is coming back. Though demand for premium housing is down, investors and buyers are showing interest in good projects," said Mr. Anuj Puri, chairman of Jones Lang LaSalle Meghraj (JLL! M), an international property consultancy.
13 June 2009 Business Standard

Anonymous said...

BB, can you tell what is price going on in Chembur and Deonar areas (except Aphrodite building). Also around chembur naka some new prjects are quoting 9k, its too high.
Also how are people going to afford buy even with loans when rates are 8k and above, surely not salaried folks like me..

Anonymous said...

Hello,

I stay near to the area where Hiranandani is proposing to develop the Kandivali project which is atleast 4 years in completion.

7K is madness.

for a yet to take off project Whoever is the project owner In Kandivali west pay not more than 3000.00 psf white

I know brokers who are mad to demand even 5000.00 psf

Buy if you get at 3000.00 .

Another thing Hiranandani is developing only 3 to 5 BHK. so the target buyers are the corrupt business class/ Government employees

Cause a Builder like Hirandanai is corrupt

Anonymous said...
This comment has been removed by a blog administrator.
Anonymous said...
This comment has been removed by a blog administrator.
Anonymous said...

Guys,
let bb make his comments as we can then have a good discussion,I am no fan of bb but even though we all know that real estate will fall,we will have a good debate

Anonymous said...
This comment has been removed by a blog administrator.
shayna said...

I think BB is clever by half, he seems to implant various posts with diff tones but all directed at hime for ex

1) Regular posts enquiring about property in Chembur, surprisingly that we have a high traffic of posters with interests in Chembur.

2) When someone highlights his CUT-COPY-PASTE post with little or no relevance to his point of contention, these post are foll by abusive posts which repulses most reader generating a certain amount of sympathy for BB.

My request to readers is to seperate the chaff from the grain, however if the Estate agents lobby try to denigrate this blog with abusive posts all directed surprisingly at BB pls try not react.

Vik i am sure you have plans of your own to not let this blog loose its traffic.

Anonymous said...

Based on affordable housing sale, brokers & builders are painting wrong picture of RE up turn.
Let’s see who is buying,

--- India Property Expo in Dubai Seals Rs 65.33 cr Deal . Compared to Rs29,529 crore debt does this figure make any sense.
--- Jaipal Reddy : “Real estate is facing a slowdown. So we should make an arrangement for giving loans at 6.5% interest for houses in the below Rs5 lakh category to the poor,” he said after his meeting with finance minister Pranab Mukherjee in Delhi”.
-- Parsvnath’s last quarter revenue was 76.18Crore. If this is called revival in RE demand then hurray !
--- For NRI, the scene is much worst than India. In US, Europe & UAE job market is bad & wages are deflating.
-- HNI, yes they can buy & then join low net worth’s club.

DLF, Unitech show path to beat real estate downturn

“IDFC-SSKI in its report points to past excesses such as buying huge land banks at high prices, raising short-term debt at steep interest rates, focusing on luxury housing and shopping malls, and diversifying into non-core businesses such as power, telecom and warehousing.
These six firms(Indiabulls, HDIL, Sobha Developers, Puravankara Projects), including DLF and Unitech, had run up a combined debt of Rs29,529 crore. The turning point was the change in mindset, the realization that they had crossed the limit, said Ramnath S., an analyst with IDFC-SSKI”.


“Almost all the top real estate players, such as Indiabulls Real Estate Ltd, Housing Development and Infrastructure Ltd (HDIL), Sobha Developers Ltd and Puravankara Projects Ltd, committed the same mistakes, said an analyst with a Mumbai-based brokerage, who didn’t want to be identified. The corrective measures, too, are similar, he said”.


“Though there has been some interest in mid-segment housing, luxury residences, premium office and retail projects have a long way to go before they can recover, said Kuvelkar”.


http://www.livemint.com/2009/06/24005439/
DLF-Unitech-show-path-to-beat.html


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

Vulture.

