Monday, February 08, 2010

Now, even Mira road is unaffordable

Property rates have gone up by 20-25 % in the last six months

Savita Rijhwani (24) is all set to get married in the coming months -- the families are ready, shopping is on in full swing -- but one major hindrance, despite a budget of Rs 30 lakh, is a house. She was earlier looking for a two-bedroom hall kitchen flat in the Mumbai region up to Dahishar and Mira road, but now, with real estate prices moving northwards again, she has to look even beyond Mira Road.

During the recession, property rates in the city had come down by 20-35 per cent depending on the location.

However, in the last six months, the rates have escalated by 20-25 per cent. V Sharma started looking for a 1 BHK flat in Mira Road nearly six months ago and the owner was demanding Rs 13 lakh for the flat. Two months later, the prices shot up to Rs 15 lakh and currently the rate is nearly Rs 19 lakh. Sharma says he has to act now, "I cannot wait any longer as the prices are escalating and very soon the flat would become unaffordable I wish I had bought the flat last time itself."

Builders are a happy lot with the growing prices but are also careful and understand that if the rates reach an astronomical high, the market will fall soon. Abis Rizvi, Director, Rizvi builder, said, "The prices in areas like Bandra have gone up by 30 per cent in locations, the real estate market is back on its feet. But the prices has to be checked, if they rise above affordability then it won't be a good sign."

Vibhoo Mehra, a real estate consultant from western suburbs, claims prices have gone up in the last three months and have touched a peak.

49 comments:

shailesh said...

This is really looking like Casino. Prices going up by 25% in just 6 months.

Anonymous said...

That is what the world has become. All the world economies are involved in this game. This is all the head of countries involving in these type of activities to keep the housing marked propped up.

But, the reality is coming to bite the European countries. Unlike Dubai, UK is the next to need bailout.

I think the stocks will sell off and we'll see new lows. With this dip the economy may not reboud for many many years. All those easy jobs, high paying jobs would be evaporated. And RE will definitely go down by 60% in India and all the world countries.

Anonymous said...

Wall Street investors are giving up on the story on growth in emerging markets.

Investors want to sell emerging markets stocks as they feel all emerging markets are just borrowed money ready to explode anytime.

shailesh said...

BB will have field day with this one :-)

Real estate bubble building up again in Mumbai

shailesh said...

HDFC wants easier farm land rules to meet housing demand

MUMBAI: Housing Development Finance Corporation has called for relaxation of laws governing rural land to meet the housing demand. The country’s largest mortgage financier has called for simplified conversion of land from agricultural to non-agriculture and also for allowing farm land as security for home loans.

Ms Karnad also called for an enabling environment to encourage developers come up with affordable housing. "For instance, if developers are provided a fast-track, single-window clearance mechanism for affordable housing projects and if the land is provided by the government, developers would be sufficiently incentivised to build mass housing units. Further, if land titles are clear, most lenders would not hesitate to make small-ticket sized loans," she said.

shailesh said...

Mumbai Plans Bollywood Park in Biggest Land Deal in 21 Months

Anonymous said...

The markets, Jyotivardhan Jaipuria, Head of Research at DSP Merrill Lynch, on the sideline of its fourteenth Annual India Investor Conference, says are likely to bottom out close to the Union Budget. He further feels that the markets will give flattish returns in 2010. “The correction in the market is triggered by China tightening measures,” Jaipuria says.

I would like to ask this smart ass that their company didn't even their future ant bankrupt in US last year. BoA was forced to buy them. I don't think these researchers or economists have any credibility left. Either they are big fools or are sold for their greed. Mr. Jaipuria, don't you see what is happening at Macro Economic levels? Do you read news and know what is happening in EU?

Anonymous said...

More trouble in Dubai: funny.

http://hosted.ap.org/dynamic/stories/M/ML_DUBAI_TALLEST_BUILDING?SITE=FLDAY&SECTION=HOME&TEMPLATE=DEFAULT

Venkateswaran K Iyer said...

I think markets are beginning to crack in NOIDA.

Huge number of new launches and increased competition have brought down prices in my observation.

Before the average price was 2800 psf.

Now prices are down to 2500 to 2550psf. Thats a 10% fall in prices.

If they do not sell in next 6 months, prices in NOIDA may fall further 10%.

shailesh said...

