NEW DELHI: The ban imposed by the Delhi government on general power of attorney as a mode of property transfer, following a Supreme Court order, is expected to impact the entire property market. Property dealers say that while the ban was required to regularize property transactions, in the absence of a simple and clear procedure for converting leasehold property or property held under GPA into freehold, transactions may fall sharply, at least for a while.
"The move is right - that's how it should be. Property should not be transferred through power of attorney. However, along with this, the government should improve the process, the system of transfer so that people don't suffer. A majority of owners go for GPA because they don't have a choice. I think residential property will be hit the most," says Anshuman Magazine, chairman and MD, CBRE South Asia Pvt. Ltd.
"The move is right - that's how it should be. Property should not be transferred through power of attorney. However, along with this, the government should improve the process, the system of transfer so that people don't suffer. A majority of owners go for GPA because they don't have a choice. I think residential property will be hit the most," says Anshuman Magazine, chairman and MD, CBRE South Asia Pvt. Ltd.
More from the Economic Times
279 comments:
«Oldest ‹Older 201 – 279 of 279Can someone explain to a layman what RBI is doing to support the rupee from collapse?
Is GOI selling gold to buy dollars?
@Can someone explain to a layman what RBI is doing to support the rupee from collapse?
It buys rupees by selling dollars. But cant do that for ever. Otherwise we will run out of dollars and not be able to pay for our imports (eg oil), like in 1991.
The other option is to jack up interest rates by 200-300 basis points. This has been done before by other central banks. Not a slow calibrated rise spread over months but a day or two. If we have currency crisis, expect this route.
Defaults will spike and debtors will be badly hit. Imagine your EMIs going up by 25-30%. Stocks will almost certainly fall.
But that's the price you for a sound currency.
Govt turns austere to tackle budget deficit
http://www.thehindu.com/news/national/article3432670.ece?homepage=true
Read between the lines, all this time Govt official living an ultimate super lavish lifestyle and now they are going to cutdown their expenses. It is like taking one drop out from ocean.
and on meetings in five-star hotels
Seriously, who the F#ck these guys think they are? Officers of Apple/ Facebook?
They are representatives of some of the poorest people on the planet.
Speaking of Facebook, even the most hyped IPO of the internet era was a flop with the underwriting banks basically having to support it throughout the day as insiders tried to bail out.
This is what happens in a transparent market. Unfortunately Indian RE is at the other end of the spectrum so price discovery will be extremely difficult.
Real estate in india will increase 10% this year. Because of the falling rupee, all IT people will get significant bonuses. guess where this windfall will go in. Also most of the IT people have saved around 50 lakhs to 1 crore so no issues with layoff for them
Dear Anonymous above, I think you are being too conservative.
I believe RE will increase by not 10% but minimum 25% this year.
We are different!!!
Can't resist using this dialogue from "The Bourne Supremacy":
"We are in a big puddle of shit, and we don't have the shoes for it"
With respect to exports increasing on devaluing the rupee:
The idea is that if any particular nation drives-down the value of its currency that it forces one’s own citizens to buy fewer imports (by destroying their wealth), while simultaneously making one’s domestic manufactured goods cheaper and (supposedly) more-appealing to both domestic and foreign consumers. Jeff Neilson, bullionbullscanada.com
This is a stupid Idea, to devalue your own currency so that you can boost exports, this is economic suicide. Such policy only destroys the wealth of the people who are living in that country, drives down their standard of living and public services like health care, roads etc. It is a silent transfer of living standards from the devaluing country to the country with a strong currency.
I would rather have a strong currency than a devalued currency. For those people who are wondering how will we import stuff if our exports go down ? Then remember a strong currency is that best export that a nation can have in a Fiat currency world.
All this devaluation to boost exports are nothing more than false policies forced on the developing world by the western bankers to have an ever ready army of slave labors, the one who devalues their currency will always be at the bottom of the value chain.
The $-INR rate is expected to touch 65 by the end of this year. The demand for $ is so high that one has to book in advance just to get $ and this shortage has led people buying Dhirams/Riyals and these currencies are smuggled into India in Millions. There is a rumor that Indian Govt Officials( IFS cadre) are actively involved in this racket.The way things are moving, there is going to be a surge in real estate prices. at least by 10-15% this year. The surplus indian rupees have to find some place to invest.
