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Are Property Price Going Down Drastically in Chennai?

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Are Property Price Going Down Drastically in Chennai?

Last updated: December 1 2010
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  • Re : Are Property Price Going Down Drastically in Chennai?

    So what is the actual situation of satyam employees right now.

    Whether the company is in the process of terminating employees or reducing salaries

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    • Re : Are Property Price Going Down Drastically in Chennai?

      i will be very surprised if 125000 people lose their jobs.
      in india everybody tries to overanalyse and dramatise things.

      govt will interfere and there is already some talk / request of takeover by a big company.

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      • Re : Are Property Price Going Down Drastically in Chennai?

        Originally posted by yeskrish View Post
        i will be very surprised if 125000 people lose their jobs.
        in india everybody tries to overanalyse and dramatise things.
        food for tought.
        we will know very soon

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        • Re : Are Property Price Going Down Drastically in Chennai?

          You are correct ...

          Originally posted by yeskrish View Post
          i will be very surprised if 125000 people lose their jobs.
          in india everybody tries to overanalyse and dramatise things.

          govt will interfere and there is already some talk / request of takeover by a big company.

          Yeskrish, you are correct.

          There is a difference between net jobs lost and gross jobs lost. Example, some Satyam employees may lose job but find another in IBM - so thats not a job lost. Some will become consultants and hopefully earn as much which is also not a job lost. Some will lost job and will not find another for a significant amount of time, which is a job lost.

          Then there are sub-contractors who supply people to Satyam. When there is a permanent job loss in Saytam it will be double counting. Satyam will show one job lost and the sub-contractor will show another job lost - 2 jobs lost for every contractor permanently getting jobless.

          Also, when one employee loses a job, there is a partial reduction in work for support people like the food supplier, taxi driver, etc. Since, when 10000 people go off the rolls you will need fewer cooks, servers, drivers and cleaners. You can't really count this number and so we make reasonable approximations.

          And the bulk of the affected will be people who rely on the wage earners for their livelihood. The grandparents, retired parents, family (wife, kids), car driver they can no longer afford, house servants. This is what raises the affected ratio to as high as 10:1 where the 1 is the Satyam employee permanently losing his job.

          The effect will be diffused, but it will certainly be there.
          cheers

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          • Re : Are Property Price Going Down Drastically in Chennai?

            Dear Wiseman! Keep It Up!

            who knows infosys may also follow suit . more such satyam like episodes will unfold? so investigators shold start investigations in all companies of dubious management. people have lost money in ULIPS as LIC has invested heavily in satyam? people should not be very greeedy?

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            • Re : Are Property Price Going Down Drastically in Chennai?

              Friends, I just come across the following post from another forum;

              Quote:
              Folks,
              I don't know if anybody heard about the Hirandani upscale project's price reduction. My friend's friend has recently booked an apartment from them. Here's the deal he got. The price of the apt is 75 lacs. He will apply for the loan for 80% of the 75 lacs. However, Hirandani will pay the EMI for the 1st two years. 24 months of EMI roughly comes to around 14 lacs. So it sounds like the apt is going to cost him about 61 lacs.
              The reason I was told for Hira following this way is they didn't want to bring down the price tag of apartment there by causing panic to the previous bookers and to avoid cancellations.

              Unquote:

              Does anyone in this forum heard about such a thing, if this is true then hiranandani is has in effect giving discount of about 20%.

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              • Re : Are Property Price Going Down Drastically in Chennai?

                Originally posted by ajithpkl View Post
                Friends, I just come across the following post from another forum;

                Quote:
                Folks,
                I don't know if anybody heard about the Hirandani upscale project's price reduction. My friend's friend has recently booked an apartment from them. Here's the deal he got. The price of the apt is 75 lacs. He will apply for the loan for 80% of the 75 lacs. However, Hirandani will pay the EMI for the 1st two years. 24 months of EMI roughly comes to around 14 lacs. So it sounds like the apt is going to cost him about 61 lacs.
                The reason I was told for Hira following this way is they didn't want to bring down the price tag of apartment there by causing panic to the previous bookers and to avoid cancellations.

                Unquote:

                Does anyone in this forum heard about such a thing, if this is true then hiranandani is has in effect giving discount of about 20%.

                the project is singaperumalkoil/orgadam,hirnandani has one there.
                you should travel to that place, it is so far off ,no neighbourhood it is a jungle out there.no autorikhsaws or taxis .it is self contained project.even the ones on OMR will reduce by atleast 30%.
                I have been saying this i repeat
                PRICES WILL CRASH WHERE LAND IS AVAILABLE IN ACRES,WILL CORRECT BY 20 %(MAX) WHERE LAND IS AVAILABLE ' BETWEEN BUILDINGS'
                Last edited January 13 2009, 12:02 PM.