RBI rules out further rejig of realty loans

MUMBAI: The Reserve Bank of India (RBI), worried about soaring asset prices, has ruled out one more round of restructuring of bad real estate may increase non-performing assets of banks, but bring down prices of homes as developers sell off properties to pay lenders, said at least two people familiar with the matter.

“Let them lower the prices and clear their inventory,” a senior RBI official had told bank chief executives ten days back. The banks were seeking permission continue classifying some bad real estate loans as standard assets even after developers failed to pay.

One more restructuring would rather be a boon for developers to hold on to prices and profit, while hurting consumers, the official had said.

“Banks are wary of the risk associated with commercial real estate because demand for commercial space such as malls has come down and (at the same time) there is a decline in demand in the residential sector across all income groups,” said AC Mahajan, chairman and managing director of Canara Bank. “This problem cannot be solved by repeated restructuring of loans, but by reviving the market by lowering the price, making property more affordable and showing the customer some economic value in their purchases.”

Anonymous said...

Greece is being bailed out. A package is being formed by the EU to prevent world markets to crash.

I wonder how long this would go. Very soon more countries would need a bailout like Italy, Spain, UK and likes of Dubai.

Eventually, more money will be printed. Why can't the people in power get into senses and bring everyhting to reality rather than keepeing it priced high.

A few places that would see crash this year are:

--Australia
--Spain
--Canada
--UK
--Italy
--Latvia
--China (probably by 2011)
--India (probably by late 2010)
--Singapore

US will keep going down for at least 5-6 years. Dollar will become strong not because it is strong but it will turn out to be a lesser fool than other countries.
US will again look like a hero when foolishness across the wrold is unvieled.

shailesh said...

`Khosla ka ghosla' played out with many NRIs

As to what happened to overseas Indians this time that they were not taking any interests in the upcoming projects of realty firms? Are they facing financial crunch? Well, after taking to many of them, one thing was clearly emerged that a real-life version of `Khosla ka ghosla' is being played out with an increasing number of NRIs. Furious Naresh Chopra, a NRI from America, said that he had booked one flat in Gurgaon in a project of a very well-known realty player. He has been paying whatever money the realty firm asking from him. Despite that, there is no progress in the project. The realty firm has failed to deliver the flat to him which they supposed to hand over to him almost one year ago. While narrating his sad tale, he also said that he would take up this matter with Vylar Ravi, Overseas Indian affairs minister.

Till recent times, NRIs from US, Britain, Canada and Gulf were the Darling of realty sector. Among NRIs settled or working in these countries, Punjabis and Malyalis used to buy properties in a big way every year in all the major parts of the country. It is a well-known fact that Malyalis and Punjabis have migrated in hordes over the years. Some of them are also buying commercial space.

Anonymous said...

Greedy Punjabis.
They always run for money without anything in their head. Maybe that's why there are 100K who went to Australia and giving a bad name to India, by living 10 in one flat.

Assi tusi, lassi pecci...

Anonymous said...

On affordability

This congress govt. is going to lose the next election. They have been "stimulating" their friends too much! and in the process creating a lot more poor people. The middle class is crying for roti kapda aur makaan once more!

shailesh said...

Didn't realize that India has debt of 78% of GDP.

Debt Threshold for India

shailesh said...

The real estate of urban wasteland in India

Not only the local markets are threatening the real estate developers in Gurgaon. The payment crisis in Dubai had a direct impact due to the many alliances between Dubai firms and Indian ones. Emaar Properties has a joint venture with MGF, Limitless UAE and DLF plan to invest thousands of crore outside Gurgaon and Mumbai – turning soil into concrete. In December 2009 offices of Emaar MGF were raided over alleged violation of foreign direct investment (FDI) norms: Emaar is accused of having diverted investments meant for the real estate sector to purchase agricultural land in and around Gurgaon – which is officially forbidden for ‘foreign companies’. But what is the law? In 2007, the income tax department had raided several premises of the company for alleged income tax evasion. But a mysterious fire broke out at the tax department’s Connaught Place office in October 2007, destroying all documents pertaining to Emaar-MGF’s case. Delhi Police had registered a case of sabotage, but have not been able to make a breakthrough.

