Saturday, October 17, 2009

Happy Diwali and the bear

I hope everyone is having a Shubh Deepawali with their family and friends and may Godness Laxmi smile on everyone with wealth and prosperity in the time to come.

However if you are Rakesh Jhunjunwala the way to earning your bounty is to go short on the Indian stock market. He is on the record now saying that Indian markets will crash. So if the big bull is now a big bad bear, no points for guess whether he is long or short on the. Like they say Bulls make money, bears make money, pigs get slaughtered. If the market tanks this week, it will be fantastic time to go short on the market.

In Samvat 2066 it appears the path to Laxmi Road is via Bear Street. Here is the rediff article


shailesh said...

Office rentals in Mumbai, Delhi slip on oversupply

Realty consultants said in Mumbai there are vacant commercial properties in Malad, Thane, LBS Marg and Andheri MIDC despite the fall in rentals. Rentals have crashed from Rs 400 per sq ft in December last year to around Rs 250 per sq ft now in Mumbai’s commercial hub, the Bandra Kurla Complex (BKC).

However, the capital value of commercial properties is not falling despite the fall in rentals. New Delhi, in particular, has seen a strange anomaly between rental and capital values. While rentals are still in the Rs 50-70 per sq ft range, capital values are in the Rs 11,000-13,000 per sq ft range.

shailesh said...

Home buyers stay off as builders hike rates

According to the city’s property registration data, there has been a 13% month-on-month drop in the number of apartments registered in August 2009 this year as compared with the previous month.
“As prices increase, customers shy away and this is evident from the registration data,” said Ram Yadav, CFO, Orbit Corporation. The slowdown in demand comes after an average month-on-month increase of 6% since March 2009. “The drop in sales is clearly visible in Mumbai as compared to other parts of the country. It is more visible in projects that cost over Rs 3,000 per sq ft,” said Pankaj Kapoor, CEO, Liases Foras, a real estate research agency.

Real estate agents profess a similar view. “Builders have increased prices faster than expected. This has forced buyers to defer their purchase decision,” said Vipul Shah, a property consultant. Builders have merely reacted to the sentiment which revolves around the demand picking up in the residential segment.

shailesh said...

New govt likely to release salt pans

Anonymous said...

Indian developers hit out at new real estate regulation proposals
Monday, 28 September 2009

The law is designed to bring the property industry under the control of a regulatory authority and create a tribunal to deal with complaints.

The government claims it will make the real estate markets more transparent and protect buyers and investors.

What does the bill propose?

1. Require developers and real estate agents and brokers to be registered and they will be rated according to performance.

2. Those that violate the new regulations face stiff penalties.

3. Anyone starting construction or development of land without registration could be jailed for up to three years and face fines related to the cost of the project.

4. Developers will need to submit a bank guarantee of 5% of the total cost of the project which will be encashed by the regulator if the project is not completed on time or violates the rules.

5. Making sure that no deposit is taken without an agreement of sale, no mortgages to be issued without consent and that all developments adhere to plans and specifications.

6. Developers will have to register a project with the regulator it can be marketed and to this various documents including proof of land ownership and the mandatory licences will need to be provided to the regulator for registration.Once verified, the entire information about the project will be available on the regulator’s website that will be accessible to everybody.

7. The regulator will also scrutinise the advertisements and names of brokers.

8. Prohibits a developer from accepting an advance from a home buyer before the sale agreement is signed.

Crooked developers are against the bill and are in favour of malpractices.

This draft has been prepared by people with good intent but with no knowledge of the nuances of the business,’ declared Kumar Gera, chief executive of the Confederation of Real Estate Developers’ Associations of India (CREDAI) .

1. force buyers to pay 20 to 30 % of the cost of the property before making a sale agreement.

2. against the proposal that developers will need to submit a bank guarantee of 5% of the total cost of the project which will be encashed by the regulator if the project is not completed on time or violates the rules.

3. against the suggestions that if a developer cannot complete a project on time, the allottee can ask for a full refund of the amount he has paid along with interest and the regulator will then take over the incomplete project and appoint another agency to complete it.

Anonymous said...

We must support the implementation of the regulator's bill as it exists.

We must protest and resist the efforts by the RE mafia to scuttle vital and excellent proposals.

