Hi

In chennai the prices of plots or even a flat for that matter is going beyond the reach of a common man. Is there any chance for the prices to correct in near future?

With a salary of 15k, it is beyond the capacity of common man to buy a house or flat
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  • what is the right time to buy a flat..

    To Wisemen....


    If you can please tell me the right time to buy a flat....And in what location(in chennai) we can find a good bargain...
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  • And if you go to the great australian desert maybe you can buy the entire desert for a few thousand australian dollars. One has to think about density of population. The beggar in Tirupathi can yet sleep on the floor in the night, the cold is tolerable, but can a beggar do that in Australia? Indian conditions are some of the most ideal ones in general explaining the high population here. So dont compare India with Australia and regarding boycotting. It is clear that a. You are pissed off that you cant sell your Australian home and buy even a flat in India...pity you. b. You want Indian realestate prices to crash to satisfy your ego...damn you.
    In net your post can be provided to the kangaroos.
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  • Dude in 2003 a top guy with the best qualifications (CEO,VP, GM level) was earning about 25 to 30L p.a. In 2007 any donkey picked up such salaries and the top guys talk in Cs not Ls. So if your american comparison has to happen I will be able to recruit fresh engineers from campus for Rs 2K to Rs 5K per month salary. That is assuming realestate prices come to 2004 levels in USA.
    I am getting sick of these Bald Eagles and Kangaroos comparing India with their adopted countries when they dont know anything about India except that they probably were born here or raised here, by their overbearing parents who would not have let these dudes even know how to earn a rupee on their own till they left the shores of India. So these dudes need to learn how to wash their neighbouring cars and pick up pocket money like the american 16yr old or live in India like me to understand either country. NRI-Non Real Indian.
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  • Talk is cheap. And talking that way only cheapens you :)

    Originally Posted by Natarajg007
    Dude in 2003 a top guy with the best qualifications (CEO,VP, GM level) was earning about 25 to 30L p.a. In 2007 any donkey picked up such salaries and the top guys talk in Cs not Ls. So if your american comparison has to happen I will be able to recruit fresh engineers from campus for Rs 2K to Rs 5K per month salary. That is assuming realestate prices come to 2004 levels in USA.
    I am getting sick of these Bald Eagles and Kangaroos comparing India with their adopted countries when they dont know anything about India except that they probably were born here or raised here, by their overbearing parents who would not have let these dudes even know how to earn a rupee on their own till they left the shores of India. So these dudes need to learn how to wash their neighbouring cars and pick up pocket money like the american 16yr old or live in India like me to understand either country. NRI-Non Real Indian.



    Dude, Nataraj,

    In 2003, yours truly was one of those top guys with one of those best qualifications earning one of those top salaries (I already had 18 years experience in IT with some of the best companies by then). So, don't tell me about it. I have that experience. You DON'T!!!

    Some of the top CEOs in some of the top companies are my classmates. So, don't go there as well. Well, 2 years ago, I was talking like this and they were polite to me (but must have thought I was going cuckoo). Now they listen because, for all their position and designation I could see this while they couldn't and its starting to hurt them seriously.

    And don't trash-talk everyone around as though you have been there, done that! I can bet that you cannot even reach the levels I have even if you tried all your life. But thats besides the point.

    Lets talk data. Lets talk logic. Lets talk predictive analysis through pattern matching ;). As far as I'm concerned, I tried to be reasonable. But you are hopeless. You fully deserve whats coming to you.

    For me, I will move on and your chapter is closed.

    cheers and all the best.
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  • Originally Posted by wiseman
    Dude, Nataraj,

    In 2003, yours truly was one of those top guys with one of those best qualifications earning one of those top salaries (I already had 18 years experience in IT with some of the best companies by then). So, don't tell me about it. I have that experience. You DON'T!!!

    Some of the top CEOs in some of the top companies are my classmates. So, don't go there as well. Well, 2 years ago, I was talking like this and they were polite to me (but must have thought I was going cuckoo). Now they listen because, for all their position and designation I could see this while they couldn't and its starting to hurt them seriously.

    And don't trash-talk everyone around as though you have been there, done that! I can bet that you cannot even reach the levels I have even if you tried all your life. But thats besides the point.

    Lets talk data. Lets talk logic. Lets talk predictive analysis through pattern matching ;). As far as I'm concerned, I tried to be reasonable. But you are hopeless. You fully deserve whats coming to you.

    For me, I will move on and your chapter is closed.

    cheers and all the best.

