Another meaningless article from Economic Times. In a city of 20 million residents, these morons trumpet the realty purchases of few unnamed HNI and NRI's when in other articles they have quote studies which put the number of slum dwellers at 54%. Absolutely retarded reporting by the most moronic newspaper in India.
MUMBAI: With the revival in the residential portion of the real estate sector gaining ground, developers in Mumbai are focusing on the premium
category. While relatively older apartments in South and central Mumbai continue to command a premium, new properties in these locations too find takers.
Developers point out that big-ticket deals are in the range of Rs 5 crore to about Rs 35 crore, with the price on a per sq ft basis starting from Rs 25,000 to almost Rs 1 lakh.
Among the properties that attract huge interest are Mantri Ruby in Walkeshwar, Orbit Arya in Nepean Sea Road and Mittal Grandeur in Cuffe Parade. Adjoining areas like Worli Seaface and Mahalaxmi too are witnessing interest from potential buyers.
Prices in both South and central Mumbai did not drop during the slowdown. Read more here
MUMBAI: With the revival in the residential portion of the real estate sector gaining ground, developers in Mumbai are focusing on the premium
category. While relatively older apartments in South and central Mumbai continue to command a premium, new properties in these locations too find takers.
Developers point out that big-ticket deals are in the range of Rs 5 crore to about Rs 35 crore, with the price on a per sq ft basis starting from Rs 25,000 to almost Rs 1 lakh.
Among the properties that attract huge interest are Mantri Ruby in Walkeshwar, Orbit Arya in Nepean Sea Road and Mittal Grandeur in Cuffe Parade. Adjoining areas like Worli Seaface and Mahalaxmi too are witnessing interest from potential buyers.
Prices in both South and central Mumbai did not drop during the slowdown. Read more here
42 comments:
Keep dreaming about the fall in prices. Now i have decided to go ahead and buy even if it means book some lose at a later date i.e. if any?
Sure, please go ahead and buy. And why buy one. Buy more. All power to you. Do you think anyone here cares if you buy as you'll be the one who'll lose money in future.
Thanks Vik for your reply in the earlier thread.
Maybe you can disable the anonymous option for posting. That will eliminate BB masquerading as retired old man and vice versa with BB's enemies (Some people seem to hate BB viscerally - did these people have a bad RE buying experience perhaps?)
In NCR, builders are slowly raising prices. Somebody must be booking. Many of my neighbors and colleagues have booked recently(in NOIDA and Gurgaon).
A whole lot of cheap low rise apartments are also flooding the market. They must be targetting lower level govt. employees with their fresh 6th pay commission bonanza. Many will get arrears in Sept - from 1-5 Lakhs. Likely to be used for booking I feel.
Anyway, I never really saw much fall in prices of new bookings . They just reduced the area from 1800 to 1200, eliminated club and other amenities, fixtures etc and reduced price from 40L to 25-30 L and called it affordable housing.
That is not a drop in prices. Thats a changed product. Price has remained steady.
Anyway, I still hold firm in my belief that Congress will create heavy inflation and its better to spend your money now than save it.
Venkat ND
Some nice points and discussion happening at,
Thumbs up Builders & RE Bulls Theory Proved Wrong.
Ben Bernanke says:
US Recession is over.
And Gread Depression 2 is starting.
anon@7:19 PM
Good One!
:))
Yesterday once more: Realty firms start raising prices
Though DLF’s spokesman said the company is yet to fix a final price, feedback from brokers suggests the company is exploring the option of charging around Rs 7,000 a square foot (sq ft). At this level, the price is 56 per cent more than Rs 4,500 a sq ft it charged in the first phase of Capital Greens, when DLF had sold 1,356 apartments in a single day in April this year.
Developers such as DLF, Unitech, Omaxe, Parsvnath and HDIL were among those that cut property prices or forayed into mid-income housing, which were 25 to 30 per cent lower than prevailing prices, in the last quarters of 2008-09, as the economic slowdown and fears of job losses impacted home sales. Property sales fell 50 per cent from their peak in 2007-08 (when prices had more than doubled froom 2004-05) as buyers stayed away.