Vik, any ideas how we can effectively lobby support for the RE regulator bill?

Venkat ND

Anonymous said...

The indian govt. is going to be printing money..there are two crisis - the drought and the flood tragedy in andhra/karnataka..

Plus the govt. needs to raise 4 Lac Crore for infrastructure and other dev. related spending...

So looks like interest rates might go down, rupee might soften, inflation/stock markets might go up and finally real estate might take some time to come of its lofty perch..

Mc said...

It will be a smart move if you invest your money in
Foreclosure Home
. It wont affect as much as they say.

home loans said...

its not easy to get home loans, the procedure is very very lengthy.

Anonymous said...

I come from a small place near Mangalore/Udupi district. The other day i was discussing RE with my uncle and i am surprised hearing the valuation. I am not talking abt residential sites like 30/40 etc. But in terms of acres. Looks like most of them are crorepathis. Even in remote villages where thers absolutely no development, the land valuation is very high. You may that, thats the quoted price and there are no buyers. But i have seen a few potential buyers. I am wondering why someone buys these at such an high price. Moreover its not that the supply is less. I see plenty of unused land all over. It appears to me everyone has money these days.
Vic, experts, like to know your views on this. Is that also a bubble?

Anonymous said...

Foreclosure crisis far from over for South Florida
Posted on Saturday, 10.17.09

If you think the torrent of foreclosures affecting every city and nearly every neighborhood and street in South Florida is as bad as it can get, here is a harsh new reality:

There's a new wave of foreclosures making its way through the courts that has nothing to do with exotic subprime loans, real-estate flippers out to make a quick buck or people who bought way more house than they could afford.

Now, double-digit unemployment, sagging home prices and a lingering recession are to blame.


Those statistics are played out daily in neighborhoods such as Malibu Bay, a gated community in Homestead where property values have plummeted. A two-bedroom, two-bath home that sold for $242,000 in August 2006, for example, is now listed for $70,000 said Karen Klores, a Realtor at The Keyes Company.

Anonymous said...

Is commercial real estate next to fall?
Thursday, October 15, 2009

LORE : It's hard for people to buy or sell real estate. Or if they do buy or sell, they have to sell at lower prices because the people that are buying are going to have to put up more equity and less loans.

Perhaps nowhere is the drop in property values as severe as it is here in Manhattan's Stuyvesant Town. I'm standing in a 11,000 apartment commercial property that sold for $5.4 billion in 2006. Today, it's worth less than half that. Who's on the hook if borrowers default? It's the banks.

CHRIS CORNELL : As the old quip goes, if you owe the bank a million dollars, you're in quite a bit of trouble. But if you owe the bank a billion dollars, the bank is in quite a bit of trouble.

Chris Cornell is a commercial real estate expert at Moody's He says the nightmare scenario is that a spike in commercial loan defaults could send the banks into another financial crisis.

Venkateswaran K Iyer said...

An interesting email doing the rounds that people here may like to read:

Machinations of the Marketplace:

One day, an ordinary-looking man came with a stunningly beautiful girl, an office lady, to Louis Vuitton store in Causeway Bay (Hong Kong Island). He chose an outrageously expensive LV bag worth HK$65,000 for the
companion who then couldn't stop affectionately smiling at him.

When it came time to pay, the man took out a checkbook and wrote out a check. The salesperson was hesitant because the couple hadn't shopped there before.

Discerning what the salesperson was thinking, the man said calmly: "I can understand your concern that this check may bounce; right? Today is
Saturday and the banks are closed. Let me suggest that I leave the check and the handbag here. When the check clears on Monday, you can deliver the handbag to this lady. How about that?"

The salesperson was reassured and gladly accepted the suggestion. In
addition, he waived the delivery charges. He promised that he would
personally make sure that this gets done.

On Monday, the salesperson took the check to the bank. The check bounced!

The irate salesperson called up the client, who told him: "What is the big deal? Neither you nor I have suffered any loss. Last Saturday night, I went to bed with that girl already! Oh, by the way, I thank you for your cooperation. "

This story also reveals the nature of the sub-prime mortgage crisis.

