Tuesday, December 01, 2009

Builder of IT group housing project succumbs to bullet wounds

Cross posted from Ravi Karandeekars Blog.

Nikhil Rane (42), builder of Vanshaj InSignia at Baner - Sus, group housing project of IT professionals working in Hinjewadi, who was shot at by unidentified assailants in broad daylight at his office on Jungli Maharaj Road on November 23, passed away at 10.45 am on Monday at the Sancheti Hospital due to spinal shock complications.

Insignia group in Pune tried to form a group of IT pros to build their own housing complex. Unfortunately the builder who undertook their order, was shot at by unknown assailants a while back outside his Pune JM Road office.

While the primary motive seems to be a dispute in the purchase of land, it is indeed sad that crime, politics and the construction industry are so intertwined.





Jayant said...

The Burj, Dubai - Debt rollover - impending financial crisis...

Skyscrapers and Business Cycles - The Skyscraper Index

Do Skyscrapers Predict?

Lawrence (1999a) was apparently the first to make the claim that the construction of the world’s tallest building was correlated with impending financial crisis.

He shows that in almost all cases that the initiation of construction of a new record-breaking skyscraper preceded major financial corrections and turmoil in economic institutions.

Anonymous said...

Such a tragedy! Its still early days, we do not know the exact cause of his death...

May his soul find peace.

Anonymous said...

There could be multiple intentions lead to such tragic end which I haven't heard in past in builder community. Extortion is not new but what significant I see is this was an attempt by group of people and even more a movemnet against the huge profit business by qualified end user group. One of the intentions could be to discourage such attempts and spread panic among those who are trying their own way.

Anyways, this should not be seen as yet another extortion case but a through investigation will unearth shocking facts

- An IT guy

Pravin K said...

Hey Vik - Perhaps a wider discussion on Dubai as it mimics the hubris which was prevalent in the Indian Housing Market.

A must read article from the New York Times -

Pravin K said...

The shortened link here...so that it gets published. Do read.....

Shriniwas K said...

Those Sharia Funds / Islamic banking bonds are all junk bonds. It clearly says that Islam prohibits making money from money because only greedy Jews do that, so you are not promised any interest on your investment. Instead you get a cut in the operating profit of the asset bought by the Islamic bond. (I dont see how this is any different but nevertheless)
Also there is no guarantee or backing to the bond. People blindly assumed that the Sharia bond was backed by the islamic state/emirate/country. In reality it is a junk rated CCC bond - with huge risks. So the investors whose money was defaulted by Dubai will sue the rating agencies for misleading. If the rating agencies lose any lawsuit, they will file bankruptcy - but the money is technically gone!

There has been 800b $ invested in these Sharia bonds mostly and I am pretty sure we are going to see a large percentage of it going poof.

Anonymous said...

U.S. housing market meltdown not over yet: Zandi
Wed Dec 2, 2009 2:15pm EST

By Julie Haviv

NEW YORK (Reuters) - The meltdown of the U.S. housing market is not over yet, and home prices will soon start trekking downward again as a flood of foreclosures looms, a well-known economist said on Wednesday.

Zandi said another significant obstacle to a housing market recovery is the number of mortgages that are "underwater," where borrowers owe more for the loan than the residence is worth. This negative equity disqualifies many homeowners from refinancing and prevents some from selling their homes.


"With so many homeowners so deeply underwater and unemployment very high and on the rise, the foreclosure crisis will continue putting more pressure on home prices," he said.

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rajni sharma said...
This comment has been removed by the author.
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