Saturday, April 06, 2013

Around 1.20 lakh flats lying locked in Goa: Manohar Parrikar


113 comments:

Anonymous said...

Just can't wait to see this RE nonsense stop. Hopefully, my wait is coming to an end this year.

I was driving around Gurgaon, Greater Noida and Dwarka area at night time last week for 3-4 days and was surprised to see many buildings pitch dark with no lights in any of the flats. Massive speculation with no real need. Supply and Demand economics fail here and speculative demand takes over.

Eagerly waiting for 60% drops and sanity all over again.

Anonymous said...

Massive speculation with no real need.

There is massive need, just not for the 50+ lakh entry level prices.

The empty buildings and luxury developments are simply means for the rich to park their black money which they can't afford to keep in a traceable bank account.

I know of many NRIs who have no intention of ever going back to India but have parked all their money in Mumbai RE. They don't need any returns (as in rent) They have more faith in real property than Indian banks or stocks.

Anonymous said...

rerad the latest mangoman posts in www. mangoman2012.blogspot.in about Indian RE bubble and bust

Anonymous said...

I know many NRI's, who happen to live in the US, but have multiple flats or houses in India. Now, if we have a 2008 lehman's number 2, majority of these guys will have to unload. They do not have super rich moneys, but have enough moneys to build house/ or buy flat in India. 401k shrinkage will do the trick. Stock market will not collapse during Obama administration due to the 85 billion pumping going on, but eventually it will collapse. Disability going up every day, food stamps at 50 million folks, and we have a market that keeps going up on low volume. My guess is 4-6 years before we will have a complete meltdown.

NRI's always talk about the property back home, but they are living check to check, with cost of living going up every year in the US.

BTW- check out the Water situation in India, it is getting worse every year. Million dollar houses, with golf courses, but no water to wipe arse. :)

Anonymous said...

NRI's have their own set of problems. Their jobs are not safe anymore, from someone who is on the ground and knows the reality. USA is poised to experience a major dip and its going to probably get so ugly that a lot of us might head over to India for the shorter term. On the investment front, me and my friends would die rather than invest in India shining. I think most NRI's want to stay in the US/Europe for good and that's because we have zero belief on safety in India. So are we going to give our hard earned money to thieves and crooks? Property could have been an option when they were cheap and made sense. No one wants to invest in India, if at all it might make sense to buy in the US. US is in the cusp of property prices going up but are still cheap.

Anonymous said...

I have been working in US for last 7 years and it is a complete BS that people in US are bathing in $$$. Here i have medical insurance, car insurance car premiums and for a married guy his kid expenses and other things to maintain the life style. After all this I might be saving perhaps twice than that of a techie working in India. Dont forget the travel expenses for family for Indian visits. I have seen the painful job market during 2008 and 2009. After all this if the NRI are the ones who are responsible for the Indian bubble then I dont know those guys.

I do agree that there is massive demand but the ridiculous high prices of apartment sucks. I can rent a really decent 2 bedroom apartment here in US for $1000 and dont forget the flexibility I have to move anywhere if my job needs me to.

Anonymous said...

The sad reality is every Tom dick and Harry has overstretched his balance sheet. So just one bad year of job market will bring most of the home owners into default.

Pawan said...

@anon
There is massive need, just not for the 50+ lakh entry level prices.

Totally agree.

Anonymous said...

http://timesofindia.indiatimes.com/business/india-business/Retail-assets-see-stress-after-three-years/articleshow/19442283.cms

If the recession worsens, expect NPAs for car loans, home loans to worsen.

Anonymous said...

@Anon - "They don't need any returns (as in rent) They have more faith in real property than Indian banks or stocks."

That faith may be misplaced. We will know in a year or two if the economy tanks.

Dharmendra Kumar said...
This comment has been removed by the author.
Anonymous said...

RBC replaces Canadian staff with Indian workers

http://www.cbc.ca/news/canada/british-columbia/story/2013/04/05/bc-rbc-foreign-workers.html

And we are thinking RE will burst in India

aam aadmi said...

@Above
Brilliant. Now those 50 people can buy all the RE in India. Not to mention the hostility they have already 'bought'.

Anonymous said...