It is very difficult to predict volatile FC market, but if the trend mentioned in my earlier para continues, it wont be long before INR reaches 100 per dollar. Those who find my findings hard to believe, please speak to the unofficial FC dealers in Fort or kurla/kalina areas
Don't expect a real estate crash soon. If at all it happens, it may be at least 10 years from now
FC dealer
For all those who keep spewing shit like INR @65 or even 100 need to realize that this sort of dramatic decline will not happen in a vaccum.
Even at today's exchange rate Indian companies that have taken out $ denominated debt are having tough time rolling it over.
On the other end of the spectrum, the government (i.e. taxpayer) has to subsidize the remainder 50% of the population that will simply starve if exposed to the energy and food inflation.
You will have riots and blood on the street before any of these fantasies are realized and even then the $/INR ratio would be the least of people's worries.
http://dontai.com/wp/2012/05/17/shoutout-unemployed-29-yo-millennial/
This is an interesting read.The hypothisis above take the protagonist as married, But the article goes one step further where getting married itself is an issue.
-SG
These days everybody used to cheap money. Government used all its might in the past decade by fooling people and now people are very happy with high inflation regime. The same people ridiculed Zimbabwe when they print 1 million currency note.
When we pitch for high interest, we are being looked like a villian who comes to crash their party. Excuse me. your party is already done with. Now it is pay back time. Today we will rewind some of the basic economics
1. Capial should not be created by central banks. Capital moves from savers. People save from their earnings by way of bank deposits and it moves from banks to business.
2. The cost of capital should be always 2% more than the prevailing inflation.
3. In India as per govt figures inflation is 7.5%. Consumer inflation says it is 10.5.
4. We all know, real inflation is more than govt figures.And world over countries use consumer inflation and not like India where we use WPI.
5. Taking all into accounts, I liberally give the benefit of doubt to govt, and assume real infation is somewhere near 10%.
6. Based on this fact, interest rate should be atleast 12% for somebody who wants to save. if it is not so, can I say RBI is doing a fraud on the system and government is cheating the common man who comes and deposit his hard earned money in Bank?
We are atleast 4% down from the real interest rates. Can any economist reply to me. It is an open challenge.
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For all those who keep spewing
shit like INR @65 or even 100 need to realize that this sort of dramatic decline will not happen in a vaccum
To begin with I do not know if this will happen, but what you need to realize is that there are already countries with such exchange rate out there already,
examples:
1 U.S. dollar = 9 259.25926 Indonesian rupiahs
1 U.S. dollar = 79.0701352 Japanese yen
1 U.S. dollar = 12261 Iranian Riyal
There are many if you look for, so INR at 100 is no big deal in a fiat currency regime.
shit like INR @65 or even 100 need to realize that this sort of dramatic decline will not happen in a vaccum
You are right, people just love to make pronouncements sometimes. To tolerate INR at 100 you'd need Brent at $55. And that ain't happening my friend.
If INR goes down in value substantially, oil prices would go up significantly and imports would drop, reducing the balance of payments. A short term spike is possible but INR at 100 or even 65 looks unsustainable. I believe a price hike is going to come in as soon as this budget session ends.
Couple of questions on INR going to 100 for every $ and RE not crashing
1. Is the US running lesser deficits for INR to crash so much against the dollar? Is QE3 not around the corner?
2. If INR does go there, would the interest rate remain the same. Would it not be atleast 20%? What is going to happens to the leveraged builders, speculators and HNI's?
If INR goes down in value substantially, oil prices would go up significantly and imports would drop, reducing the balance of payments.
That is the point that I was trying to make in my last post, that other countries are tolerating such devalued rates with respect to the USD.
India will tolerate such rates too if they happen,The disease will be sold as a cure, we will be told that a devalued currency boosts exports which helps India get dollars and thus strengthen the rupee, vicious circle indeed.
Imports will not go down much, the IMF and the world bank will come to India offering dollar loans, after bribing the politicians and babus alike, dream come true. We will be turned into indentured servants of the western banking cabal, after these loans we will either have austerity forced on us or most likely rampant money printing to devalue the rupee more so that we can boost imports.(cheap labor for the west - cost of doing bushiness with IMF-World Bank tag team)
If INR does go there, would the interest rate remain the same. Would it not be atleast 20%? What is going to happens to the leveraged builders, speculators and HNI's?