The real estate crisis goes beyond the housing market, it impacts on infrastructure and the shape of the city, as well. In December 2009 India’s first private metro rail project was announced to be down. The metro would link the DLF township in Gurgaon to Noida, covering a stretch of 5km involving six stations. The land over which the metro rail lines are to be built is owned by DLF, hence even the stations that come up will be managed by IL&FS-DLF. The metro stretch was to be developed by the Haryana government, but it went to the private sector because the state government lacked the funds. Backing such projects are the ministries of roads and aviation. Kamal Nath, Union minister for roads and highways wants to award large stretches of roads and highways to parties who can fund it themselves by earning money from real estate and development on either side of the roads. If there is money to make…

Anonymous said...

Shailesh,
I know one thing that the growth India has seen in the past few years is too good to be true.

Either the deficits will take this party down or all the hidden ponzi schemes of the builder/banker mafia would be uncovered.

I cannot trust a market that yields 20% every 6-8 months. Something that didn't go up for hundreds of years suddenly shoots the sky beating the prices in NY and Tokyo. All arguments about lack of space, more people immigrating, black money etc..are all adding to massive speculation by NRIs, FDIs and residents of India. I'm eagerly waiting for the noise of the bubble blast. God knows how much Govt. will keep borrowing to keep it alive and how long would they prolong it.

I even wonder what did RBI Governor talk in the secret meeting in Sydney few days back with all central bank governors. Maybe they are all cooking up another ponzi scheme to keep it propped up by printing more money.

I'm sitting on the sidelines. I sold my 2 flats at a very good profit. My father bought them for around 4.5 lac rupees each in 1990. I sold my inheritance of these two flats for a total of 2.55 crores.

I took all white money from buyers (maybe some stupid NRI who bought) and put 2 crores in bank. I now get a lot of money close to 1.7 lacs per month in interest and the rest 50 lacs I've used to buy a flat in US. They are selling flats with all amenites and furnished kitchens etc in cities for around 70-80K USD. I went there and bought a flat for Rs.38 lacs and have rented it for $750 per month.

I don't see why I should have kept on holding the flats in Delhi. Now I have a wonderful life. I just had a family vacation with family to US and we also closed on the flat there. I'm also thinking of quitting work do some NGO or social thing for the needy folks in India. I'll never do stocks, and wisely invest the interest income I receive per month.

Anonymous said...

RIschard Russell says DOW is going back to 6500. If that happens, there would be catastrophe in India and qall over.
http://beforeitsnews.com/story/17053/The_8220;Second_Round_of_Pain_8221;.html

Anonymous said...

The link above got truncated. Here it is again:

http://beforeitsnews.com/story/17053/The_8220;Second_Round_of_Pain_8221;.html

Anonymous said...

@ Shailesh:

Wow, i did not know that Indian debt was that high!

Anonymous said...

anon@2:29 PM

What have you invested in FD's? I mean the maximum return people get in banks is around 8-9%!

Which means 2cr would yield max about 18L/annum or about 1.5L/month! How come you are getting 1.7 Lac

Anonymous said...

My dear anon above:
I invested 15 lacs per parent as senior citizen at 1% higher. Me and my wife's parents, so 4 accounts at the post office. Also, we included parents wherever possible to get the extra 1-2% in FDs.

Anonymous said...

@Shailesh

Indian debt is high, that's why they are trying to sell shares of PSUs like NTPC to raise money to pay thier debs and the salary hikes for Govt. employees.

But the sale of these shares didn't go well to raise 35K crores for India. the Govt. is in a limbo now. Borrow more????

Anonymous said...

India’s budget deficit, forecast at 6.8 percent of gross domestic product by March 31, a 16-year high, is a “bigger risk” to economic prospects than any other factor, central bank Governor Duvvuri Subbarao said Jan. 29. He raised the proportion of deposits that lenders need to maintain as cash reserves to 5.75 percent from 5 percent to contain inflation.

Subbarao, who increased India’s inflation forecast to 8.5 percent by March 31 from 6.5 percent, said monetary policy alone won’t be effective in curbing price-gains and called on Finance Minister Pranab Mukherjee to roll back fiscal stimulus and cut borrowing in the next budget to be presented on Feb. 26.

Anonymous said...

Mumbai: A mountain of government borrowing has the potential to eventually hurt economic growth and spark off high inflation.