BTW- check out the Water situation in India, it is getting worse every year. Million dollar houses, with golf courses, but no water to wipe arse.

70% of Indians have always been in survival mode. That's not going to change and the numbers will probably rise as those with the means will corner all scarce resources.

So yeah, there will always be plenty of clean water to keep the Audi's and Bentley's sparkling but none to quench thirst.

Anonymous said...

@ So just one bad year of job market will bring most of the home owners into default.

Agree 100%. Everything aside, it all boils down to good paying jobs and wage increases. In all collapsed markets, good paying jobs and wages are down or stagnating.

In India, these jobs and wages are still on upwards trend.

aam aadmi said...

70% of Indians have always been in survival mode. That's not going to change and the numbers will probably rise as those with the means will corner all scarce resources.

No no you got it wrong, the situation is a lot more complicated than that, people may have been poor as per traditional economic indicators but they weren't resource poor, they didn't have to beg for water tankers or file applications to build seasonal check dams. They could grow their own food even during the worst of times, they may not have been able to afford TV or fridge but they had dignity.

My colleague is the son of a farmer from North Karnataka and he says that they were dirt poor but never had shortage of food and they used to manage the water problem effectively. They lived with dignity, same can't be said about urban poor or farmers who've had to sell their farms.

There are problems in store for the urban middle class as well, the way I see it, cities nowadays survive on tanker water, it has never been like that in history.

You have to keep in mind that the pop of India has more than tripled since the British left.

Anonymous said...

//Brilliant. Now those 50 people can buy all the RE in India. Not to mention the hostility they have already 'bought'.//

That was only about the lesser known iGATE and in Canada which was always anti-outsourcing. There must be thousands of such clients with the big 5 vendors in US and Europe. Add all of that it would be a couple of lakhs people more than enough to keep the RE afloat

Dharmendra Kumar said...
This comment has been removed by the author.
Anonymous said...

One of my friend has booked a 3 bhk flat in pune near pashan. 85 lacs. Possession in 2015.couldn't believe that rates in pune are so high.

Anonymous said...

India has plenty of water
resources. Maharashtra drought is man made for the benefit of a few "good" men.

US has military-industrial complex. Mah. has sugarcane-politician complex.

Though the state government has taken a policy decision that water from dams would be first used to meet drinking water needs, RTI queries have revealed that the water is being diverted to irrigate sugarcane fields.

FYI, sugar industry is the Pawar families business and political base.

Marathis deserve who they have elected. Probably the world's topmost corrupt politician and his relatives.

Anyhow, bottom line is 12000 crores have been signed and delivered to Mah politicians. Anyones guess where most of this money will end up :-D

An Empowered Group of Ministers (EGoM) on drought headed by Agriculture Minister Sharad Pawar on Tuesday approved Rs 1,207 crore relief package to Maharashtra.

Admittedly this is chump change for Ajit Pawar who presided over a 70,000 crore irrigation scam a decade ago and is now Deputy Chief Minister of Mah.

BTW. here are some recent gems from the Deputy Chief Minister that demonstrate his high caliber of thinking and problem solving abilities:

Referring to a farmer who's protesting the (artificial) water shortage:
"He has been fasting for the last 55 days. If there is no water in the dam, how can we release it? Should we urinate into it? If there is no water to drink, even urination is not possible"

On electricity shortage:
"I have noticed that more children are being born since the lights go off at night. There is no other work left then."

Referring to his own mental condition:
“You must be thinking that Ajit Pawar has come here drunk in the afternoon”

Well, being drunk would probably have been the best excuse for this sorry man.

Marathis should remember that even God cannot help those who refuse to help themselves...

The rest of us folks can (hopefully) add 2+2 and come to our conclusions.

REBear said...

http://timesofindia.indiatimes.com/city/mumbai/Property-rates-nosedive-in-Navi-Mumbai/articleshow/19450804.cms

Property rates nosedive by about 25% in two days just because Airport may not be coming up. I wonder people wanting to live in houses want amenities or Airport ?

Anonymous said...

There you see.
25% in 2 days.

Thats the power of a crash.

When it falls it hits the ground badly.