Those days are rapidly becoming a distant memory, with many developers increasing prices 15 to 30 per cent the moment they became sure of demand returning.
Developers say the move to increase prices is in tune with rising demand from home buyers. “We are not hoarding our property. When the market was down, we were quoting low prices. Since it has moved up, we have increased prices. We sell according to the forces of demand and supply,’’ says Nayan Bheda, chairman and managing director of Neptune Group.
Investors Scripting Real Estate Recovery
These are investors who are taking an opportunistic view of the situation where prices have corrected considerably in many locations ," says Sanjay Dutt, CEO business at Jones Lang LaSalle Meghraj (JLLM). He estimates that a good 40% of the stock sold in the last few months would have gone to investors. In Delhi-NCR , this figure might be higher at 50%. "Investors are back in good numbers and before the curve goes up, they want to buy. Some who have bought are already hoping to book profits during this Diwali ," he adds. This could be a precursor to further improvement in investor sentiments, since investors would take this as a sign to look towards a sustainable run in the future.
Investors took flight from the residential real estate market when the market crashed last year and many have been shy of venturing back. The last few months though have seen a number of affordable launches at price points, which have stimulated the market . Most developers have launched mid-income housing in the Rs 20-40 lakh range, which has created a movement. While the short-term investor is there, interestingly, a good number of the investors are medium to long-term investors. "These investors are flocking to real estate because of the lack of other investment opportunities in the market at the moment," says Ajit Krishnan , partner, real estate practice at audit firm Ernst and Young who feels the trigger for these investors was the drop in price points in the residential segment in the last eight months.
These investors are not purely speculative and are investing in real estate as a shelter against inflation , he says. Other investment opportunities today do not yield the same results. Developers on their part are insisting that a majority of the buyers in their projects are end-users . As there is no set way to differentiate investors from end-users , Unitech looks at consumer behaviour to judge one from the other. "Investors usually are not too bothered about specification details , do not go for site visits too often . We have not seen such behaviour at our projects. It appears that a large majority are end-users ," says R Nagaraju, general manager of corporate planning at Unitech. Wherever prices have been brought down to attract customers , there have been investors but Aditi Vijayakar, executive director , residential services at Cushman & Wakefield says these investors are mostly long term. "These investors are using this decline in the market to buy another property which they can decide on selling after the project is delivered ," she adds.
Alongside investors are endusers who are mainly interested in completed homes. "The question is of consumption. We are definitely seeing movement in completed properties which are being picked up end-users ," explains Krishnan. Prices in the residential market in NCR-Delhi and Mumbai have started to climb up in the last months or so and Vijayakar warns that it is a little too early to raise prices. "In the medium term, it will not be sustainable for developers," she says. There is a concern that the few end-users who have started to show interest might be deterred from making purchases if the prices of homes keeps rising.
Friends,
I had been watching this for a while, though I am not a good decider of the market, I felt that exploring the option of charging around Rs 7,000 a square foot (sq ft). is just to get people excited about the market and force them to invest. I might be wrong, but that is my thought.
IN INDIA WHEN THE HOUSING COOLS DOWN AND REALITY COMES OUT, THERE COULD BE A LOT OF HIGH PROFILE SUICIDES. READ THE STORY FROM USA:
Four Economic Figures Dead…’Suicides’…
Dead Guys Tell No Tales
From Catherine Austin Fitts
Solari.com/blog
9-16-9
Rockefeller & Co. CEO Dies From Gunshot Wound
Catherine and News & Commentary, September 15, 2009 at 10:09 pm
By Charles Stein
James McDonald, chief executive officer of New York investment firm Rockefeller & Co., died Sunday, apparently from a self-inflicted gunshot wound, according to the Bristol County district attorney’s office in New Bedford, Massachusetts.
McDonald was found in a car behind an auto dealership in Dartmouth, Massachusetts, said Gregg Miliote, a spokesman for the district attorney’s office. He appeared to have shot himself, though the matter is still under investigation, Miliote said.
Financier Finn Casperson Dead in “Apparent” Suicide
Catherine and News & Commentary, September 15, 2009 at 9:09 pm
By Kim LaCapria
Ex-CEO of Beneficial Corp. Finn H.W. Casperson was found dead in an apparent suicide behind an office building in Westerly, Rhode Island.