When people have high hopes for huge future returns, they lower their guard about the potential risks. This pretty girl thought that the HK$65,000 LV
bag was going to come home on Monday, and so she lowered her guard.

Therefore, she believed that her investment in the ONS (one-night stand) was worth it even though it was based upon huge and highly uncertain risks.

Investment bankers are great at packaging high return (but high risk)deals. The stock speculators are like this pretty woman. As such, they deserve to lose money. Without people like these, how are people going to make money from the stock market?

As for the media and the stock analysts, they often play the role of the LV salesperson!

Anonymous said...

V above:
Hilarious. Good analogy though.


Anonymous said...

Mr Jhunjhun is giving both type of predictions & reserved the flexibility to change the prediction any time.

Is this guy is insane? On first page he is bearish then he is bullish then he is talking about long term bullish view.

Vik said...

Regarding Mangalore/Udupi and 2nd tier cities, they are in a massive bubble. In metros and tier 2 cities like Pune there are jobs and loans which can support half of the acre valuations. However in these other places speculators are playing the game of musical chairs and the one who holds the ball the last loses his shirt. As long as you are not that guy it works out. Also most of this game is a played with a majority in black money. So a mining baron will buy some beach property for a hotel in the future. He could withstand the shocks to the system as he has paid of most of it. For average folks who make a living off a job, this is highly risky

Anonymous said...

Geo-Strategic Chessboard: War Between India and China?

India has always had indigenous elites, who in numerous cases worked hand in glove with the British during the period of the British Raj. Starting from the colonial period, borrowing from a term used by the Canadian political economist Wallace Clement, most the Indian indigenous elites became “comprador elites.” Comprador elites are any elite groups that represent or manage the interests of “parasite elites” or foreign elites, which in the case of the British Raj would have been the British elites. A modern example of a comprador elite would be the Indian chief executive officers (CEOs) of Indian subsidiaries of foreign-controlled corporations, such as PepsiCo India and Monsanto India.

Moving on, the British could not rule most of India without these elites and therefore cooperated with them. London made sure that the Indian elites would be fully integrated into the British Empire by involving them in the administration of India, sending them to British schools, and making them Anglophiles or lovers of all things British. Britain would also grant the Indian elites their own economic fiefdoms in return for their cooperation. The relationship was very much symbiotic and in reality the Indian elites were the biggest supporters of the British Empire and opposed Indian independence. It is only when the Indian elites were offended by London, because of the denial of their requests to have a status within the British Empire like the Dominions, such as Canada and Australia, that the Indian Independence Movement gained momentum.

Anonymous said...

Twice as Nice
A joint home loan results in higher tax savings even on a lower loan amount, leaving more disposable income with a family

FOR most working couples, buying a house is once-in-a-lifetime experience — and their most expensive buy. An easy way to fund this expensive buy is a home loan, which also offers tax breaks on both principal and interest payment components.
What a lot of working couples miss out on are the additional tax benefits available on a joint home loan. So, even if an individual can afford the monthly installment, it is better to opt for a joint home loan. ET Investor’s Guide presents the basics of a joint home loan and the financial benefits that result from tax savings.
THE BENEFITS: A joint application makes a couple eligible for a bigger home loan, with each applicant entitled to tax benefits — Rs 1 lakh for principal repayment under Section 80C and Rs 1.5 lakh for interest payment under Section 24 — that apply individually. Since upper limits on both principal and interest payment components double when paid jointly, tax savings over the term of the loan can be enormous.
Consider an example where a family takes Rs 30-lakh home loan for 20 years at 9.5% per annum interest. As the accompanying table shows, the total income-tax outgo falls by Rs 41,550 in the first year if the couple opts for a joint home loan. The savings increase if the couple opts for a higher amount of loan.
Similarly, on a higher salary of Rs 10 lakh, a couple can save Rs 39,824 on a Rs 30-lakh loan, while the savings rise to Rs 51,980 on a loan of Rs 70 lakh. These tax benefits are available to a couple in the ratio of
equated monthly installments (EMI) paid by them. So, if the husband pays 60% of the EMI and the spouse pays the rest, the tax benefit would be available to them in the same proportion.
The rider: for the couple to be eligible for tax benefits, the house has to be jointly owned by them. This needs a joint bank account, but other documents are similar to the ones for a single loan applicant.
A joint home loan also needs careful management of home finances to ensure sufficient funds in an individual’s bank account for unforeseen circumstances. The onus of practicing restrain would lie with both partners as they would be jointly paying the home loan. If an individual is already paying back a loan, the eligibility for the amount of home loan goes down to the extent of EMIs being paid. Banks, on their part, ensure that EMIs as a percentage of monthly income don’t end up as a burden on the borrower. A joint application can help overcome a lower loan amount in such a situation.
NOT SO BENEFICIAL: There is a downside to a joint home loan if the couple plans to purchase a second home. According to the Income Tax Act, if an individual has more than one house in her name, the first house is treated as self-occupied and the other is treated as let out — even if the house has not been rented out. The owner of the second house has to pay income tax on rent received on the property. If the house has not been rented out, it is deemed as rented out and a rental income is calculated on the basis ofprevailing market rates. So, the owner of a second house pays tax on an income that she may not have earned. If a couple plans to purchase two houses, it is better that each spouse buys one house each. In this manner, the couple can own two houses and escape paying tax on an income that they don’t earn.
THE DECISION: The decision is clear: if the loan amount is high, a couple should opt for a joint home loan and save a higher amount of tax. However, if there are chances of buying a second house and one partner can afford the monthly repayment of the loan, it is better to skip a joint home loan.