So wait for the mumbai crash.
We have a airport but there are 100000 more factors that can crash the mumbai market.

aam aadmi said...

http://www.indianexpress.com/news/india-car-sales-fall-7--in-fy13-first-drop-in-a-decade/1100270/

Car sales in India fell an annual 6.7% in the financial year that ended in March, their first fall in a decade, and sales during March fell an annual 22.5 percent, the fifth consecutive monthly slide, an industry body said on Wednesday.

Sales of motorcycles dropped 8.3 percent in March to 779,878 vehicles, SIAM said, and showed flat growth over the financial year. Truck and bus sales were down 6 percent in March at 84,956 vehicles, and fell 2 percent during the year.

Canary in the coalmine ?

Anonymous said...

25% in 2 days. Thats the power of a crash.

An egregious example of speculation based on "proposed" plans.

Buying RE in fringe areas or based on proposed development/road plans is like playing the lottery.

It's scary how many people have chosen to live 10-15 kms away from city centers into surrounding villages with barely any physical and social infrastructure. It will not be a happy ending for these folks.

Anonymous said...

Goldman came out with a short on Gold call today. They see no upside to Gold in the next two years. 30% correction on Gold is going to be a big disaster for the Indians.

Anonymous said...

@Anon above,

Gr8, We all know how Goldman plays with its call. Surely, they may be having a exposure to call options. Did you forget their recommendation on Crude oil in 2008 for $200?

Anonymous said...

Goldman makes 100's of calls, they will hit and miss, but do you really want to go against those juice:) Average Goldman emp makes over $400,000:) Must be a reason for that.

Goldman says short gold and Mr. X, y z says go Long on Gold>>>> which side do you want to be:)

GSM said...

Those $400k are for slaughtering Pigs. What do these financial geniuses contribute to the society...booms with debt slavery and bust with Job losses?

Read this

Cat beats wealth managers

Anonymous said...

Good Very good post thanks for sharing.





Unitech The Palms Sector 117

GSM said...

Poor always bailout the rich

Germans Are The Poorest, Cypriots The Second Richest In The Eurozone

Anonymous said...

NAGPUR: The government and civic body pretend to be serious about unauthorized and dangerous construction every time a major tragedy arises only to let things be once the issue fades from headlines.

Following the Mumbra building collapse, Nagpur Municipal Corporation (NMC) got active and counted unauthorized constructions in city at 1,422. This is an increase of 268 over last year's figure. The civic body has failed to even appoint structural engineers for examination of buildings despite amendment in bylaws over one year ago.
After Mumbra collapse, principal secretary of urban development Manu Kumar Shrivastav asked civic bodies in state to take action against unauthorized constructions along with implementation of amendment in the bylaws that empower civic chief to act against such structures.

Accordingly, municipal commissioner Shyam Wardhane and additional deputy municipal commissioner Ravindra Kumbhare sought data and an action plan from the town planning department. The department 1,422 unauthorized constructions and illegal structures of which 968 were served notices under various sections of Maharashtra Regional Town Planning Act. Besides, department estimated number of dilapidated houses at over 250.

After Kalamna warehouse collapse last year that killed 17 persons, NMC had counted unauthorized construction at 1,154. If NMC had acted then, the number this year should have been less. The fact that it increased by almost a quarter indicates NMC allowed things to continue as they were.

Sources told TOI that action was taken on less than 50 buildings. "Assistant commissioners of all 10 zones were empowered to act. They only inspected the constructions and served notices but took no action. The actual number of unauthorized constructions may be more than 1,422. Lack of action encourages the builders and citizens to violate norms," sources said.

aam aadmi said...

Goldman says short gold and Mr. X, y z says go Long on Gold>>>> which side do you want to be:)

LOL. I want to be with Mr X, y z.

After everything that's happened I can't figure if your statement is a troll bait or sarcasm.

sunny chaubey said...

Hi,
I read your Blog that's very nice
and so much interesting.

wegmans group present a new
project in Noida Nmaed by Wegmans Trustone City. That's provided office space and Retails office according to your budget in Noida Extensions.

aam aadmi said...

Infosys shares fall 22%

http://profit.ndtv.com/news/cheat-sheet/article-infosys-q4-10-reasons-why-shares-fell-22-320831

Anonymous said...