Economists Carmen Reinhart and Kenneth Rogoff have shown in a paper published in January that countries with public debt higher than 90% of the gross domestic product (GDP) tend to see their growth slow in the long run.

India is one of the countries dangerously close to that threshold, though it is far lower than most rich countries whose public debt is now almost equal to the value of their annual economic output.

Anonymous said...

Greek crisis takes toll on India Inc's fund-raising:::

After Bank of Baroda, BoI keeps global bond offer on hold; IDBI has second thoughts.

Hardening risk spreads in global markets after the economic crisis in Greece, Portugal and Spain has started taking a toll on fund-raising by Indian banks and companies. Bank of India has became the second public sector bank to put its bond issue ($ 500 million) on hold due to volatile market conditions.

The bank postponed its overseas bond issue due to the “current cost factor”, a BoI executive said on condition of anonymity. The bank was planning to raise about $ 500 million through medium-term notes (MTN).

“When the market improves, the bank will come back,” said the executive. Barclays Plc, Citigroup Inc, Deutsche Bank AG, HSBC Holdings Plc and Royal Bank of Scotland Group Plc were hired to manage the sale, said a person familiar with the matter.

The economic woes of Greece, Portugal and Spain have raised questions over global economic recovery. The result of this is that risk spreads over interest rate benchmarks like the London Inter Bank Offered Rate have moved up in the last one month. Credit spreads for Indian paper have also moved up. For ICICI Bank, the spreads have risen 37 basis points (bps) to 210.48 basis points in a month. For Tata Steel, the rise is 41 bps to 561.66.

IDBI Bank, another public sector bank, also plans to raise funds through medium-term notes, but has not finalised the timing. A senior IDBI bank official said, “The present pricing is not attractive. Also, we are not in a hurry to raise funds. We are in talks with the bankers to the issue (HSBC and Barclays). We will tap the market when interest rates become affordable”.

A senior State Bank of India official dealing with global issuances said the market was concerned over India’s fiscal deficit and the high debt to GDP ratio. This is captured in credit spreads. For example, spreads over the benchmark for SBI have gone up by 50 bps to 215-220 bps.

Anonymous said...

India: A budget to rein in price increases

The price of lentils, rice and other basic foods is rising at an annual rate of 17.6 per cent in India. Potatoes are up 44 per cent. The soaring prices have put inflation at the top of the list of political issues and piled pressure on the government to rein in the fiscal and monetary stimulus with which the economy was dosed last year. The country's central bank governor, Duvvuri Subbarao, has begun to pull some of the $125bn in extra liquidity in the system, demanded higher capital reserves at banks, and is widely expected to push up interest rates without waiting for the next scheduled policy meeting in April. He has also urged the government to mirror these efforts with spending cuts, in part to get a grip on a deficit that will pass 10 per cent of GDP this year. The government's next budget, due later this month, is likely to be highly contentious.

Anonymous said...

With the fresh economic downturn all over the world, India may see a lot of layoffs in the coming months. The party from free borrowed money is getting over.

If the instituions can't raise money, how will they pay and hire more. Moreover, they'll have to cut down the existing staff.

Shrini said...

Gurgaon people please dont buy till Commonwealth games are over. After the games, the RE there will collapse as the Govt will be bankrupt after huge spending.

I have noticed that every big sports event in developing country makes that country borrow more than it can afford. Beijing's bird nest is lying vacant, Michigan's 80,000 seater dome sold for 500k, Doha is in debt restructuring talks, Greece which borrowed the crap out for the 2004 olympics is in trouble too.

People hoarding cash should make sure they hedge between US$ or INR, if govt pulls out stimulus in budget, the rupee will fall to at least 55 Rs to the US$.

Anonymous said...

Srini,
Very well said. The Govt. has no choice but to stop stimulus in smaller amounts. They would stop it completely after the Greece news, but are under a lot of pressure from the builder/banking lobby.

The Govt. will not sleeping anymore with the corrupt builders/bankers but will try to save the country from a Greece like situation and high inflation.

RE prices will fall close to 60% in my judgement as all that we see is speculative demand. After the China Olympics, subprime hit. After the games in India, there could be 3-4 countries in EU going bankrupt. And India, Australia etc. are not far behind bankruptcy. They have so much debpt now.

I wonder if the Govt. folks would run their own families this way by borrowing more than even the next generation cannot pay.