Casperson, 67, was discovered dead of what appeared to be a self-inflicted gunshot wound on September 7th, after police were asked to “check on” him. Casperson came from a wealthy family and moved with powerful people, and he was known for his political influence, fundraising and philanthropy.
Blagojevich Fundraiser Found Dead
Catherine and News & Commentary, September 15, 2009 at 8:09 pm
By Jesse Solomon and Justin Lear
Police are investigating the death of the former chief fundraiser for ex-Illinois Gov. Rod Blagojevich as a “death-suicide,” an Illinois mayor said Sunday.
Financier Christopher Kelly told police shortly before he died Saturday that he took an “overdose of drugs,” said Dwight Welch, mayor of Country Club Hills, Illinois.
Country Club Hills police found several drugs in Kelly’s black 2007 Cadillac Escalade, but they were not sure yet whether they were prescribed, Welch said. Country Club Hills is about 27 miles south of Chicago.
Kelly had recently undergone surgery and was taking drugs following the operation, Welch said. Welch said he did not know which drugs Kelly was taking.
Kelly, 51, of Burr Ridge, Illinois, was pronounced dead at Stroger hospital in Cook County at 10:46 a.m. Saturday, hospital spokesman Marcel Bright told CNN.
Newport Beach Financier Danny Pang Dies at 42
Catherine and News & Commentary, September 15, 2009 at 6:09 pm
By Ruben Vives and Louis Sahagun
Newport Beach financier Danny Pang died early Saturday at a local hospital, according to the Orange County coroner’s office. The cause of death has not been determined and an autopsy is planned for Sunday, said Larry Esslinger, supervising deputy coroner.
Police officers were dispatched to Pang’s home in the 2600 block of Crestview Drive about 3:30 p.m. Friday on a “medical assistance call,” said Sgt. Doug Jones of the Newport Beach Police Department.
Pang was pronounced dead at Hoag Memorial Hospital at 5:12 a.m. Saturday, Esslinger said. He had no further details.
The 42-year-old Pang has been accused by the government of operating a Ponzi scheme and of taking at least $83 million in inflated fees, salary and loans from his investment firm before it was seized by federal regulators in April. He had denied wrongdoing.
4 very rich suicides in a day. My God.
If this spreads to Goldman Sachs/BankofA/Countrywide execs, we’ll know if some of the investigations are getting warm.
We may see a lot of dead bankers.
yes..the econocide is on the rise..
Hopefully we will soon see the likes of BB also committing suicide!
Just sold another 3540 sq ft at 12200/sq ft. fyi purchase price was 6.1k/ Mar 07. Need to make payment for the commercial office booked in Pune.
Chembur(diamond garden) likely to touch 15k by April 10.
All the best guys!!
Bindas Bhai
BB,
Why are you selling now when you can make 50-100% from current levels?
As mentioned earlier a goldsmith will still sell gold knowing that the prices of gold is going up. I am diverting this money for commercial property in Pune which i feel i am getting at a very good value.
All the best guys!!!
Bindas Bhai
How is 'Residency' project near Dukes ?
I don't know about it, who is the builder and what is the price he is asking? Tell me more about this project?
Bindas Bhai
new tax code has arrived.
Check out at
http://www.dnaindia.com/money/report_new-tax-code-a-capital-gains-shocker_1290516
Applicable from April 2011. It will impose flat 30% tax "EVEN ON LONG TERM CAPITAL GAINS" This includes MFs Shares and RE.
Sandaas Bhai will shit in his pants when he will have to pay 30% tax.
On a serious note a huge sell off is expected during end of 2010. people will definite;y like to save 30% tax on their gains.
Great Move By Govt. to reduce fiscal deficit and Screw likes of Sandaas Bhai's bosses.
WAKE UP GUYS!!!!
To each his Own, is the law of this world. Property prices are going up atleast for now and it’s a reality in today’s realty market. Period. The reason is very simple – the India housing bubble community is just a drop in the ocean. We can’t prevent the herd mentality of the entire Indian populace, however much you try.
Each individual finally says this to himself – main khareed raha hoon baaki sabko golee maar, I don’t care.