Venkateswaran K Iyer said...

@aNON 8.55

China has taken over the "comprador elite" created by the Russians, in the form of leftist intellectuals in educational institutions, communist state governments and Maoists.

We are primed for a puppet Chinese regime run by Sitaram Yechury and Jyoti Basu

Venkat ND

Anonymous said...

As I always say - democracy is a pyramid. The tip of the pyramid is meritocracy and capitalism, the base is socialism and perpetuation of ineptitude..

If one uses basic mathematics, one sees the bottom of the pyramid is proliferating at a geometric progression and the tip is more or less arithmetic. Given time the bottom is going to grow into a humongous pile of c..p

The tip is going to reduce. Now throw in democratic rules into this game and you will see that we are spiraling downwards at an increasingly accelerating rate...

Corruption, inflation, over governance and wars are an eventuality. As agent smith says to neo - it's inevitable, do not fight it...

Anonymous said...

@Venkat ND 10:06 AM

I request reflecting on your flippant remarks We are primed for a puppet Chinese regime run by Sitaram Yechury and Jyoti Basu

I firmly believe, you know very well that what happened to Indian Real Estate after it was opened to FDI. The most of the foreign cheap money is being used by the real estate crooks to build "land banks". It is the foreign money which contributed mostly to the build of the current housing super bubble.

Also you must be knowing what state the US baby boomers have been after they lost their "LIFE SAVINGS" ( it is not just money but the life savings) in Stock Market crash? The US pension funds participated in this frenzy and the Wall Street looted the money. Now there is a big question in front of baby boomers who have deferred their retire plans and few of them are back in the market struggling for the jobs.

The left is vehemently opposing any move by the Government of India (any yes by the lobbyist) to bet the pension fund in this casino game. They are protecting our/parents money.

Please check the below URL

Global slowdown due to US recession -- Sitaram Yechury

Global slowdown due to US recession -- Sitaram Yechury
Fri, 2008-03-21 00:00
Sitaram Yechury

If India needs to insulate itself relatively from this crisis, then it must abandon all such measures of financial liberalization which will inexorably tie India to the growing global uncertainties.

Unfortunately, however, the roadmap presented in the Economic Survey speaks in terms of opening up all sectors to greater foreign capital inflows.

So far, due to the Left’s opposition, the privatization of pension funds, the takeover of domestic banks by foreign capital, the raising of ceiling for FDI in insurance and other sectors have been kept on hold .

Just as well. Otherwise, the impact of this global crisis would have been more crushing on India’s poor.

Anonymous said...

@Moron above,

Have you heard that the best sounding polemic is the half truth?

If you think the path to salvation lies through the leftist ideology, have a look at what happened in Russia, China and other places which tried the great Marxist experiment. While most of it sounds good, the communist ideology is against the fundamental unalienable right of man to be what he wants to be, do what he wants to do and own what he has worked for...