Anonymous said...

Buggers ,
for last 3 years you are predicting collapse ,and now prices are increased......ha ha

When is your doomsday coming?
Insted of waiting to get Bandra apartment @ 50 L I bought a place in Navi Mumbai ...

Vashi Hunter

Anonymous said...

Vashi,
If the Govt. hadn't given hundreds of billions of dollars as aid to the market, it would have collapsed long back. Now there only so much the Govt. can borrow.

Wait and watch. This has been waiting for a collapse for the past few years. Govt. will also be able to do not much now. Otherwise India would be another Greece, Spain, Italy or Portugal.

Anonymous said...

This is what the Govt/banks/builders are thinking:

“If we can just keep that up for the next 5 years we’ll be back to where we started.”

They want to keep it propped up by borrowing more and more. Absolute idiots.

Anonymous said...

MUMBAI (Dow Jones)--Indian government bonds fell sharply Wednesday on speculation that the federal government may have to borrow more from the market this year to shore up its finances.

The 6.35% 2020 bond ended at INR90.23, down from INR90.75 Tuesday's close. Yield on the benchmark bond rose seven basis points to 7.78%.

"There are continuing rumors (of more government borrowing), which may be due to some traders sitting short on the market rather than based on any news," said a dealer with a state-run bank.

The market was also abuzz with talk that the government may issue short-term instruments such as cash management bills, which are of less than 91 days maturity, to raise money without putting additional pressure on the bond market this year.

The government raised a record INR4.51 trillion from the market in the current fiscal year that ends March 31 to plug its gaping fiscal deficit and is expected to borrow a slightly higher amount next year, causing severe strain on the already stretched bond supplies.

Anonymous said...

LONDON (Reuters) - Worries about debt-laden Greece are spilling over into high-yielding emerging corporate debt markets, and borrowers are likely to wait for more clarity on sovereign risk before issuing, analysts say.

Investors have money waiting to be put to work in emerging debt markets due to signs of recovery in the global economy and a clampdown on interest rates in developed countries.

But with the recovery to some extent easing the pressure on immediate borrowing needs, corporates are likely to wait, rather than issuing now into falling markets.

At least three emerging market corporate borrowers have postponed bond issues in the past week, unnerved by increasingly choppy market conditions.

New World Resources (NWR), owner of the Czech Republic's largest hard coal mines, pulled a 700 million euro-equivalent issue on Wednesday, citing "negative market volatility".

State-run Bank of India postponed a planned dollar bond this week because of market conditions after a week-long roadshow while last week another state-run Indian lender, Bank of Baroda, postponed its planned bond, also citing choppy conditions.

Anonymous said...

Problems with India: ONE

For one thing, the Indian government - which tends to run budget deficits even in the best of economic times - engaged in substantial fiscal "stimulus" in 2009, an election year. And while the central-government-budget deficit appears tolerable at 8% of gross domestic product (GDP), provincial governments also run budget deficits - in amounts equal to an additional 4%-5% of GDP.

With a consolidated budget deficit of 12%-13% of GDP, India's fiscal position is up there with such international bad actors as Greece, Britain and Ireland. And it's substantially worse than the U.S. position. India's saving grace may be the fact that its public debt level is relatively low at around 60% of GDP, and is largely domestically held, primarily in the banking system, much of which is state controlled.

That pinpoints a problem. Since investors around the world have become worried about Greece, there's every chance that they'll one day become just as worried about India.

Anonymous said...

Problems with India: TWO

Another problem is inflation. India undertook monetary - as well as fiscal - stimulus in 2009. The Reserve Bank of India lowered its repo rate to 4.75%, which may not appear all that low except that India's inflation rate ran at 10.7% in 2009. The upshot: Real interest rates are sharply negative.

Anonymous said...

Problems in India: THREE

Markets sense the problems ahead. The Bombay Sensex Index has not again approached its January 2008 level of 21,000; its most recent peak - at 17,686 - was reached in December 2009. Since then, the index has dropped roughly 10%. But even at that reduced level, as I remarked earlier, India's stock market is hardly a bargain.