Infy shares have been really choppy over last couple of years. It is the Rupee depreciation that is keeping these shares still viable investment options, but if one really sees there Quarter on Quarter growth, these IT companies are no more a high growth rate entities. Keep your fingers crossed that Rupee doesn;t appreciate to 50 or 45 levels again otherwise these companies will start registering a negative growth in Rupee terms.
Now it doesn't take a genius to see what will happen to IT hiring and job security in such scenario.

Anonymous said...

Keep watching gold. If gold keeps falling that is when the RE market will finally break especially in places like Chennai. Much of the RE boom was caused by the massive transfer of wealth from the rest of the world to Indians during the gold bubble which transformed the impoverished middle class into a new jet set elite with an overconfident bravado (wealth effect) causing them to buy 1 crore properties with casual abandon. Now that all that metal wealth is disappearing, let's see how many of these idiots will sign up to buy houses now.

All parties eventually come to an end. You just have to be patient enough. And remember, the longer the party, the longer the hangover. 11 year old parties have been known to cause severe migraines.

Anonymous said...

// Now it doesn't take a genius to see what will happen to IT hiring and job security in such scenario.

Looks like amateurish people on the blog. Infy made a profit of 24 billion rupees. That is a mind boggling number by Indian standards. Hiring will go up from now and so will salaries due to this huge profits

aam aadmi said...

@Above

Looks like amateurish people on the blog.

No they are not amateurs. Profits don't matter as much as employment and sentiment does. Corporate profit is at record levels in the US but even then employment ratio is at 1979 levels.

Infy also has large cash reserves as well but it's unlikely that they will go on a hiring spree, you hire when you anticipate business, not because you have cash to do so.

Anonymous said...

What slowdown?

NAGPUR: Despite slowdown on industrial front, it is 'Advantage Vidarbha' in real sense for the Nagpur division of Central Railway, which has registered 31% growth in its revenue earnings, highest in the last five years.

"The economic situation is not so good, yet we achieved a loading of 28.49 mt (million tonnes) in 2012-13, almost touching the volume of 28.8 mt in 2007-08. The growth indicates that industrialization is picking up," said divisional railway manager (DRM) Brijesh Dixit.

The total volume is 8.7% more than last year, when the Central Railway had achieved loading of 26.22 mt. This year, coal brought 80% of the revenue with a loading of 23.23 mt. Remaining business came from cement, foodgrains, de-oiled cakes etc.

"Despite slowdown, we were better placed as we matched our capacities. The new sidings also helped. Besides, we managed to bring some coal and cement companies transporting material through road under our ambit," Dixit told TOI.

Dixit said better utilization of manpower with available resources holds key to achieve such growth. Another factor, he said, was increasing railways operational efficiency by improving wagon turnaround (WTR).

"Our line capacity has reached a saturation point of 150%, yet, achieving 31% growth is exceptional and it is all team work," said Dixit.

"I suppose this is an indication that industries in the region are growing. Several small and big power plants have come up here in the last five years and many are in pipeline. This has increased our coal loading. Augmentation of our container depot at Ajni has also added to growth," Dixit said.

Another factor was increase in passenger trains and launch of several special trains. The Central Railway also earned money from loading via through traffic.

Anonymous said...

Indian RE is strongly correlated to gold. This is the reason that Indian RE had a 12 year bull run. Because gold had a 12 year bull run, having gone up 12 years in a row year after year. Gold had a very brief dip in 2008 (still finishing up for the year) and so did Indian RE. The gold bubble gave the middle class confidence that they were somehow suddenly as wealthy as Germans, the Swiss or Japanese and they behaved accordingly (wealth effect).

Now that gold looks set to have its first down year, RE will follow.

aam aadmi said...

http://www.firstpost.com/india/will-bangalore-have-to-be-evacuated-by-2023-697649.html

“The Government of Karnataka will have to evacuate half of Bangalore in the next ten years, due to water scarcity, contamination of water and diseases.”

It is an ominous prophecy from V Balasubramanian, the former Additional Chief Secretary of Karnataka and Chairman, Centre for Policies and Practices, who conducted an elaborate study of the water woes of the state capital.


And now we have confirmation from official sources of what I have suspected for a long time. This is not a viable mega city given it's distance from both sea and a big river.