If you think Sitaram Yechury and Prakash Karat and the other morons who just oppose everything they see are right, I suggest that you adopt rational thinking and do a bit of research on what these morons are "actually" doing for their constituents. Including what was recently happening in West Bengal.

GK said...

@6:10. Russia and china are too far away. West bengal and kerala is much closer to home...

Anonymous said...

@ Anonymous 6:10 PM

Your brain took a path of least resistance and jumped to the conclusion. The moronic attempt to link Sitaram Yechury's view on current Global Economic Crisis to the leftist ideology indicates that you didn’t bother to read the article.

ok...check the following his analysis

Secondly, globalization has given rise to the phenomenon of `jobless growth’. The growth of employment has always been lower than the GDP growth rate globally. Both these features put together mean that the purchasing power of the vast majority of the world’s population has been declining. Now, capitalism inevitably plunges into a crisis when what is produced is not sold. Under these circumstances, the only way that capitalism can sustain its levels of profits is by encouraging people to procure loans whose spending will maintain the levels of economic activity. However, when the time comes to repay these loans, there is the inevitable default.

Isn’t this true? During the period of artificial prosperity ( driven by low Federal Reserve interest rate ), all types of loans i.e. Credit Card, Car, Student, Residential Mortgage, Commercial Real Estate etc were packaged and sold to the greedy investors with 'AAA' ratings. The innovative financial products were ABS, MBS, CDS, ABCP etc. These instruments were aptly termed as "financial weapons of mass destruction" by none other than Oracle of Omaha, Warren Buffett.

Please tell me what all this has to do with Russia, China and leftist ideology.

Anonymous said...


I want to buy Gold but not in Coin format.
Is there a way to purchase Gold through Demat account which is safe to hold and without tension of security.

Please let me know if ICICI or HDFC provide any such facility

Anonymous said...

Anon above:
More than 70% of the Gold that is being bought is just on papers. There is no actual handling of GOld and the total supply of Gold in the world is 1/3 of what people have bought. If the prices of Gold crash like they did in 1989 when it came down from $900 to $400 in a few months, all people with gold on paper will be screwed. If you look at the value of Gold in 1989, inflation adjusted it should be $2,300 per ounce. So, in case dollar keeps diving and US Fed Res doesn't increase interest rates, Gold can go upto $1500 easily. Mind it, it is just a hedge and is bound to crash. The question is in a few months or 1-2 years. It will go back to $400-500 levels per ounce.


Anonymous said...

HB @ 5:10 AM

You are a typical moron. You have wasted words like anything and still haven't answered my question.

Did I ask your views on Gold?

I only ask how to buy it. Keep your advise in your pocket. I don't need it.

Anyone, please let me know if ICICI or HDFC in India provide such facility.

Anonymous said...

Dear Moron@5:23,

The right place to ask your question would be ICICI branch or google it up.

Since you will not do either but pose your questions here and bark at people who are trying to give you friendly advice, I decided to google up on your behalf. It took about 2-4 seconds -

Buy your gold @ icici, details are at:

Anonymous said...

Anonymous said...


Last try, remove the spaces above when you copy/paste to your browser address bar..

Cool Head said...

If you buy gold at ICICI, you would be really a moron, becaus etheir selling rate is at least 10% higher than actual market price. Buy it at any reputed jeweller who provides stamped/hallmarked gold bars and keep the receipt. If you need/want to sell it again in future at prevailing market price ICICI will not buy it (even if they have sold it) but the jeweller most likely will (confirm before buying).

Venkateswaran K Iyer said...

@Anon 12.51

I would recommend India to follow what China does. Right now China has demonstrated itself to be the world's best capitalist nation. As also the world beater at playing the "Great Game" of nations. I can elaborate if someone is interested.

As for the ideology crap dished out by the Indian leftists, I would ask people to recognise it for what it is - propaganda dished out by communists under total Chinese brain control, designed specifically to keep India economically and militarily weak and laying the ground for a future break up.

Venkat ND

Anonymous said...

@Venkat ND 11:47 AM

I request informing us about what policies e.g. protecting Pension Funds etc of Communist Party of India are contributing towards destroying (stealing) the wealth/money of a common man?

