Everyone needs to watch this movie on near collapse of the US financial system which almost bankrupted the world. Film makers in India are busy making Salman and Shah Ruk dance and have no time in investigative documentaries. The journalists on the other hand are busy negotiating deals with politicians and businessmen.
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24 comments:
Thanks for the movie..nice show for Sunday morning. Even more convinced that armageddon is going to hit the whole world soon. India will also be one of the worst hits.
BJP might come into power in the future and stabilise the country. Only to find Congress coming back in 5-8 years to scr*w India again. Everything's cyclical.
THIS THREAD IS GETTING MORE PROFESSIONAL.GOOD TO SEE THAT EPIC MOVIE ABOUT THE FUCKED ECONOMIC FINANCIAL SCENARIO.ANYBODY WHO HAS WATCHED THE MOVIE AND STILL THINKS ABOUT BUYING RE IN MUMBAI...GOD BE WITH U.
Still no one from Wall Street is in Jail in USA and those banksters are spreading their dirty work all over the world. They have screwed all big economies like India's also to have a similar end as America's.
India needs to wake up and implement their own regulations. It is too late though now. RE has to crash by 60% or more.
@Anon above,
A 70-80% reduction makes some sense. I was shocked to learn that a 2 b/r apartment in downtown mumbai cost 60 million indian rupees.
I live in Miami, Florida. Last year I bought an apartment in coconut groove (similar to marine drive), 2 b/r to be exact, living area 870sq.ft. The price was $130,000 which works out to 6 million India rupees. An apartment with same living area in mumbai is advertised as 1400-1500 sq, ft. I have not still figure out the calculation method.
It amazes me how a slum city like Mumbai is so expensive to live.
seriously, I think the apartments are overpriced by 20 times
Anon above:
And in FLorida there is law and order. You also don't see people shitting in front of your house and there is proper infrastructure. Mumbai is all defecated and insanity prevails for now. Definitely 50-60% slump will come.
Even NRIs who have decent income abroad cannot afford RE in India now. In fact it makes no financial sense to buy in India as it is a massive bubble.
India is NOT land of opportunity, it is land of cheats. Cheating, lack of law enforcement, lack of fundamentals for economic logic is missing makes India shining for people who how to make use of these holes.
That is what makes huge difference between India and developed countries. Comparing oranges to monkeys doesn't make any sense. So stop comparing USA cities to Indian cities.
@above:
That's the whole point. There is no comparison betwen India and the West, then why are the RE prices more than Western countries? They should be in line with reality.
I live in Miami, Florida. Last year I bought an apartment in coconut groove (similar to marine drive), 2 b/r to be exact, living area 870sq.ft. The price was $130,000 which works out to 6 million India rupees. An apartment with same living area in mumbai is advertised as 1400-1500 sq, ft. I have not still figure out the calculation method.
It amazes me how a slum city like Mumbai is so expensive to live.
==> Why compare one way Florida to Mumbai, why not compare Mumbai to Florida. e.g. why are incomes so high in Florida than in Mumbai? I feel people are paid 20 times higher in Florida than Mumbai and incomes in Floridas should come down atleast 60%.
My point is every location economy is different. There are lots of factors that drive prices of labor and material.
Thanks for the movie..nice show for Sunday morning. Even more convinced that armageddon is going to hit the whole world soon. India will also be one of the worst hits.
==> Global financial crisis have done damage what they had to do. What makes you that we will have another one because of India?
BJP might come into power in the future and stabilise the country. Only to find Congress coming back in 5-8 years to scr*w India again. Everything's cyclical.
==> Correct O!!
=> Said:
If salaries in US go down, Indian IT would be toast. ALready salaries have not risen for 10 years in US and Indian salaries are coming closer to US salaries. IT work has already being started to send to Malaysia and China. To be competitive,India should have low salaries than US or the adv. will go away. Same with costs to run like RE and rents etc. India will not be a favoured destination.
Btw, most of the logic you present doesn't make much sense in many of your posts. You should try to make sense yourself before you post.
Mind blowing numbers... 369.3 years without any other consumption to afford a 75-square meter apartment....
Property Prices May Decline in Mumbai. What About Shanghai?
While Mumbai’s property market was ranked as the 10th most expensive worldwide and Shanghai’s ranked 35th last year, the housing affordability in the two cities – if measured by income to price ratios – is typically low compared to other developed cities in the list. Disregarding the lending rate factor, an Indian citizen that earns an annual income at Mumbai’s average 2009 level of Rs.125,000 (US$2,812.8) will theoretically spend 369.3 years without any other consumption to afford a 75-square meter apartment that is worth US$1 million in South Mumbai. Shanghai’s houses are more affordable compared to Mumbai, but a Chinese citizen that makes Shanghai’s average 2010 annual income of RMB31,383 (US$4,868.6) still has to save 52 years without any other consumption to afford a 75-square meter apartment, according to 2010’s average per square meter house price level RMB22,261 (US$3,404.1) released by the government.
==
In Mumbai, the expectation for its property market to decline is strong. In fact, prices have already started to drop in some areas of the city, such as Parel, Lower Parel, Mahlaxmi, Bandra East, Andheri East, Goreagon East, Mulund and Kurla. The overall price level has already seen a 20 percent correction from the peak level.
The Problem With Megacities
Even with solid economic growth, these megacities are not necessarily becoming better places to live. In 1971, slum dwellers accounted for one in six Mumbai-kers; now they constitute an absolute majority. Inflated real estate prices drive even fairly decently employed people into slums. A modest one-bedroom apartment in the Mumbai suburbs, notes R. N. Sharma of the Mumbai-based Tata Institute of Social Sciences, averages around 10,000 rupees a month, double the average worker’s monthly income.