REBear said...

@aam aadmi

http://www.firstpost.com/india/will-bangalore-have-to-be-evacuated-by-2023-697649.html

Ok now that you have this info, how do you protect your self, any ideas ? I will give you a million dollar advice. Try to get self employed and independent and relocate to Mauritius. It has a wonderful visa for self employed people, with very minimal token investment. The cost of living is comparable to Bangalore, but the quality of life would be much superior. Taxes are lower than India, a flat 15% tax rate for all income.

Anonymous said...

A good read

http://www.moneycontrol.com/news/business/why-property-is-biggest-con-jobinvestors_852422.html

aam aadmi said...

@REBear

Yes Mauritius is a good place. There are a lot of other options with regards to immigration as well.

@Anon at 11:04
I guess there is a little bit of sunshine in there, a fall in the price of gold will reduce the CAD and improve the Rupee's chances against the dollar.

REBear said...

a fall in the price of gold will reduce the CAD

Well its not as simple as you put it. A deeper thought would reveal CAD would be unaffected by the Gold price. The real reason for CAD is high domestic inflation as compared to abroad and which is not reflected in the currency value. High domestic inflation triggers import of cheaper foreign goods.

polt said...

>Yes Mauritius is a good place. There are a lot of other options with regards to immigration as well.

A simpler option - Rent in Bangalore. If the doomsday scenario comes true, just walk away. Let the landlord deal with it.


>a fall in the price of gold will reduce the CAD
The fall in price of gold will certainly bankrupt some of the 'gold loan' companies that have sprouted up over the last few years.
But the real problem is that if investors really believe that US economy will grow faster over the next few years, it will reverse the flow of money into India. Rupee, stocks, RE, bonds will all fall. Interest rates will rise.

As for equities, we maybe already nearing the revulsion stage.
http://www.business-standard.com/article/opinion/moving-towards-revulsion-113041100500_1.html

Gold seems to be heading there. RE too will head there eventually.

Anonymous said...

Why property is biggest con-job -

http://www.moneycontrol.com/news/business/why-property-is-biggest-con-jobinvestors_852422.html

Anonymous said...

Read this article on how the Manappuram Finance - which takes Gold as collateral is going to get screwed if the fall continues ...

http://goldnews.bullionvault.com/gold-price-032120131

Mind you, we are mere 20% or so down from peak, but as the balance sheets are overleverged even that kind of fall could wipe out everything....same thing had happened to all great bubbles..you do not need prices to drop 50% to go it bust....

Anonymous said...

Some Genius above has mentioned about cash reserve Infy has and hence they will hire more...well the cash belongs to the Company Owners(Shareholders) and they are not stupid to just hire more people even though the Revenue growth is getting flat...Just look at the Cash Apple Inc has and their head count...or just look at how rich the APPLE is and how much they pay to their so called 'APPLE GENIUS'...

Anonymous said...

one more interesting article....

India, Not US Or EU Bank Conspiracies, Is Causing Gold To Fall In Value


http://emsnews.wordpress.com/2013/04/06/india-not-us-or-eu-bank-conspiracies-is-causing-gold-to-fall-in-value/

Anonymous said...

I just fail to understand how Infosys results are going to affect the RE market. Do you geniuses mean to say that the RE market is driven by Infosysians or whatever shit they are called. The IT industry in India is very strong and robust and Infosys is a company problem

Anonymous said...

Indians walking away from gold loans - http://in.reuters.com/article/2013/03/25/breakingviews-india-gold-idINDEE92O03220130325

REBear said...

@polt

If the doomsday scenario comes true, just walk away. Let the landlord deal with it.

Ok but where do you walk in the doomsday scenario ? I am sure as and when the doomsday scenario arrives, lot of countries would have shut the doors for Indians. For instance, we used to have such an attractive Canada Federal Skilled Worker based Green Card which was point based and didn't even need a job offer. Lot of Indians took advantage of it and immigrant software engineers and doctors were found driving taxis. So the Canadian govt tightened the rules and the program is closed at this point. UK too had such a points based system of immigration which is closed now. If you don't act much before things get worse, existing options would be closed too.

polt said...