It’s a different issue that he is shooting himself as all of us would think but then everyone is thinking that way. Probably some of us in this forum as well.
So follow all the laws, theorems, postulates, case studies and much more that you have been learning in this forum to make the best purchase decision; apply your own common sense and judgment and Buy if you are an end-user.
NT
Hi New vashi hunter ( old chembur hunter here)
FYI - Moraj Residency Palm Beach DO NOT have Cidco clearance. Many banks do not touch this property.
Was about to buy a massive 3 BHK here around 49 L all white;thankfully lost to higher bidder!!!
Least I am happy
Any vashi property 3 BHK around 47 L? mail mumbai10000@gmail.com
So much for running out of Land to build argument,
Raymond to build homes on surplus land in Thane
The company’s board approved a plan to develop 15-20 -acres adjoining the firm’s factory.
“The idea is to unlock value for Raymond, and the operating area (the factory premises) will be untouched,” chairman and managing director Gautam Singhania said at a press conference.
Preeti Priyamvada, an analyst at Batlivala and Karani Securities, had written in a 16 September research report that any plans by Raymond to sell some of the 120 acres it holds in Thane may lead to an “upside to our estimates.” The report carried an “underperformer” rating.
I think you can put lot of houses on 120 acres
Centre asks states to earmark land for housing projects
NEW DELHI: The Centre on Saturday asked states to earmark land for housing projects to ensure that India was slum-free in the next five years.
India has 62 million slumdwellers but it aims to be free of shanties through a slew of schemes such as earmarking of 20% of developed land in all housing projects.
New watchdog for Indian real estate market will mean registration of developers and property brokers, govt reveals
Anonymous said...
new tax code has arrived.
Check out at
What an idiot are you no wonder guys like you are perennial losers. Infact realty will get further push as equity money will also flow in RE.
Keep dreaming you moron and happy loosing.
Bindas Bhai
Just to inform my bosses are the guys you vote. Let me assure you that they have protected us and will continue to protect us atleast for couple of decades.
Looser like you will never understand. Jalae to Burnol lagaeyea!!
HA HA HA HA HA HAAAAA !!!!
Bindas Bhai
Bindaas Bhai
You mentioned that your bosses are the people whom we vote for.
This clearly means politicians (elected). And to mention that they are running a cartel of property is indeed a bold statement to make.
We would like to know who are so called 'Bosses' . Give me a call . I can declare the number. It is 011-23092664
Don't mention your name as Bindaas bhai as word bhai will cause you an immediate trouble. Say that you are representative from india housing website and my secretary will transfer the call to room no. 81-B.
I want you to give me a call by 6.30 IST and we will talk on who your bosses are.
Singh saab,
Don't intimidate me. I can talk to bosses above you also.
Bindaas Bhai
I am not Singh Saab
Please go ahead and talk to my bosses, if you have the balls. Call and ask about my office boss.
btw, we are still awaiting your call.
"Option" mortgages to explode, officials warn
Thu Sep 17, 2009 7:49pm EDT
By Lisa Lambert
WASHINGTON (Reuters) - The federal government and states are girding themselves for the next foreclosure crisis in the country's housing downturn : payment option adjustable rate mortgages that are beginning to reset.
"Payment option ARMs are about to explode," Iowa Attorney General Tom Miller said after a Thursday meeting with members of President Barack Obama's administration to discuss ways to combat mortgage scams.
"That's the next round of potential foreclosures in our country," he said.
Option-ARMs are now considered among the riskiest offered during the recent housing boom and have left many borrowers owing more than their homes are worth . These "underwater" mortgages have been a driving force behind rising defaults and mounting foreclosures.
Morons who have pronounced that the recession is over should read following article
Jobless rate tops 12% in 5 states
By Julianne Pepitone, CNNMoney.com staff reporter
Last Updated: September 18, 2009: 11:39 AM ET
NEW YORK (CNNMoney.com) -- Five states posted jobless rates above 12% in August, according to federal data released Friday.
California, Nevada and Rhode Island each hit record-high rates, the Labor Department said.