Anonymous said...

Hey Venkat,

Can you please elaborate on the China prophecy you mentioned in your post at 11.47



Anonymous said...

Anonymous said...

Is this the Capitalism?

Where were the capitalists, when world’s largest capitalism failed last year? Have they removed laissez faire from capitalism? Why didn’t you give the dogma of capitalism to US & UK.
In reality the extreme form of capitalism (US, UK) & communism (China, Russia) were failed.
In order to control the human greed a balance between both systems is required. Even Adam Smith has supported socialization of basic utilities, for functioning of capitalism.
Let’s look at the real life aspect,
Pension fund: Yes we run the biggest casino on the Wall Street with 401K. Cause policies force people to put money in funds & we play with it. The simple example is, even though OPEC produces the oil, prices are decided on NYME. Thanks to “Sitaram Yechury” and “Jyoti Basu” who had saved the people from gambling.
40% of stock trading in India is based on insider news. There are no restrictions or control on trading by people who are in a key position or can have material non public information. For details about policy guidelines you can refer the CFA ethics & practices. Does India has any kind of infrastructure & policy framework to protect investment in stock market? Based on FII movement the market swings up & down & do you want to bet your savings on this?

If free market wouldn’t have been intervened in 2008, today realty prices would be 70% down.


Anonymous said...

This blog is visited by low brain idiot people and this is evident from the responses.

I had asked "Buy Gold in Demat form" and everybody has sent me links for buying pure gold in coins of 5 - 10g .

Even one gentleman with a cool head has gone ahead and discussed on the cost of gold coins.

This is what happens when you don't read things properly. If you can;t get a question right God knows what kind of analysis you guys would be doing on housing over here.

Morons, Read before you type. Its not necessary to respod just for the heck of it.

Anonymous said...

Can someone guide me on buying silver :-)

-Retired Old Man

shailesh said...

Realty builds on affordable homes

“In six months, we sold 10,000 affordable homes, while we also managed to sell another 2,000 luxury apartments around the golf course,” says Manu Goswami, head, sales and marketing, Jaypee Greens.

There was latent demand but it was not converted into sales due to economic uncertainty, observed Mr Hiranandani.

“The sudden spurt in demand due to perceptible change in the economic environment in the past three months, combined with lower interest rates, has bolstered the confidence of home buyers.”

Among the major developers who have ridden this new real estate wave are Unitech, the Jaypee group, DLF, BPTP and Omaxe, witnessing a sharp rise in demand, particularly for new projects.

shailesh said...

Low-cost home projects may save the day for realty

Seeing the demand pick up, builders have been quick to increase prices. However, this will have a dampening effect on demand as well as buyer confidence. Out of the three segments, it is only the residential market that has seen a recovery. Commercial and retail segment are still under stress.

shailesh said...

Mall developers rebuild their hopes on housing projects

Rituraj Verma, director of retail services at Knight Frank India, a global property consultancy, estimates that about 25 out of the 375 mall projects planned two years ago may see the light of day in the next four to five years. “Developers say they will get only half the value if they go ahead with malls instead of residential projects,'' he adds.

That explains the rush among developers to convert their projects. For instance, Mumbai-based Orbit Corporation has decided to convert its 250,000 square foot (sq ft) Hafeez Contractor House in Lower Parel into a residential project. Its Andheri project will also be turned into a residential complex.

Dhiraj Shah of West Pioneer Properties says the company initially wanted to build malls and lease them out. “We changed our plans after the slowdown in the retail sector,” Shah says. The London Stock Exchange’s AIM-listed company wanted to develop a 726,000 sq ft mall in Kalyan on the outskirts of Mumbai. The mall, built on a part of the land, is named Metro Junction but the company is now building Metro Residency as well on the remaining area.

shailesh said...

India a tough market to do biz: Vikram Kotak

Many optimists continue to predict that India has capability to grow beyond 10% mark in a sustained manner for a very long period. It appears difficult when we look at some of the above glitches, also our country has extreme diverse conditions where you can get apartment in Mumbai at hefty price of Rs 1 lakh per sq ft, and with in vicinity of 30 kms in of vicinity you get an apartment at Rs 1,800 per sq ft.