    Wiseman, you are good at blowing your head off! Pity the company that kept you at the top level. As for me I was in the position I mentioned (whether you were or not!?) in 2003, so stop farting buddy. And I am using my salary as an approximate basis. Whatever I told about salaries are truth, just that you dont seem to know. Incidentally I am an IIT Grad of 1985 and I go by data, not by euphemisms as you seem to. Calling yourself Wiseman does not necessarily make you wise. Well you seem to have relished hijacking this board and when someone like me enters you certainly need to feel bad, but well buddy that is what makes IITians innovative! Take care and think before you shoot arrows at your image! LOL!
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  • Great show...What factual data does Wiseman present except his imaginary assumptions. Almost like those biochemists of Korea who forge data! Comeon buddy, learn some economics and from books, not from Wiseman.
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  • Wisemen ..Plz keep up the good work...Just igore people who dont like yr comments...
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  • Originally Posted by Natarajg007
    Wiseman, you are good at blowing your head off! Pity the company that kept you at the top level. As for me I was in the position I mentioned (whether you were or not!?) in 2003, so stop farting buddy. And I am using my salary as an approximate basis. Whatever I told about salaries are truth, just that you dont seem to know. Incidentally I am an IIT Grad of 1985 and I go by data, not by euphemisms as you seem to. Calling yourself Wiseman does not necessarily make you wise. Well you seem to have relished hijacking this board and when someone like me enters you certainly need to feel bad, but well buddy that is what makes IITians innovative! Take care and think before you shoot arrows at your image! LOL!


    If you have made 2K-5K rupees per month back in 2003, then you must have worked as a driver, autowala, fruit vendor, veg-vendor, cook, watchman in jewellery shop(thats what we paid for our gate keeper in our shop).

    I don't think IT guys guys drew 2K-5K salary back in 2003 and 2004. I think you are in coma, Natarag.

    You are an IIT graduate and you just made 2K per month in 2003? What a shame Natarag. May be you must have worked as a lab assistance/technician.

    Even 2K is less for lab technicians i believe. You must be a poor guy then.
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  • Originally Posted by Natarajg007
    Great show...What factual data does Wiseman present except his imaginary assumptions. Almost like those biochemists of Korea who forge data! Comeon buddy, learn some economics and from books, not from Wiseman.


    What books you read Natarag? Saroja Devi for economics????:D
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  • which upcoming location in chennai can become the next Anna Nagar in the next 10 yrs. Any Guess

    Also the location should have reasonable rental demand. Any thoughts appericated.
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  • Lets not get personal :)

    Originally Posted by strongsville
    What books you read Natarag? Saroja Devi for economics????:D



    Hi folks,

    If you noticed the news today, the banks are finally starting to sit on real estate companies. Basically saying, you can't borrow money from us, (over)build and then sit on the loans without paying up. And RBI is getting stern about it.

    The choice given to them (RE) is either reduce prices and increase sales (in the hope that you can repay us) OR we will sieze property and sell at any price we get to get back our money. Apparently Unitech (which has also put its corporate office on the block) is due to repay around 2500 crores. So the haste to desperately sell off their assets.

    The chairman of CREDAI came on TV and say they have asked RE companies to oblige OR ELSE.

    Guess the price reduction being recommended. 25% - 30%!

    As far as I can see, this is just the beginning. The writing is already on the wall - except for some who refuse to see iit (pun intended :D).

    Anecdotal evidence on reduction of production, buildup of overcapacity is starting to happen. Of course, people will be in denial about the duration and typically say, "this is only till Jan 2009" and so on. Basically no one really knows, though all people in positions of power know that if they go public with alarmist statements, they might just get to the head of the list to go first :).

    As I have continued to say, the beginning of serious job losses will be the time the slope will steepen. Lets see.

    cheers
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  • Wiseman

    i can see that you are very knowledgeable:
    You know what, not from you, but i am sick of waiting for Chennai RE to tank, i have been hearing thatChennai RE is over priced and will fall.
    so i missed few good deals (2nd hand flats in tnagar/mambalam area). the quotes which were 3.5k to 5.5k for 10 year old flats back in early - mid 07 are now quoted much more.
    honestly, theory is fine. but will the prices fall and get more relaistic - in the city.
    if not huge fall, atleast will it get to 07 levels and if so when?
    i see that you mention 6-9 months from now, with so many variables, things may change by then.
    this is like bulls telling long term india story intact kinda stuff. nobody knows what that long term really is!

    no offense meant. but i am losing my patience
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  • Originally Posted by strongsville
    If you have made 2K-5K rupees per month back in 2003, then you must have worked as a driver, autowala, fruit vendor, veg-vendor, cook, watchman in jewellery shop(thats what we paid for our gate keeper in our shop).