Enough time and insider info will be allotted for the important players to get out of the sinking ship, special cryptic laws with loopholes will be drafted to save the neck of inside circle, the common man will stand holding the bag.
http://www.business-standard.com/india/news/our-creamy-layer/471249/
We're a sorry lot indeed.
Anon above @2:12 PM
Any hope of Aamir tackling this on his next show?
Another big scam is the IITs and IIMs, government funded and taxpayer subsidized institutions created with the purpose of providing the citizens of India with qualified professionals who will progress the country for everyone. Instead they've turned into elite institutions where only those who can afford the entrance fee in the guise of exorbitant private coaching/tutoring and such "facilities" for their child can get their progeny in and upon graduation send them "abroad"
Nothing wrong with having an elitist frog-in-the-well attitude but pay the real price and don't come begging for taxpayer subsidies.
Here's the best part, given a fair chance, the poor will outdo the entitled mentality middle class any day.
http://super30.org/index.html
@Above
The provisions in RTE amount to coercive socialization. The govt is just dumping their duty on private shoulders.
As for the free land, all private entities should be made to pay for them or face closure. It's a much simpler alternative to such complicated schemes.
From your rant it looks like you want class warfare, I'll grant you your wish, just go to West Bengal and have a look at how it's been doing for them. The same mentality prevails there, people who drive cars and live in high rises are considered sons of lucifer or something like that. The fact is that the rich are no less or more evil than the poor.
Given half a chance the poor would just as willingly destroy everything around them as the rich. Stupidity is impartial to the amount of money you have.
This post is incredible. I had a great read. Hope things will fall in its proper places. Keep posting.
Khear
http://www.indiandefence.com/rejected-applicants-riot-indian-army-recruitment-camp-rajasthan-1366/
This is the recruitment pool of the Indian army. Semi literate youth who are taught to kill. If they weren't in uniform you'd call them rowdies, now you have to refer to them as jawans.
Are these the poor youth who are supposed to defend the rich mans interest? It doesn't seem like it would take much for them to turn on their masters...
http://nhb.org.in/Events/Events.php#residexmay2012
The residex data shows that the number of cities with increasing prices has fallen. Same thing is happening in China. Fewer and fewer cities are now reporting higher home prices. Most cities have falling prices.
With the rupee falling, hordes of NRIs will prop up the RE sector. Kiss any fall in the RE sector good bye
// With the rupee falling, hordes of NRIs will prop up the RE sector. Kiss any fall in the RE sector good bye //
What about NRIs those are in loss with devalue in RE. Same property that they bought 1 year ago today is 20 to 25% cheaper!!
India really benefits from exporting their citizens I guess. More NRI better the inflow of funds.
What about NRIs those are in loss with devalue in RE. Same property that they bought 1 year ago today is 20 to 25% cheaper!!
Yes but the property prices will climb up 50% soon due to more NRIs buying. So net profit
// Yes but the property prices will climb up 50% soon due to more NRIs buying. So net profit //
How? who is buying or will buy at 50% in prices? more NRIs? Really? at this rate only NRIs will buy properties in India, what will rest do, pay 1% rent?
// who is buying or will buy at 50% in prices?
The economy will improve in 2 years and salaries will also increase. If the rupee is high IT people will get more bonuses. All this will prop up the RE sector. When was the last time prices fell in RE ?
From your rant it looks like you want class warfare
If creating a humane society will require waging war then those that have been sidelined and exploited thus far will answer that call as well.
Anyone who has delusions of the privileged few living at the expense of the many will find themselves on the wrong side of history.
The economy will improve in 2 years and salaries will also increase. If the rupee is high IT people will get more bonuses. All this will prop up the RE sector.
Well yes the party will go on till eternity. We all know how that works out.
When was the last time prices fell in RE ?
I think it's time for the Chicken and Thanksgiving story.
I dont understand why people feel RE will go down. Most of the politicians and babus generate too much black money due to corruption. These same people will be using the bribes over and over again to buy RE. Where else will they invest the money. There are enough of these people to keep the momentum going. Since this is ill gotten money these people dont care about the returns. The priority is to get rid of it. This is where India differs from US/Europe.Most of the money there is hard earned and hence it is spent wisely.