There is market for Mercedes and BMWs, while on the other hand, even a bicycle is a luxury for millions. We have flashy five-star hotels, but outside some of them are deprived citizen sleeping under trees or ramshackle huts. But when we look closer at some of the huts what one sees are many satellite TV dishes. In my mind, no society can unblemishly grow, if there is such a large divergence.

shailesh said...

Mumbai to see highest demand for residential space

Mumbai is expected to see the highest demand for residential space of approximately 16.40 lakh units due to the large scale urbanization. The mid-scale and affordable housing in suburban and peripheral areas will be the focus of this demand. However, the demand for office space would be approximately 23.7 million sq ft, which is lower than that in Bangalore, Chennai and NCR.

shailesh said...

Congress wins Maharashtra, Arunachal; fractured verdict in Haryana

Anonymous said...

Dear Moron@1:59
Before calling others names, check the name of this site, it is about real estate, not gold (neither coins nor ETF)

shailesh said...

Reality hits realty: BKC plots to be re-auctioned

Mumbai: More than a year after Jet Airways and Starlight Systems shook an already overheated realty market by offering staggering bids for three plots at the Bandra-Kurla Complex, two of the plots will be re-auctioned with the companies defaulting on payment.

In March 2008, Jet had quoted Rs826 crore for a 24,000-sq-mt plot while Starlight had made a winning bid of Rs248 crore each for two 7,050-sq-mt plots.

"We have not given Jet any extension to make the payment. The company could not make the payment due to the global economic meltdown. We will re-invite bids when the property market improves. Currently, the property rates are down by 25%. Even office rentals in BKC, I believe, have dropped by almost 40-50% in the past 14 months," Gaikwad said.

So now you have government holding out land for better rate. Come on MMRDA, do the auction, so common people can find out what is the real value in today's market?

Anonymous said...

I think this person trying to buy gold may have have been stealing from IT dept. by not paying taxes and wants to park his stolen money into gold.

His language says it. But with time what he is running after today, he will run away from it in future.

Anonymous said...

Gold is a commodity at the end of the day, and like any other commodity, its value should depend on supply and demand. Unfortunately, we rarely hear of demand, depleting reserves or mine shutdowns explaining the price action of gold. These discussions, which have taken a back seat, should really be at the fore, and gold prices should be more dependent on Zaveri Bazaar than the Chicago pits that trade the dollar.

Anonymous said...

anon@1:59 A.M.
You are true. Low brain like you also visit this blog & ask some stupid questions then expect intelligent answers. Is it your heredity, to inquire about stone & mortar in hotels & food in builder’s office?

Shriniwas K said...

DLF getting out of non housing schemes.

Looks like these big players are suddenly realising that the stock market is not indicative of real market. With people having voted corrupt Cong-NCP back in Maharashtra back in power, I am really glad I am not staying in India any more ... and possible wont bother to look at India news at all ...

Anonymous said...

Dear anon moron@1.59 who wants to buy etf gold,
here is an idiots guide to buy ETF gold.
open an ICICI demat account.go to buy/sell section and type in QGOLDHALF. Thats the BSE/NSE code for one gold fund.
And dickheads like you have the cheek to abuse people in this forum.
If you had ever abused someone like totally BRAIN-FREE and vacious Venkat ND or BB, you shall be hailed, but not the rest of the people who have seen off dickheads like you.
And coming to this nutcase Venkat ND who prefers to be influenced/brainwashed by the visual media (in case of china threat) or all kinds of media (with regard to anti-communist bias),If communista had not objected to the liberalisation of banks in their earlier tenure to which the americans so slavishly begged,we would have all lost our savings.If ever you think the govt in your place is caring for the ordinary people, go to kerala. Where in India do you have health insurance for the BPL AND APL sections.Every family is allowed Rs30000 per year as health expenses.Which govt held the price line of food items during the festive season. Rice was still sold in kerala for 13/kg and that too not the good for nothing variety but a high quality one through the govt outlet.Same with west bengal. The american controlled media sells such bogus news about communists but in effect they have the best governance prctise available in India.


Anonymous said...