Michigan led the nation in unemployment, with a rate of 15.2%, while Nevada was next at 13.2% and Rhode Island was third at 12.8%. California and Oregon were tied for the fourth spot, each with unemployment at 12.2%.
Anon: 3:40
Called but no luck, please give me your mobile number. I will personally call you and dont give fake numbers.
Bindas Bhai
Other people can try whether this number works or not.
I have given work office landline number.
If you had called up. Your number would have been logged.
We had no missed calls from 022- till evening.
Just check how the US Housing Bubble is being reinflated with the Government's help...
Waste of tax payer's money
“There is a widely shared concern on Capitol Hill that without the tax credit, home prices will begin falling again because job losses will continue to curb demand and reverse this year’s gains. ‘The bidding wars that are out there, the tax credit is a part of that,’ said Brian Marquette, owner of American Family Financial in Sarasota. ‘I have never had so many people buying houses in my 18 years of lending and a tremendous number of them are being motivated by the first-time buyers tax credit. ‘If they eliminate the tax credit it would cause a big slowdown. I’m worried about that.’”
“Dean Baker, co-director of the Center for Economic and Policy Research, argues the money behind the tax credit could be used for more pressing matters — like unemployment insurance, food stamps and aid to state and local governments. ‘It’s really bad policy. You’re throwing a lot of money, in my mind, in the garbage,.’ said Baker, who actually took advantage of the $8,000 credit this year.”
Analysts say it will take more than 10 years to recapture peak home prices
Moody's bearish on housing recovery
Sept. 18, 2009, 12:41 p.m. EDT
By John Spence, MarketWatch
For many reasons, the rebound will be disproportionately small compared to the decline," Moody's said this week in its latest outlook on the residential market. "It will take more than a decade to completely recover from the 40% peak-to-trough decline in national home prices."
The housing market is in the third year of the current downturn, one of the worst corrections in U.S. history as a result of the economic recession and the mortgage industry nearly grinding to a halt during the credit crunch.
"The bursting of the housing bubble precipitated a crisis in financial markets the likes of which have not been seen since the Great Depression and plummeted the nation into recession," Moody's said.
"The scars that this downturn will leave on the economy and the housing market will be long lasting and persist in nearly all facets of the housing industry, including the demand for homes, ownership patterns, homebuilding, and house price appreciation," the analysts forecast.
" It will take more than a decade for many measures of housing activity to regain ground that has been lost as a result of the correction: The intense downturn will overcorrect for the excesses in the housing market generated by the boom years," they added.
why don't you give BB your mobile number ? are you scared of BB, trust me he will take your pants off!! You are the one who is getting personal and diverting the purpose of this Blog, so if you guts give your mobile number.
I challenge you to give your correct mobile number!!
Anon: 3:40 AM
Hats off posting your office phone number and exposing BB's true guts.
Self praising going on!!! , Guys we are not interested to read this kind of crap. Kindly post more sensible information.....
Abe BB tere peeche dum hai to woh apna mobile number kyun nahin yahan bhejta.
Itna ameer aadmi hai 2-4 secretary to hongein hi unka number hi bhej de agar tujhe lagta hai log disturb karenge.
Itna uchalta rehta hai to mujhe bhej apna number. kamaldua73@yahoo.com per wait kar rahe hain hum.
kehte hain thota chana baaje ghana. Saale chichore aaj dekhte hain tujhe.
You must not connect current housing bubbles with previous housing bubbles in India or housing bubble in United states.
United states is 100 times more developed and mature market then India. Prices there are already on peak because average US citizen earns 10 times more then Indian Citizens. Indian economy have just started developing in last 10 years and we are nearly 15 years behind china.
India's population is every growing and inflation is more then 10% an year. Remember where there if inflation, there is also increase in wages and salaries hence overall degradation of currency. That is another reason why housing prices will not crash here.
FOOLS will wait, smart people will buy. Don't be a fool, if you can afford to buy home, its the time to buy.
I am an individual and have no personal interest or connections with anyone, its just my own understanding of economy.
I actually am trying to buy a flat but not able to because of high prices, but the day I can afford my dream house, i will buy it at any price.
You have all inspired me to focus on providing more informative and resource type link building posts in the future, so stay tuned for more soon.Real estate chennai
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