It appears that India is headed for the economic equivalent of a one-two punch - a simultaneous monetary crisis and fiscal crisis. Inflation will get uncomfortably high while the government struggles to fund its budget deficit and "crowds out" small- and medium-sized business borrowing while doing so. A period of government-spending austerity would alleviate both problems, but is pretty unlikely as the currently governing Congress Party has a history of heavy public spending constrained only with difficulty. Either way, there is likely to be a period of considerable retrenchment among India's business and consumers.

shailesh said...

Anon 1:40: Agree with you 100%.

Richard Koo Presentation

Here is presentation from an economist who was very much involved in Japanese bubble and bust. See the 2nd last slide in the presentation.

According to him, India is in YANG phase, and it will probably grow for some time. But after sometime party would end and YIN phase would start. As soon as Monetary policy is tightened, the bubble will turn into bust.

Anonymous said...

All the promises for India are based on the fact that there is growth and continuous growth.

As soon as the growth slows, all the institutions that have borrwed money by selling bonds will start defaulting. I will not be surprised if the whole country defaults.

The Govt. would do either of 2 things in an event of defaults:


--Print more and become Zimbabwe, depreciate Re further.

--Or go bankrupt like Spain and Greece with stock market crash, RE crash and high unemployment.

Anonymous said...

One in five US mortgages "underwater

Wed Feb 10, 2010 8:32am EST


By Julie Haviv

NEW YORK, Feb 10 (Reuters) - One of every five U.S. home owners owed more on their mortgage than their home was worth in the fourth quarter, a trend that poses a serious threat to the U.S. housing market's recovery, real estate website Zillow.com said on Wednesday.

Homeowners with "underwater" mortgages are more prone to defaults and foreclosures. They typically do not qualify for refinancings and are unable to sell their homes because they would need to cough up cash at closing time to pay off their mortgage.

The percentage of American single-family homes with mortgages in negative equity rose to 21.4 percent in the fourth quarter from 21 percent in the third quarter, according to the Zillow Real Estate Market Reports.

U.S. home values declined again in the fourth quarter, as the Zillow Home Value Index fell 5 percent year-over-year and down 0.5 percent quarter-over-quarter, to $186,200. It was the 12th consecutive quarter of year-over-year declines, the reports showed.

Anonymous said...

Low rate home loans will disappear soon

Khyati Dharamsi & Neelasri Barman / DNAThursday, February 11, 2010 0:39 IST


Mumbai: Ultra-cheap housing loans are soon going to be a thing of the past. Banks are winding down their fixed-cum-floating rate home loan schemes, where rates were in the 8-8.5% plus range for the initial year, with the provision that rates may be raised later.

Axis Bank has already withdrawn its fixed-cum-floating rate loan and Union Bank of India told DNA that it was withdrawing its teaser loan scheme starting February 15. “We will be offering floating rates of interest starting February 15,” said a bank official.

Anonymous said...

The Reserve Bank of India has been helping out the crooked builders by legalizing the fraud. The RBI allowed the Banks to restructure the loans i.e. hide the losses on the balalnce sheet. But the truth has been coming out open. Shame on these dacoits.

Restructured loans, realty, SMEs to test banks' asset quality


Abhijit Lele / Mumbai February 9, 2010, 0:42 IST



39 listed banks see their gross NPAs rise over Rs 15,000 crore in the last 12 months.


According to Crisil, till mid-2009, banks restructured around 4.2 per cent of their advances. Slippages from these cases may put stress on the asset quality of the banking system over the medium term.

For SBI, out of Rs 16,796-crore worth loans restructured under RBI dispensation up to June 2009, Rs 996 crore have slipped into the NPA category up to December 2009, taking the slippages ratio to 5.93 per cent.

Though not irrecoverable, these restructured cases may need another round of support. Such cases will be treated as sub-standard assets under RBI norms. These slippages could be for a short period.

A Bank of India official said that the problems of companies were earlier not addressed in depth. Things (restructuring) were done in a hurry based on inputs of companies and their managements. For such cases, the unaddressed issues will surface in coming quarters, warranting another round of support from banks. Such loans will have to be treated as non-performing loans.

Elaborating on concerns over asset quality emanating from small players in real estate , Rajiv Deoras, head of wholesale banking at Dhanlaxmi Bank, said while the supply of commercial real estate space was huge, there was low demand.

Large players in the realty sector have been able to manage the slowdown in demand and resource crunch. Small players with limited holding power and mounting repayment obligation to banks and suppliers posed higher risk, he added.