Quick check with someone who is knowledgable abt mumbai's underlying infrastructure (read municipality infra) - With the # of new residential high rise projects coming up in place of low rise in 'aamchi' old mumbai ...all the waste that's disposed off from these buildings connecting to muncipal pipelines. Have these shitty pipelines been upgraded to larger ones to cater for this growth? Not just pipeline, most of the roads leading out of these high rise remain an average of 40ft wide, I haven't seen any developer paying heed to such challenges.

It goes back to Mumbai's infra problem, but then the high cost paid for house, what's the value one's getting out of it! Fail to understand property bulls rationale.

Shriniwas K said...

@K. Gokul Please dont mix Socialism with Communism. Norway and Sweden are non Communist Socialist countries. They have free health and lots of benefits for their citizens. LDF and West Bengal Govt have peddled poverty to competitive individuals in the name of equality. In a large and diverse nation like india, Socialism is bound to cause corruption. The Marxists in West Bengal got a free ride because rest of India was never compared to the local poor as the media was poisoned and people brainwashed by pro-communist newspapers and TV.

Stop blaming the free market for the ills of society. Progress and innovation can never be fostered if competitiveness is removed.
The Soviet Union thrived as it competed with the US during the Cold war, had all nations become communist, the world would cease to progress.

As far as American media is concerned, please dont even dare to berate them, America and Europe are the only beacons for freedom of expression and reason in a corrupt world elsewhere. They may be slightly racist but I would not prefer to work for a Soviet style big brother.. I would rather be exploited by some capitalist, at least I get a chance of making it big ... communism is end of freedom. Please dont fall in the trap of communism.. Read 1984. When George Orwell wrote it, Stalin hadnt even begun his post war mass murders. I can bet that book can change your mind else you are a brainwashed red who cant be reasoned with.

Anonymous said...

thanks K Gokul

though u have called me names , I appreciate your knowledge and ability to respond to this query.

its bang on

Anonymous said...


you are an A$$ hole!!

Venkateswaran K Iyer said...

Hi Gokul.

This is one argument I dont want to win.

I will be proved right if China succeeds in breaking up India and installing a puppet communist govt over its parts. If that is the cost of winning an argument, I would rather lose it.

My only hope is that China will never start an overt war. It will act thru non-state actors and terror outfits. But 130,000 educated graduates being recently inducted into its army is not a joke. If there is economic turmoil in China, it may choose to start a border war in India to distract its people.

This is one factor to keep in mind when investing in Indian RE. People will leave the country in droves if it collapses. RE will be unsellable shit.

I actually hail from Kerala. I know first hand what it is. It is as pathetic, dirty and inefficient as the rest of India.

The most advanced area in India is not Kerala but Mumbai. People have a modicum of work culture. Second is Tamil Nadu, where again all children are educated and people work. The rest is just terrible.

India's problem is that all parties i.e. Congress, BJP, casteist parties and commies are all corrupt. Most are just venal.

Communists are the least corrept.

Unfortunately they serve their Chinese (earlier Russian) masters either willingly or by brain washed individuals who are take in by the commie bak-bak.

Gokul, I hope you are just a brain washed individual :-)

If you are not sure whether you are brain washed or not, why not put yourself in quarantine, keep quiet and stop brain washing others?

Cheers, Venkat ND

Venkateswaran K Iyer said...


Gokul, I forgot to ask, did you want to call me vicious or vacuous when you called me vacious?

Or do I need to improve my vocabulary?


Anonymous said...

It was vexatious...

Anonymous said...


Dont get all high and mighty eh..

I certainly perceive you to be vacuous,no doubt..especially your political beleifs and slavish acceptance of everything that you read.Education is meant to make people critical and not take in all dogma and white man's propoganda unquestioningly.

And I hope you are clever enough to see "u" and "i" are adjacent to each other in the keyboard,regardless of you and I sharing a divergent ethos.

whereabout US are you??


Venkateswaran K Iyer said...

I am in New Delhi, thats what ND stands for (there is another Venkat here you see :-)

Vik said...

I would like to add that If we were in a communist society, having a blog which goes against the communist party's ideology would get you thrown in jail. I don't want India to become China anytime ever, no matter what. Freedom is too precious to lose for anyone, even for the homeless guy on the street.

Venkateswaran K Iyer said...

Amen, Vic

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