Vik said...

did some house cleaning

Anonymous said...

Hey Vik,
I offered 40 lacs white on that house in Mayur Vihar but some idiot has offered 65 lacs white. Let's see if it goes through.

I think it will be a slow decline of prices for 3-4 years. If the Govt. stops meddling, we can see proper correction and then the economy to go up again.

Vik said...

Good job. Lets see how much air is in the balloon. Usually sellers will always come up with a fictitious buyer to force the buyers hand. In the meantime check for other similar properties. Are they not available ?

Vik said...

Give a man a long enough rope and he will hang himself. If BB is propping Chembur along with his friends, that will be apparent. People will see thru the game sooner or later. The bottom line is that anything over 4k is out of reach of thel loan buyer. So any attempts to entice people is in vain. There are no people with black money on this board. Any one who has a business for 10 years and pays 5% taxes can afford to pay 30L black. For the honest tax payer, that 30L was sent into the government coffers.

Anonymous said...

Hey Anonymous at 7.19 PM

The owner is bluffing that someone is offering 65 lacs in white for the DDA flat in Mayur Vihar..

A colleague of mine has bought the similar flat (DDA 3 BHK Ground floor) for 55 lakhs in june last year. Check out again, owner would be making stories.. Ask him the contact adderess of buyer.. I am sure he won't give it to you..

Anonymous said...

Hi All

I have been reading this blog since last 10 months and also read comments. This is the first time I am writing a comment over here only due to the reason that we had to monitor the comments on this blog from now on..

Personally I never read a comment where BB or Bindas Bhai is written. People like him are sick and just join a forum to create nuiscance and gain attention in virtual reality which they are unable to get in real world.

I feel Bindas Bhai writes post byu different names, asks fake queries on property and puts supporting comments himself.

This hurts the seriousness of this blog and half of the posts attack BB (and rightly so.)

Guys let us ignore Bindas Bhai on this forum. Lets stop paying attention and responding to him. The blog has lost its sancity and purpose because of his comments. Everything will return to normal.

Also, I would suggest that use this forums to disclose the cheats brokers and builders. Guys if any fraud has happened to you, report it here. Give the Broker's Builders details so that rest of us can be safe.

Keep posting

Anonymous said...

‘Affordable housing is a misnomer’ -- Deepak parekh

http://timesofindia.indiatimes.com/Business/India-Business/India-Business/Affordable-housing-is-a-misnomer/articleshow/4694225.cms

-RK

Bindas Bhai said...

Property prices shoot up thanks to our PM
By: Varun Singh Date: 2009-06-23 Place:Mumbai


Thanks to Prime Minister Manmohan Singh and his stable government in power, property prices in the city have shot up notably.

In the past month, builders, who had earlier slashed rates by about 35 per cent, have increased their rates by 10-15 per cent. And the buyers don't seem to be complaining.

The Lodha group registered 1,000 bookings, while the Nahar group sold 620 flats in the last month. Experts say people are investing in property because they foresee a steady economy because of our government.


DEAR ESTATE: After a long slump, builders have hiked rates by 15 per cent, as they foresee a good future in our stable government.

R Karthik, senior vice-president, Lodha builders, said, "Transactions have increased due to economic stability."

S Rao, a resident of Andheri, said, "The financial future of our country seems stable. I don't mind investing, but the builders should not increase the rates too much."

Double effect

Sandeep Sadh, a realtor from the western suburbs, believes a combination of the Manmohan Singh government and the recent golden run of the stock market has led to the improvement in the real estate market.

"It is ideally wrong on the part of the builders to increase rates since we are still burdened under the economic slowdown.

But the morale of builders has risen because of improved sales," said Sadh. But Mihir Dhruva, CEO of Siddharth builders, said, "If the rates become unrealistically high, sales will drop again."

However, some builders are unrelenting. Early this year, a Bandra broker had struck a deal for a four BHK flat in Khar for Rs 15,500 per sq ft.