Interesting take by HDFC
http://economictimes.indiatimes.com/markets/real-estate/news/despite-rising-prices-homes-most-affordable-in-30-years-hdfc/articleshow/13313399.cms
Interesting article on Salary hikes
http://economictimes.indiatimes.com/news/news-by-industry/jobs/cloud-computing-e-commerce-jobs-see-pay-hikes-of-up-to-30-this-year/articleshow/13374107.cms
Soon salaries will rise by 30% for IT people
I dont understand why people feel RE will go down. Most of the politicians and babus generate too much black money due to corruption. These same people will be using the bribes over and over again to buy RE
Your argument sounds awfully similar to the perpetual machine concept in Physics. The laws of thermodynamics apply to economics as well.
Interesting Post..good work..would like to read more on your blog.Please visit for more info on Property in NCR
/// How? who is buying or will buy at 50% in prices? more NRIs? Really? at this rate only NRIs will buy properties in India, what will rest do, pay 1% rent? ///
I was reading an article on ToI (forgive me), it claimed the average income of house buyers is at average Rs.10 Lakhs/year. Now compare that with the average income of a Delhite, which is somewhere around Rs.84k/year.
Did I mention it also claimed housing is most affordable today?
^^^^^ Rs.90k/month is something a college fresher would get in USA. Apparently Indians have reached first-world income levels now. *cough*
// Soon salaries will rise by 30% for IT people //
...and what does your analysis say if Rupee appreciates in future.. salaries will still rise because USD is in doldrums and companies to send work to India so that USA can save.. correct? Idiot.
Saw an ad yesterday in TOI offering 830 sq ft office in Ghatkopar (glass facade commercial bldg) for 70 lakhs. This is the first time in many years I am seeing prices directly displayed in ads for Mumbai properties-the last time this happened as in 1996 and the RE market had tanked then. Is this a sign of things to come? Besides the rate seems to be less than what the likes of "Property Times" quotes as going rates.
And McManmohan starts his own INR 12000 crore QE bailout
"In a bid to ease the tightening liquidity situation the Reserve Bank of India will conduct open market operations (OMO) by buying back government bonds aggregating Rs 12,000 crore on Friday (May 25). The rupee's free falling against the US dollar has led to a crisis in rupee liquidity in the economy."
Savers, pensioners, INR wage earners (Non export) will be punished dearly - (My dad included he has ~15-20 lakh from his retirement set off for medical and emergency expenses)
http://www.moneycontrol.com/news/business/rupee-liquidity-rbi-to-buyback-g-secs-worth-rs-12000-cr_707879.html
"Shirdi waale Sai Baba"
@skeptic
Thanks for the info. I don't know why this wasn't reported in MSM. This is big news.
With a 10% inflation I doubt that liquidity is a problem. I see Greece like problems in India within five-six years if the current trend of can kicking continues.
Except that in India such a problem would manifest itself as rise in insurgency, militancy and naxalism as the center becomes progressively weaker and is unable to pay salary to security forces and govt employees.
// ...and what does your analysis say if Rupee appreciates in future.. salaries will still rise because USD is in doldrums and companies to send work to India so that USA can save.. correct? Idiot //
Dude look at the people around you. Most of them are rich. You are looking at the world from your point of view. Since you cant buy a flat you feel others cant too. Simply because you are poor does not make the world poor. Todays 21 year old kids in IT start with pay package of 75000 per month. In a few reays thy can buy a flat. This was not possible eralier
// Dude look at the people around you. Most of them are rich. //
You have very narrow point of view. If everyone is rich then that means no one is. Rich is relative term, so you need lots of poor people to find odd person out - rich person.
All this hola hopla is only because of outsourcing and 'richness; only began past 7-8 years ago. Wait and watch for another 15 years and don't say nobody warned you.
The RBI this week will pump 12000 crore into the economy. Last week it hadpumped 12000crore. Thats 50000 crore injected into the system in 2 weeks. Still think with this amount of money being pumped in RE will go down? No way.
// Still think with this amount of money being pumped in RE will go down? No way. //
why only RE, it should also increase price of every other necessity. also what you do mean by 'pumped'.. govt giving out money made from thin air free to everyone? already fake money is stimulating economy big time... recently in news was that money from Bank's ATM was fake currency.