One of the public sector banks which suffered the most due to a sharp rise in non-performing assets in the third quarter is Chennai-based Indian Overseas Bank. Bank of India suffered majorly in the second quarter. It saw a gross slippage of Rs 837 crore during the quarter. Its Executive Director YL Madan said real estate, textiles industry and metals accounted for 50 per cent of slippages.

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shailesh said...

RIL Considers Shifting Head Quarters To Gujarat

Reliance Industries, or RIL, the largest company in India, is considering shifting of its registered head office from Mumbai to Jamnagar in Gujarat, reports the Economic Times.

The proposed shift may ease the administrative burden of the company but will be a big blow to India's financial capital. According to a person familiar with the development, an informal meeting was held on January 22 on the issue expressing the uncertainty of time frame on a final decision. RIL declined to comment.

India's commercial hub since the British period, Mumbai has been losing its lustre of late, as services sectors such as technology and telecom have started enhancing the economy while manufacturing industries such as textiles weakened.

Rising real estate prices and infrastructure hindrances are making the financial city unattractive. Also the war-of-words by politicians has caused uneasiness to the business community.

It is believed that the first rich Indian has to retain the other corporate offices of his company at Nariman point in Mumbai. It is expected that a move to Jamnagar could displace only 5,000 of its staff in Mumbai out of its 25,000 employees.

Some staff could prefer to shift to Jamnagar as the company may create infrastructure for a luxurious life compared to Mumbai.

Anonymous said...

I think currently almost anything would be preferable to slumbai! slumbai is becoming like a bizarre unplanned monster city...soon with electric, power outages, garbage everywhere and rising pollution levels..we might see a plague or some form of epidemic!

Laaloo Prasad yadav said...

hi all,
you people kow about cults. Every cut stands on one strange belief. like.. world is coming to end... free sex is the solution to the world's problem....don't use undergarments .. ets... etc..... they just don't see the reality.. they just stick to their belief... and very hard to bring them out of that belief.


People who post in the blog are also looks like some kinf cult. who believes in...
1. india is going to ruins soon
2. all the builders going to become beggars soon
3. you can buy a house for few hundreds of rupees soon.
4. all the software and MNC employs r going to loose their jobs and going become beggars
5. dooms day is coming... ( for last 3 years i was reading this blog.. it never came...)

trust me .. none of these gonna happen. Remember... we common people are in the hands if BIGs.. u can never escape from them... you r going to work like dogs for those BIGs.. things will go as usual...

Laaloo Prasad yadav

Anonymous said...

NEW YORK: US home prices unexpectedly slipped in December but the annual rate of decline slowed, reinforcing the housing market's rocky road to Where has US bailout money gone?

The S&P composite index of home prices in 20 metropolitan areas declined 0.2 per cent in December, matching the dip in November, for a 3.1 per cent annual drop.

A survey had forecast that prices would be unchanged for the month and down 3.2 per cent annually following a 5.3 per cent annual drop in November.

The S&P/Case-Shiller US national home price index, which covers all nine census divisions, fell 2.5 per cent in the fourth quarter from the same time a year earlier. This measure, like the 20-city and 10-city indexes, have seen smaller annual declines all through 2009.

The national price measure had been down 19 per cent annually in the first quarter, 14.7 per cent in the second quarter and 8.7 per cent in the third quarter.

On a seasonally adjusted monthly basis, the 20-city index rose 0.3 per cent in December, S&P said, matching the November increase.

Despite this steady improvement, much of it on the back of government incentive programs that will end this spring, prices in December reflected the hurdles still facing US housing.

Unemployment hovers just under 10 per cent, foreclosures are running at a record pace and banks still own a massive amount of repossessed properties yet to be placed on the market.

All could test prices anew. "Many of the secondary markets, which were away from the center of the initial problem, are starting to feel the effects of the crisis," said Joseph Battipaglia, market strategist at Stifel Nicolaus in Yardley, Pennsylvania.

"While affordability has improved, confidence about the outlook has not, so there's hesitancy to move on purchases," he said.

Fifteen of the 20 metro areas saw price declines in December compared with November.

Three of the markets, Charlotte, Seattle and Tampa, posted new low index levels as measured by the past four years, erasing any gains seen in the past few months, S&P said.

rajni sharma said...
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