But now the builder is demanding Rs 18,000 per sq ft. "Rates in the Bandra-Khar area have risen to Rs 20,000 per sq ft from Rs 18,000 per sq ft.

And buyers are still striking deals," said Vibhoo Mehra of Mumbai Properties, a real-estate brokerage firm.

Experts warn

Most of the bookings take place in the under-construction projects. Thus, buyers should check details, including date of possession, before investing.

It is advisable to buy from credible builders. "Builders may demand unrealistic prices and try to extract money for excise on the cement from buyers," said a realty expert.


Guys buy before the rains end in Mumbai

Bindas Bhai said...

Will the Budget give hobbling real estate one big hard push?

PRAVEEN K SINGH
Posted online: Monday, June 22, 2009 at 0936 hours IST


Anuj Puri, chairman & country head, JLLM:
All said and done, the government is already on the right track by considering the hiking of IT exemption available for interest payment on home loans to Rs 2.5 lakh a year. However, there are still a number of blanks to be filled. The budget should make high-priority provisions for the laying down of necessary infrastructure so that new areas can be opened up. The concept would be to create and link up satellite settlements to main cities that will help tackle the demand-supply mismatch.



The budget should provide clarity on the STPI guidelines whether they will remain or not, or whether they have changed. It should offer clarity on the introduction of a real estate regulator, since the fact that India is now a member of the global village makes higher levels for transparency imperative. This regulator may not necessarily decide on rates, but should put down firm principles in terms of property dealings and also quality parameters in terms of rating of constructions.

The budget should free the rental income yielded by commercial premises from service tax. It should extend the tax holiday under Section 80-IA (4) (iii) for developers who build, operate and maintain industrial parks so that the compromised IT industry gets a shot in the arm.

It should finally and decisively enable the entry of FDI into the real estate sector.

The budget should reintroduce tax exemption for developers who construct flats of smaller size with tax benefits, offer incentives to developers to concentrate more on affordable housing and rationalise stamp duty registration charges for land so that obtaining land for affordable housing becomes more feasible for developers.

Navin M Raheja, MD, Raheja Builders:
Real estate sector to be accorded infrastructure status given the critical role it plays in the infrastructure development.

The high lending rates of banks should further be reduced from the existing range of 14 – 16 per cent to 8 – 10 per cent. This will incentivise utilisation of credit for fuelling expansion plans of developers and revive the sector with adequate supply of affordable credit in the market. Home loan rates to reduce to 6 to 7 per cent to encourage end users.

Government must encourage and expedite the process of formation of the REMF’s/REIT’s in India. These instruments are time tested modes of efficient equity financing. Open external commercial borrowings should be allowed for large projects. The long term funds should be allowed to invest in housing finance companies.

Section 80-I-B should be restored under which the developers had the benefit of income-tax sops on the profits derived from investments.

Service tax on rentals to be done away with since it leads to double taxation (income/corporate tax plus service tax) and discourages investment in the sector, something which the government would do well to avoid at this stage.

Exhorbitant external development charges, license fees and other government levies to be rolled back. EDC charges in many states have on an average grown by over 50 per cent per annum, in addition to mind-boggling amounts coughed up by developers in the form of license fees for projects as well as other government levies. The government needs to seriously re-think on the hefty increases carried out in recent years and roll back these rates so that the sector can get breathing space and is able to revive.

There should be single window and online clearances and automatic environment clearance. The projects may be given online approvals and licenses within the prescribed acts and bylaws as long as they qualify all the laid down parameters instead of present slow and bureaucratic process full of red-tapism. This will considerably cut down the cost thus making housing affordable.



http://www.expressestates.in/full_story.php?content_id=93847

Bindas Bhai said...

Indiabulls to build on improving demand
Mon Jun 22, 2009 4:53am EDT

http://www.reuters.com/article/GlobalRealEstate09/idUSTRE55L0PW20090622

Property prices shoot up thanks to our PM
By: Varun Singh Date: 2009-06-23 Place:Mumbai

http://www.mid-day.com/news/2009/jun/230609-Manmohan-Singh-government-Lodha-group-R-Karthik.htm


Lets hope the budget is good.