>If the doomsday scenario comes true, just walk away. Let the landlord deal with it.
I meant if Bangalore dries up, move to Chennai/Bombay/Delhi/Kolkata ... .

I myself (having lived in BLR from early 80s) am an optimist. Right now the city is in a mess, but fixes are coming in. Metro, Rainwater harvesting, Market pricing for water and electricity, Garbage disposal, Euro standards for vehicles, etc.
Yes, the recent attempt at segregation of garbage was a failure, but it was a start nonetheless.
Public transport is improving. The Volvo buses are amazing. Sometimes crowded, but still super value for money.

Anonymous said...

Gold went up from $250 to $1500+ from 2002 to 2013. In other words, Gold more than quintipled during this period. In 2002, the Indian masses were poor. A trip to Singapore or Thailand were only for the very wealthy. Cars were still out of reach of the overwhelming majority of the population. A land line, if you had one, was a luxury. But the Indian masses had one ace up their sleeve: Almost all their household wealth was stored in Gold, which until 2002 was a rather boring asset class that no one cared about. When Bush took over and the US GOI started printing money by the truckloads to pay for Dubya's wars, the XAU run began its long, secular upwards march in 2002. This stellar rise in XAU prices from 2002 onward was effectively a MASSIVE TRANSFER OF PURCHASING POWER FROM THE REST OF THE WORLD directly into the pockets of the Indian masses.

Suddenly, a people beggared by generations of poverty, found their household wealth quintipling during a period less than a decade. It is no accident that Indian RE prices also quintipled during the period from 2002 to 2013 (almost perfectly tracking the performance of XAU).

During the 2000's, which was really the golden age for the Indian middle class since independence, Indians were transformed from a third-world, poverty-stricken, penurious and wretched lot to a group of jet-setting, BMW and Audi driving, Singapore and Vegas vacationing, one Crore apartment purchasing, global elite.

The housing bubble, fueled by the Gold bubble, had a cascading effect on all this wealth. Suddenly, Indians, who had just experienced a quintipling of household wealth, were also paper Crorepatis because the value of their real estate holdings had also appreciated significantly, pushing their purchasing power and wealth levels firmly into first world levels.

This is the story of how a country with 19th century infrastructure, corrupt & incompetent governance, an illiterate population and iffy social cohesion blew up a bubble of meteoric proportions: Indian RE.

Now that the Gold bubble appears to be bursting and the substratum on which all this wealth was built is being pulled down from under our feet, it will be interesting to see where things go from here.

Sirius

Anonymous said...

If present trends in India are any indication, future is going to be awesome for the select few who can afford.

When push comes to shove, aam aadmi will be pushed down or out.

Water shortage in India with millions going thirsty but rich will still have their shower with 20 massage jets.

In a country where a vote can be bought for a couple of dollars, prepare to make way for the new Raj!

---

Those palatial homes with their fancy facades and fantastic architecture, have you ever stopped to wonder what they really look like inside? Enter the fascinating world of luxury home interior accessories where the world is your oyster, quite literally.

Companies in the luxury home interiors and accessories business from across the world are flocking to India to set up stores selling all of these and more. Some are even establishing manufacturing units in the country.

“Providing a good-looking façade and external amenities such as gym, pool and spa are a given. So to differentiate themselves, developers are increasingly moving focus from external facilities to the finer details inside the house, such as interior decoration, kitchen and bathroom fittings, home appliances, furnishings, furniture and innovative space design concepts,” says Reema Kundalini, Head of Marketing, Oberoi Realty. The company has tie-ups with a horde of European brands for sourcing its construction and design materials.

Thanks to this, hitherto unexplored concepts and products are being introduced to create a new market, a phenomenon Kundalini dubs as ‘Apple-ising’.

“We are trying to create a demand for something new and innovative which the customer does not need, but still wants, just like Apple products,” she adds. “This is how previously unheard of concepts such as wet and dry kitchen, powder room, island kitchen, are now becoming popular,” she says.

Given the demand for ‘imported’ luxury accessories, foreign companies such as Germany-based Siemens Home Appliances are even planning to start manufacturing in India.