Let the dust settle what has been thrown in air for past few years, then we will see clear picture.
/// Dude look at the people around you. Most of them are rich. You are looking at the world from your point of view. Since you cant buy a flat you feel others cant too. Simply because you are poor does not make the world poor. Todays 21 year old kids in IT start with pay package of 75000 per month. In a few reays thy can buy a flat. This was not possible eralier ///
For Christ's sake, there are people who don't have own house and not working in IT related fields. And your claim "most people are rich" - really? how stupid can one get?
http://in.finance.yahoo.com/news/iim-calcutta-graduates-bag-rs-100327305.html
IIM-C Graduates Average Pay Rs.20 Lakhs.
India is bypassing manufacturing and jumping directly to service economy.
This is sharply increasing divide between haves and have-nots since there are no decent wage jobs for blue collar workers while white collar execs and business graduates appropriate near-first world wages.
In almost all developed countries there was a phase where blue collar labor earned almost same, if not more, wages as compared to doctors/lawyers/MBAs etc.
In India this hasn't been the case at any point in past and doesn't look like it will be the case anytime in future.
Therefore, one can expect a permanent lower class and massive social instability.
// India is bypassing manufacturing and jumping directly to service economy. //
Manufacturing was, is and will be the most important industry ever. Service industry cannot ever bypass manufacturing. All new products innovation are done on shop floor. I think you are referring to manufacturing of silly items like bottle caps, silly toys. THINK BIG like automated hi-tech instruments.
India into Service industry, BullShit. These are jobs with 'heello, may I wipe your arse' jobs. Indians can't even provide customer service to the products they sell, they don't even stand by what write on product brochure. To add plight, labor and consumer laws and it's implementation are absent.
India is not bypassing to anything and not manufacturing anything major that is global.
// IIM-C Graduates Average Pay Rs.20 Lakhs. //
20 lakhs a pay to boast about? Are you from India? that's not even 2 lakh per month. Shame. Calculate expenses when factoring in RE EMI or Rent and other expenses with respect to earnings after taxes. 20 lakhs is just middle class... nothing great about it.
// 20 lakhs a pay to boast about? //
Are you smoking crack. This pay is for 23 year old kids who dont have any responsbilities. Even after taxes this comes out to be 1.25 lakhs per month which is an excellent amount for singles. It is due to salaries like this that RE will never come down
@Anon - "Are you smoking crack... It is due to salaries like this that RE will never come down"
Look at the latest residex data. The high-flying "IT" cities of BLR and HYD, are near or below their 2007 levels. In real terms thats a 50% fall (assuming 8% inflation). We are in the middle of a crash. It has already started in many cities. It is just that the average chap thinks in terms of nominal values and says 'i did not lose anything'.
The party is over. Houses will slowly behave like manufactured goods. Poorly constructed ones will see greater depreciation. And dont forget, tons of new inventory is coming up for sale.
And dont forget, folks pay interest at 10% pa for home loans. Think about it - 8% inflation, 10% interest.
So someone who bought in BLR/HYD in 2007, is deep in red ink.
If the moronic anon @9:19pm had cared to read the article, its about IIMC program for experienced people. More and more experienced people are being selected for IIMs now. They graduate with a 10-15 lakh education loan. They are not 23 years old and most probably married or reach marriageable age.
As for 23 year olds making 1 lakh a month, dont they want to live life king sized ? Why pay EMI of 50-60k and not be able to buy the new iPad ?
@anon at 9:19 - don't be a simpleton. what percentage of the populace is in that bracket?
// The high-flying "IT" cities of BLR and HYD, are near or below their 2007 levels
Have you ever gone out and talked to a broker/builder. The residex data is useless. Prices have gone up 4 times from 2007 levels and people are still buying. Now with RE going to 60 NRIs will also jump in the market as there are no returns in US and Europe
Why did the RBI cut interest rates?
This doesn't give me any confidence that the guys running this show have a clue...
- NRI will buy real estate.
- Young IT with first-world income packages will buy real estate.
- If you don't earn a minimum of 2 Lakhs per month, you're a douchebag and a loser, you should suicide, for you have wasted your entire life.
- Buy Gold
- Sell Gold
- It's bubble
- Fuck you, it's not a bubble
- Real Estate will never go under.
- India is different.