Traffic congestion is also worsening. Nearly half of Mumbai commuters spend at least one or two hours to get to work, far more than workers in smaller rivals such as Chennai, or Hyderabad. Fifty percent of formal sector workers expressed the desire to move elsewhere, in part to escape brutal train or car commutes; only a third of workers in other cities expressed this sentiment.
If salaries in US go down, Indian IT would be toast. ALready salaries have not risen for 10 years in US and Indian salaries are coming closer to US salaries. IT work has already being started to send to Malaysia and China. To be competitive,India should have low salaries than US or the adv. will go away. Same with costs to run like RE and rents etc. India will not be a favoured destination.
==> Did you know that IT workforce in India is just fraction of India's workforce.
Did you know Indians have high savings capacity aka disposable income with very low debt.
Did you know that most of Indians are not into debt and even today many prefer to deal in cash.
Did you know that Indians can live in shitty conditions if they have to save and have to avoid loss.
Btw, most of the logic you present doesn't make much sense in many of your posts. You should try to make sense yourself before you post.
==> Why blame me? Anything in India doesn't make any sense but India is steaming ahead with cars, mobile, and RE and frauds.
In Mumbai, the expectation for its property market to decline is strong. In fact, prices have already started to drop in some areas of the city, such as Parel, Lower Parel, Mahlaxmi, Bandra East, Andheri East, Goreagon East, Mulund and Kurla. The overall price level has already seen a 20 percent correction from the peak level.
==> I wish if it was true. Asking price of 100% more, but ready to give discount of 20% - in other words RE is still expensive by 80%.
How many sellers are selling because they are in distress or how many are selling with loss?
ZERO.
Traffic congestion is also worsening. Nearly half of Mumbai commuters spend at least one or two hours to get to work, far more than workers in smaller rivals such as Chennai, or Hyderabad. Fifty percent of formal sector workers expressed the desire to move elsewhere, in part to escape brutal train or car commutes; only a third of workers in other cities expressed this sentiment.
==> if so many people are living in slums then who are the people that are spending in crores worth RE? why no availability of flats? Mumbai is so crowded, that what makes Mumbai attractive to businesses and investors - lots of consumers!
That guy making 125,000 Rs per annum is living in slum in Dharavi, not in downtown mumbai.
That guy living in downtown Mumbai is much richer than Americans, Chinese and Arabs - whatever the source of all that money. For him, 1 million dollars is nothing - he has 10 million $ and more
To: Anonymous above
One correction. The guy making 125000/annum wont be able to afford to live in Dharavi. He has to live in some road side tent city or pipes, as to sustain oneself in Dharavi, one needs annum income of 200,000 and above
Todays Dharavi is what Mumbai was in 1980's. Come out of your shell and see the world
One correction. The guy making 125000/annum wont be able to afford to live in Dharavi. He has to live in some road side tent city or pipes, as to sustain oneself in Dharavi, one needs annum income of 200,000 and above
Todays Dharavi is what Mumbai was in 1980's. Come out of your shell and see the world
==> True. Many on this blogs are relating USA credit and money culture to Indian shitty culture.
I know few people who earn 12+ lacs annual household income and stay in chawl - yes - they have bought house in Mumbai and have put that to rent.
I also know people whose household income is 4.5+ lacs per annum and stay in 1BR with other 4 family members - yes, they have also bought house in Mumbau and have put that to rent.
None of these people are NOT in any debt and are NOT pressed to sell for cheaper price
@ ==>
good point. In Mumbai money/education isn't the indicator for living standard. People allocated accomodation by government rent it out and live in chawls or zopadis.
I live in a housing society in Goregaon west. There are many doctors/businessmen who are my neighbours, some othem are rich and can afford better accomodation, but choose to live in cramped apartments and employ houseboys/maids etc. Early moring children from these flats are sent to defecate on the road side, the reason could be one toilet for household. The children grow up and follow their parents footsteps and don't see anything wrong in their practice.
As you said, the culture is shitty. These guys may be investing in real estate so that their off springs will benefit. No wonder, the prices keep on rising
prices rising like morning wood, then orgasm, then a long refractory period
I was reading somewhere that India has so much debt that 50% of the Tax collection goes to pay interest on that debt. It can get really bad if India cannot service the debt or pays all the Tax collection as Interest.
It means Govt. is even borrowing to pay salaries of its employees.
I have been reading this blog for three years now and I came to the conclusion that you guys are just a bunch of complainers and you want your problems to be solved by someone else.
You have been complaining about corrupt politicians or ever, but has anyone gone out and supported Anna Hazare's movement on the Lok Pal Bill? Has anyone even bothered to make a mention of it here?
I think for you guys who post on this blog, I have only one statement to make. It is actually a part of an old hindi movie song:
Thodi chudiyan pahon-lo, ek ghagra silwa lo
Happy bitching!
Story from today’s WSJ:
India Graduates Millions, but Too Few Are Fit to Hire
Fun quote:
Business executives say schools are hampered by overbearing bureaucracy and a focus on rote learning rather than critical thinking and comprehension. Government keeps tuition low, which makes schools accessible to more students, but also keeps teacher salaries and budgets low. What’s more, say educators and business leaders, the curriculum in most places is outdated and disconnected from the real world.
“If you pay peanuts, you get monkeys,” says Vijay Thadani, chief executive of New Delhi-based NIIT Ltd. India, a recruitment firm that also runs job-training programs for college graduates lacking the skills to land good jobs.
Anon @7:12
Are you fasting with Anna Hazare? Many people are and even I'm. 90% people are truthful to their country and want freedom from this nonsense corruption and gaming by some in the RE industry.
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