Ajaz Vakil, GM – Sales (Built-in Appliances), Siemens Home Appliances, says: “The clients are getting much more demanding lately, in terms of more emphasis on interior design elements such as high-end sofas, textured furnishings and detailing. In kitchens, the demand for an island kitchen concept is catching on, where the kitchen and living space merge into one with the kitchen becoming a place for the owners to socialise and entertain guests. Simple modular kitchens are passé now, and kitchens with pre-fitted appliances are becoming popular.”

Given the growth potential of this market, Vakil says the company has decided to expand to tier II cities, such as Surat, and is to also set up a facility in Chennai.

It is not just kitchens that are undergoing a makeover. Bathroom fittings in luxury homes too have graduated into providing a spa-like bathing experience called ‘Vichy Shower’ at home, which comes replete with multiple jet nozzles which bathe you while you lie down and relax!

“Even a simple teeth-brushing experience in the morning can be transformed by installing a German-made Ad Notam LCD mirror television with an integrated television embedded inside the mirror allowing one to view news,” says architect Bobby Mukherjee. (You can use it while you’re in the bath tub too.) It uses mirror image technology, he explains.

These bells and whistles can set you back by anything between Rs 15,000 and Rs 30,000 and above per sq. ft., he adds.

Nevertheless, statistics suggest the opportunity is huge. According to data compiled by Sweden-based mattress company Hastens, the value of luxury goods sold in India was $2.18 billion in 2011. There was a simple reason – the number of HNIs grew by 35 per cent between 2008 and 2012, to about 170,000 and this number is set to increase to 450,000 by 2015.

Rather than become less important given the tightening economic situation, the proliferation of these stores across the country is testament to the fact that branding never goes out of style!

Anonymous said...

Guys I fear things still seem fine because the general sentiment is that this is due to global slowdown and everyone feels that the slowdown will go away in the near future. What if that does not happen? Europe is getting into a deeper mess. Infosys has reported poor results. Gold is tumbling. Water scarcity throughout india is threatening existence. The coming year will be very crucial

Anonymous said...

Not surprising - http://www.business-standard.com/article/markets/muthoot-finance-and-manappuram-finance-tank-as-gold-prices-dip-113041500087_1.html

These guys may still survive, but smaller gold loan firms will not.

aam aadmi said...

@Polt
Even I am not saying that Bangalore will have some kind of doomsday scenario, doomsday's exist only in movies.

What will happen is more of what is happening right now, even less water, more power cuts with occasional panic when there is a diesel shortage. I am not sure I would want to continue to live in such a place.

Anonymous said...

When the panic happens its going to be pretty sharp and very sudden. You can bet your life on that. RE bubble has been up for a very long time and has been inflated to the high skies...too many people are too confident about their investments. When it cracks its going to be a tectonic rift...

Rustomjee said...

Gold prices are tumbling, the bubble has burst!

This is fundamentally due to the strengthening of the USD. As this continues over the next few months, INR will drop to 60-65 against USD. This will HUGELY deflate the profits of people who invested in USD in Indian real estate.

Expect to see a lot of "investor" properties on the market over the next few months.

Real estate is so toast!

Anonymous said...

I have heard stories of queues forming up outside jewellery stores in India to buy up Gold because "we will never be able to buy at today's prices again". Can anyone corroborate this?

If true, Indians truly have $hit for brains and double deserve every dose of the incredible pain that is coming their way.

Anonymous said...

@8:13,

You are correct that RE is toast, but not for the reasons you describe. Trillions of Rupees of collective wealth have evaporated from Indian households today. What is this going to do? It is going to trigger a huge demand for a hitherto hated asset class: Cash. Cash is going to be in great demand in India for the next little while. People will stop selling INR for Gold and for other imports (like BMWs or fuel for their BMWs - let's say it is safe that no one in their right mind is even going to be thinking about buying a BMW for a while, see my post at 12:37 above) and start hoarding cash.

This is going to increase INR strength. Look at what happened today. Even with all this USD strength, USD did not go up against EUR, SGD or even GBP. In fact, USD fell against INR today! Expect this trend to continue. For a lot of people, FDs at 9% is going to sound very VERY desirable for the next little while as inflation pressures ease.

Sirius

Anonymous said...

Oops...Looks like there are a lot of goldbugs in this forum who got burnt real badly today.

There is a stunned silence here.

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