    I don't think IT guys guys drew 2K-5K salary back in 2003 and 2004. I think you are in coma, Natarag.

    You are an IIT graduate and you just made 2K per month in 2003? What a shame Natarag. May be you must have worked as a lab assistance/technician.

    Even 2K is less for lab technicians i believe. You must be a poor guy then.

    Now Strongville, you have shown your true colours. So u are engaging me in verbal duel trying to abuse me. I will let you pass, as you are but a chamcha of Wiseman.
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  • Originally Posted by yeskrish
    Wiseman

    i can see that you are very knowledgeable:
    You know what, not from you, but i am sick of waiting for Chennai RE to tank, i have been hearing thatChennai RE is over priced and will fall.
    so i missed few good deals (2nd hand flats in tnagar/mambalam area). the quotes which were 3.5k to 5.5k for 10 year old flats back in early - mid 07 are now quoted much more.
    honestly, theory is fine. but will the prices fall and get more relaistic - in the city.
    if not huge fall, atleast will it get to 07 levels and if so when?
    i see that you mention 6-9 months from now, with so many variables, things may change by then.
    this is like bulls telling long term india story intact kinda stuff. nobody knows what that long term really is!

    no offense meant. but i am losing my patience

    Yeskrish. Ask yourself one simple question. Let us assume that WIseman is right and realestate will fall to pits as he claims. Then what do people who hold realestate do today? Sell desperately? What do people who want to buy like you do? Wait endlessly.
    As you rightly said the price of old resale flats are going up not down. And why, because their undivided share of land has risen in value. Wiseman will believe otherwise, as he is WISE!? The problem with these bear talkers is that they dont understand Realestate market in India. Full stop. They are just bunch of copy cats with no internals who will say since price fell in US, it will fall in INdia. THink of it. India has 3 times less land and 3 times more population approx than US, so price should be atleast 10 times higher for land in India than in US. So the extension of logic from Yankees and Kangaroos to INdia wont work. Why cant Wisey go and check the prices in Europe. THey have fallen a bit, but even today they are pricey by Indian standards and go and look at Japan. Japanese roads to houses are no better than we see in INdia, just their freeways match our current NHs.
    I am not here to attack WIseman or the Kangaroo. My problem is what does WISEMAN think one should do with his money today. Just wait endlessly like you to buy and see rises regularly.
    I know of folks who sold land in Urapakkam for 1.5lakhs per ground in 2004 end. TOday the neighbouring plot of Mine will not be sold by me for less than 40L per ground and in 2006 there was a guy sitting in my house asking for it at 12L a ground. Now such exponential growth might sound illogical, but then that is what happened to Japan in 1980s.
    All I suspect is that this board is infested with a bunch of NRIs, who have sold there property in US after the crash are just in the beginning of it. They want to invest in INdia but on their own terms. Well they want a crash and even though WIseman is no big fry as he accepts (why compare with AMbanis as he did, he cant even influence the man across the street), but he can very well confuse weak hands who might sell out. SO be careful with these bear insights.
    Yes Indian jobs will be cut. Yes Indian salaries will be cut a bit. Yet if you see the ratio of cost of land in prime area / salary today it is yet less than it was in 70s and 80s. TO put a clear example for all those so called data mad on this board. In 78 the salary of a bank officer was the most attractive and would be around 800 or about 10K p.a. and a house in Mylapore cost 70K. So about 7 times. TOday a software engineer at that 35 age bracket gets around 25L and house in OMR costs about 1.2 cr. Dont ask for Mylapore since you got to see the currently attractive area. Also as flats become attractive you got to compare those. So I will yet expect another 50% growth and then asin early 80s to unrealistic 20 times annual salary. SO it will be Rs 4C for a good flat before it starts tapering out.
    Finally even today I can get you on Seaward road quotes of Rs 4C for 3200sqft flats. In BOmbay though the price will be Rs 20C for such a flat. SO if the likes of Strongville who claims to earn 7K p.m. in 2004 are taken as example, they better aspire to get a flat in Urapakkam at 30L. They are not to dream of house in Mylapore which Wiseman is asking them to DREAM of. As given Strongville's background he wont be getting more than 30K to 50K p.m. today and with that he cant do any better than that. So such misinformed writers on this board cant do much harm to RE in total, but will make the fence sitting WEAK HANDS go kaput. Just my 2cents worth of info.
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