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                • Re : Are Property Price Going Down Drastically in Chennai?

                  No sales in RE in Chennai

                  Dear friends

                  I used to see Free Ads paper to know the price quotings in RE section.
                  In june 2008 one person has quoted price for 2200 sq.ft land with 1800 sq.ft building with all amenities Rs.85 lacs. This house is not sold for the last 7 months.In january 2009 1st week he quoted Rs.82 lacs. This week he has quoted Rs.80 lacs.

                  Moreover, i can see many advertisement repeating for the last 7 months. From this we can know that property sales has come to standstill. And there is considerable price correction. Even though sellers are reducing the price slowly there are not any takers.

                  Thanks
                  chataara

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                  • Re : Are Property Price Going Down Drastically in Chennai?

                    Price and Font(d)

                    Originally posted by abk View Post
                    if it is the project is at singaperumalkoil/orgadam,hirnandani has one there.
                    i see no surprise in this. you should travel to that place, it is so far off ,no neighbourhood it is a jungle out there.no autorikhsaws or taxis .it is self contained project.I have been saying this i repeat
                    PRICES WILL CRASH WHERE LAND IS AVAILABLE IN ACRES,WILL CORRECT BY 15 %(MAX) WHERE LAND IS AVAILABLE ' BETWEEN BUILDINGS'
                    Everyone feels that land/apartment prices are inflated as same as your fonts here.

                    Every company is trying to do the same business cutting down 20-25 percent of the existing employees now.

                    Every company is trying to reduce the cost by minimum of 25 percent now.

                    Rs 100 available today, will be reduced to Rs 56.25( (100 -25 ) * 0.75) when all the cost/job cuttings are in effect..may be 2-3 months down the line(Not taking into big collapses in which job losses to the tune of 50-60 % and more scrutiny on balance sheets after last week's confession likely to unearth more scandals).

                    Let us get into the savings/dispossable amount...

                    While Rs 100 is available ,our expense will be around Rs 50 and savings will be Rs 50(approx) .

                    While Rs 56.25 is available tomorrow , few will bring down the expense from Rs 50 to Rs 40 and tend to save Rs 16.25

                    Disposable/Saving amount has been reduced to Rs 16.25 from Rs 50 (drop by approx 67 percent).

                    No need to mention that this dire situation will drive people into the safety mode than investment mode.

                    If we consider a person whose expense is around 80 % & savings 20 %, we may get very bad picture . (and definitely we have certain percent of people whose expenses exceeds the income and accumulate deficits due to high EMIs and unwanted spending/habits).

                    Lands between buildings and lands inside buildings are sure bound to fall down DRASTICALLY (pls read with FONT size 20 or more) and if anyone predicts the approximate percentage of drop , his/her service is urgently needed by many now ... All the apex banks of the countries & many investment/brokerage houses are looking for that geniuss and may be offered in billions ... (countries have apportioned hundreds of billions for bailout)...

                    RE Prices are bound to faaaaaaaaaaaaaaaaaaaaaaaaaaaaaaall..
                    Last edited January 13 2009, 12:39 PM.

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                    • Re : Are Property Price Going Down Drastically in Chennai?

                      Originally posted by sethugm View Post
                      Everyone feels that land/apartment prices are inflated as same as your fonts here.


                      While Rs 100 is available ,our expense will be around Rs 50 and savings will be Rs 50(approx) .

                      While Rs 56.25 is available tomorrow , few will bring down the expense from Rs 50 to Rs 40 and tend to save Rs 16.25

                      Disposable/Saving amount has been reduced to Rs 16.25 from Rs 50 (drop by approx 67 percent).

                      RE Prices are bound to faaaaaaaaaaaaaaaaaaaaaaaaaaaaaaall..
                      according to you many will not reduce expenses, by this statement you have concluded that the prices of everything included in "expenses"
                      would not reduce.
                      going by this premise when expenses remain same and the prices of everything (other than RE) remains same,the economy(US govt is trying to boost spending) should be doing good. and that in my or rather 'your' opinion will prevent a drastic faaaaaaaaaaaaaaaaaaaaaaaaaaall in RE among buildings
                      Last edited January 13 2009, 02:14 PM. Reason: i left some aaaaaaaaaaaaaaaaaaaaaaa's

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