Thread summarised.
INR: 56
Everything is in control.
//INR: 56
Everything is in control.//
Ya, export will get boost, IT salaries will go up and we will be superpower sooner than estimated. more over RBI can push more money into market and get boost over boost.
All Izz Well.
Petrol price hiked by Rs 7.50/litre, effective midnight
http://economictimes.indiatimes.com/news/news-by-industry/energy/oil-gas/petrol-price-hiked-by-rs-7-50/litre-with-effect-from-midnight/articleshow/13410698.cms
Petrol is used only by ultra rich people and they give f!@k to price increase. Wait for price of Diesel to go up, and that should be trigger to chaos.
Diesel price hike possible? fun or no fun.
@Above
They can't keep playing this game for long, i.e. subsidize diesel at the cost of petrol.
Dieselization of the economy is a continuous process and the more petrol prices are hiked the more the govt will lose.
As I already mentioned previously, RE, exports, economy, interest rates, gold etc etc are a side show the real concerns are energy and environment. And it looks like a one way train wreck from where I stand.
I am watching news channels right now and they are covering this hike non-stop. Can't help mentioning it but I derive a kind of wicked pleasure in seeing people complain. I believe the German term is schadenfreude.
Ignorant fools, what did they expect.
@Anon - "Have you ever gone out and talked to a broker/builder.The residex data is useless. Prices have gone up 4 times from 2007 levels and people are still buying."
Right. So we should disregard statistical data and instead rely on the brokers, who clearly are paragons of honesty and virtue. Plus they have no incentive whatsoever to quote inflated prices.
Even better, lets rely on the anecdotal ' My friends brothers uncle bought for 20L and now it is worth 80L'.
Good luck with that.
"My friends brothers uncle bought for 20L and now it is worth 80L"
wouldn't friend's brother's uncle also be friend's uncle? :)
Have you ever gone out and talked to a broker/builder.The residex data is useless. Prices have gone up 4 times from 2007 levels and people are still buying.
This is not completely correct atleast in B'lore. Yes, the prices are quoted higher and higher every month but the sales are not happening. Try quoting your property at a high price and see how many reach you for actual negotiations.
I think India has created an economic blunder by not investing in infrastructure in the boom period.It just coasted over hoping the party will never end. Now petrol price increases are going to hit everybody as there are not alternate transportation methods. Anybody including FIIS who bought RE/Stocks are now in deep losses. NRIs are not remitting as they feel the rupee will slip further
now right time to buy RE in Mumbai? I have USD... waited past 4 years. Last year visited Mumbai and was put to shame by RE prices. Since last year for me RE has plummeted 25%.. now time to buy. What say?
If INR is collapsing while RBI criminals are lowering interest rates at the same time, then what this is is a huge subsidy to leveraged debtors and mortgage-holders who can now pay off their INR loans with depreciated money.
This is why investing in RE is going to continue to be popular in India. It's not necessarily because "RE can only go up". It's because RE is the only place an average guy can lever-up 6 times and cash in on the government subsidy of paying back their loans with depreciated money.
I'm not confident that RE prices will go down in India at all as long as interest rates are artificially low. Imagine an IT professional who bought a house in 2007 with a heavy mortgage. If he made even one one-site trip during the subsequent period and saved (say) $40K USD, that just translates to 22 lakhs that can be pre-paid just like that off his mortgage outstanding balance.
You think he's going to now sell his house (the only "safe" non-depreciating asset available in India) for less in nominal terms?
You're dreaming...
// now time to buy. What say? //
If you have the money go for it. In a few years you will get very good returns. From now on RE will start appreciating as the fundamentals of the economy are strong and Greece issue will come to an end
http://www.thehindubusinessline.com/industry-and-economy/economy/article3445088.ece
Coal Scam - USD ~210 billion
Delhi Airport Land Scam - USD ~29 billion
Power projects scam - USD ~???
OMG!LOL!WTF!
So what we suspected is now being verified to be true. The whole sale rape of the country's resources and wealth.
God bless the few true Indians who are putting life and limb at risk and exposing the rot.
More need to wake up soon otherwise there is no hope left at all...
^^^ anon, read this entry:
http://en.wikipedia.org/wiki/List_of_scandals_in_India
And god is long dead, we should stop drumming around its corpse.
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