Bindas Bhai said...

Above comment is not by me

- Bindas Bhai

Bindas Bhai said...

12:21, 12:31 and 12:34 comments are not posted by me.

Vik we need your intervention, this blog is more focussed on BB then the actual issue.

Bindas Bhai

Priti said...

Vik, I request you to turn on moderator mode, so that comments will be visible only after you approve them. Such foul language is unacceptable.

Abeer Bagul said...

I guess we should file a police complaint with the cyber crime cell about the abusive comments.

Tracing the IP and locating the person posting such stuff is trivial for google.

Anonymous said...

come on Abeer

Be practical dude.. filing a police complaint , tracking ip, tracing person.. blah. blah,..

Better turn on Moderator check for comments..

Let all comments come after approval. problem solved!

Anonymous said...

Bindaas Bhai

For God's sake please leave this group. What a mess of such a blog..

Pathetic and Shameful..

Anonymous said...

Bindaas Bhai

I guess you change your identity to post on this forum.

We don't mind bulls as both bulls and bears drive the markets.

You post your view through a new identity.. Time to kill Bindaas Bhai..

And please in your new identity don't get started hated again

Anonymous said...

Woof.. Just read the posts on the blog.. A mess created man...

This is what happens when you deviated from the topic..

Bindas Bhai,,, leave aside posts that you didn't post.. but do you agree that you posted that Santa joke.?

Please refrain from doing that.. Stick to posting on whatever little knowledge of real estate you have.

Though a popular opinion but
moderation of comments will take away the charm of discussions on this blog as comments will appear in bulk after moderator approves them once or twice a day.

I support the views of Anonymous at 9.16 PM, if you don't like what BB writes, do not respond to what he says. He is doing this just to seek attention. In case if BB exists to drive traffic to this blog. I am afraid he will drive away readers.

-Retired Old Man

Bindas Bhai said...

I thought as much this would be the retired old man who has posted the above abusive comments.

Pls. read all the abusive post followed by post written after Abeer Baguls post and also the post written by him @2:28

In all his post in between lines you will always find .....

I am sorry guys because of me all of you had to go thru this shit. I will stop posting hence forth in this forum.

Once again the jokes which i posted was purely meant for a lighter moment in this serious atmosphere

Kind Regards,


Bindas Bhai

Sorry once again.

Bindas Bhai said...

Also wanted to inform you that the joke was a direct cut paste from a mail i received this morning and is not meant to demean any community.

Bindas Bhai

Vandana Mohan said...

Vik,

Would request not to delete any comments and kindly contact me on Vandanamohan27@hotmail.com alternatively, please give me your mail id.

We can ensure that this forum will be free from such kind of filth.

Abeer Bagul is right and we can fix the culprit.

Thanks,

Vandana

Anonymous said...

Bindaas Bhai

Well if you feel that above abusive comments are by me beacuse of "...." factor let me tell you that joke that you posted also has "...."

This is just a form of writing style.

There is also an immediate post after that abusive post by you at 12.31 . No one blamed you for that post and just in 2 minutes you say that you did not post that abuses. This is called 'Chor ki Daadi main Tinka'

All I can think of as of now is that you are again and again trying to hog the limelight in this forum..

I am sure you are the one writing all these abusive posts..

I had also told you in my previous posts that I don't need to masqurade to abuse you.. If I need to call you an a$$hole which you are.. I will do it openly..

Be careful when you blame others.\

-Retired Old Man

Anonymous said...

Bharat has also used ... in between his post. Does that make him a culprit

We know that BB and Retired guy had a lot of arguments. Guy take a break

And ya we need some moderation on this blog.
One idea is to not allow anonymous to post..


I will soon post with g-accpunt then :D

Priti said...

Can anyone give information on just started project next to telecom factory, which builder and what rate is he asking.

Anonymous said...

rate is 6500 Rs psf . Check thiugh by visting them once

Anonymous said...

who is builder ?

shayna said...

The article below has huge relevance to the INDIAN market as it concerns a few major players in the indian market.

Hiranandani was building 2 towers at the Dubai business lagoon in collabration with ETA group - a major player in the Chennai market. Besides a large number of sindhis from dubai have huge investments in the property markets of Mumbai. The collapse of dubai RE will have a negative effect on the purses of these entities which could result in them diluting their stock in INDIA. In the event there is a exodus of the business community you will see again a large number of them liquidating heir assetts to invest in some form of recurring income business i.e. Retail franchisees etc.

My 2p...........and keep ignoring the rant from the EA lobby.

http://www.propertywire.com/news/middle-east/dubai-property-markets-200906233253.html

Dubai - one of the riskiest property markets
Tuesday, 23 June 2009

Dubai is one of the riskiest marketsOver supply and population decline makes Dubai one of the riskiest property markets for investors, it is claimed.

As thousands of recently unemployed expats prepare to leave the emirate when the school terms ends next week the reality of the impact of the global recession will be felt, according to Saud Masud, an analyst at Swiss investment UBS.

'In my view Dubai's property risk profile appears to be one of the highest in the post war era and while one may debate the potential support factor from Abu Dhabi the fundamental oversupply and population dynamics risks are very much there,' he said.

He described the scale of Dubai's real estate collapse as being on a par with Hong Kong's housing crash at the start of the decade and boom and bust cycles in other markets such as Singapore and Ireland.

In Hong Kong the Asian financial crisis triggered a 70% collapse in real estate prices between 1997 and 2003.

'While Singapore, Hong Kong, Ireland are considered property market comparables, Dubai is very unique due to its demographics, supply pipeline and relevance in the Middle East,' he added.

He has already predicted that residential property prices in Dubai could plunge up to 70% from their peak in the fourth quarter of last year.

He also said that investors would return to the Dubai market in the second half of 2009 when prices would be at their most attractive. But now that prediction is looking rocky.

Meanwhile tenants and owners in Dubai's Discovery Gardens have threatened legal action against developer Nakheel unless service charge fees are reduced further.

The Dubai based master developer announced on Monday it was lowering the service charge by AED5 per square foot and it would be backdated to January 1, 2009.

Despite this reduction residents say they are still paying far more than tenants in similar developments across the Emirate.

'We're not going to accept and we won't pay unless it's under AED13. Nakheel is hoping this will go away but it's not going to happen,' said Michael Aldendorff, who is leading a petition signed by 68 residents.

priti said...

who is the builder can you also tell..

Bharat said...

Dear Vik,

I am assuming that you are pondering about the debasement this blog is undergoing. I urge you to take punitive and immediate actions to control this degeneration...

Moderated posting sounds like a good idea. It would increase your workload but be good as an interim measure to control this slide.

Thanks,
Bharat

Vik said...

read my new post. If moderation is the only solution then so be it. I will give it one more day :) though I have set my hopes real low. the troll will be back. i wonder why he is so pissed off ?

Anonymous said...

I am sorry Vik... will not repeat, promise. Sorry BB, please forgive me :-(

-Retired Old Man

Anonymous said...

Well the above post at 9.29 AM is not by7 me.

BB behave.

-Retired Old Man

Anonymous said...

Well i am trying to amend but someone is messing big time.

I once again apologise to Vik and BB

-Retired Old Man

Anonymous said...

Im no big fan of BB, but I do want to support him in this situation.

If people who do not want to listen RE bull's, please create a big wallpaper saying RE will fall 50% and keep staring at it. No discussion, no ground realities be in your own world.

Common guys this is blog, everybody has freedom to express his view. Where is the freedom of speech, if some one bashed so much just because his views contradicts yours.

If you guys don't want to listen bulls, then why forum is required?

Let blog owner decide that whether only bears can write in this forum.

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