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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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  • #21

    #21

    Re : Are Property Price Going Down Drastically in Chennai?

    Why are we discussing my wisdom? Thats not important

    Originally posted by strongsville View Post
    Nataraj, Don't you think Wiseman is talking real wisely? Don't you think what he says is reasonable, acceptabale and logical with accurate data? Can you explain your opinion more logically and reasonably with accurate data?

    In my opinion, Wiseman is really wise and he must be possesing excess knowledge and experience in the world economy.

    I am sure he is not like us who just started learning economy 101.

    Hi folks,

    With age and experience comes wisdom. Of course not always, only when people learn from the mistakes that we make and see others making.

    So, after my fair share of mistakes (some very costly ones), I have learnt that overconfidence is the worst thing to have. Also arrogance in ones own smartness is equally bad.

    One other major thing to be avoided is not to become blind to reality because we made a mistake and do not want to own up and change.

    Nataraj. I do not think I'm so powerful that I have formed a gang to be bearish about RE and verbally beat prices down. Such things do not happen even if you have the money power of a Mukesh Ambani.

    Secondly, I can't beat my arguments into other's heads. I present my case. Only if others then observe the situation themselves and see some merit in my arguments, they will accept. So, its not as if I have hypnotised them into chanting "wiseman, wiseman!"

    Strongsville. Some of us have seen reality and have formed an opinion for better or worse. Its just that Nataraj has to experience difficulties first before he also joins us in our view. Just a matter of timing . And maybe some avoidable losses.

    No offense, Nataraj. Time will tell. And if I'm proven wrong I will change even before you tell me about it .

    Oh, btw, prices will definitely go even below 2004, IMO!

    And Sridhar. I did my MBA in 1985 from one of the top 5 schools (in that year it was #2 ahead of IIM, Cal). And I got a job as Exec. Assistant to one of the biggest Software persons in India today. The salary was 3.5k only for what was one of the top jobs then. In 1995 salary had already reached 40k. In 1999 it was 150k. Beyond that you can speculate! Have seen the software business for 23 years. Even then, I'm fearful this time .

    Nataraj may think I'm a bear. But I made my biggest money being a bull all these years. But when its time to be a bear, its time to stop being a bull! Move with times and reality. When the party is over, don't just keep hitting the bottle. Go home, pull on the covers and hibernate .

    cheers
    Last edited November 19 2008, 12:36 AM. Reason: More points to be filled in

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    • #22

      #22

      Re : Are Property Price Going Down Drastically in Chennai?

      Originally posted by wiseman View Post
      Hi folks,

      With age and experience comes wisdom. Of course not always, only when people learn from the mistakes that we make and see others making.

      So, after my fair share of mistakes (some very costly ones), I have learnt that overconfidence is the worst thing to have. Also arrogance in ones own smartness is equally bad.

      One other major thing to be avoided is not to become blind to reality because we made a mistake and do not want to own up and change.

      Nataraj. I do not think I'm so powerful that I have formed a gang to be bearish about RE and verbally beat prices down. Such things do not happen even if you have the money power of a Mukesh Ambani.

      Secondly, I can't beat my arguments into other's heads. I present my case. Only if others then observe the situation themselves and see some merit in my arguments, they will accept. So, its not as if I have hypnotised them into chanting "wiseman, wiseman!"

      Strongsville. Some of us have seen reality and have formed an opinion for better or worse. Its just that Nataraj has to experience difficulties first before he also joins us in our view. Just a matter of timing . And maybe some avoidable losses.

      No offense, Nataraj. Time will tell. And if I'm proven wrong I will change even before you tell me about it .

      Oh, btw, prices will definitely go even below 2004, IMO!

      And Sridhar. I did my MBA in 1985 from one of the top 5 schools (in that year it was #2 ahead of IIM, Cal). And I got a job as Exec. Assistant to one of the biggest Software persons in India today. The salary was 3.5k only for what was one of the top jobs then. In 1995 salary had already reached 40k. In 1999 it was 150k. Beyond that you can speculate! Have seen the software business for 23 years. Even then, I'm fearful this time .

      Nataraj may think I'm a bear. But I made my biggest money being a bull all these years. But when its time to be a bear, its time to stop being a bull! Move with times and reality. When the party is over, don't just keep hitting the bottle. Go home, pull on the covers and hibernate .

      cheers
      You Rock!!!! I visit this forum to read your posts. As you said RE prices will be down by 50-80% in 2009. I would like to know if this applies to properties in City outskirts?

      Comment

      • #23

        #23

        Re : Are Property Price Going Down Drastically in Chennai?

        This site sucks

        I started loosing my big posts every now and then. I just replied Wiseman's post and it is not posted due to some reason.

        This is the 5th time and i am loosing my patience. Admin please fix this problem.

        I just wrote a big response to Wiseman and its gone. I don't want to type it again.

        Anyway well done Mr. Wiseman for your valuable input. But you are addressing the wrong person(Natarag) who wouldn't understand all these.

        Comment

        • #24

          #24

          Re : Are Property Price Going Down Drastically in Chennai?

          we need to hear all the peoples views and opiniun .let us not discourage anyone for their contra views.

          I appericate Wiseman for dedicating his precious time in anlaysing and providing us with good inputs.

          Most of us visit this forum to know the trends and information which will helps us in our investment decisions.

          Instead of timing the market, let us be prepared and find some good deals. The market whether it is bear or bull or flat , there are some good deals always available.Let us learn to find out how.

          Lehman brothers had many harvard educated MBA's, it is not that they decisions went wrong, but it was the timing against their decisions.

          I would like to hear from all the people about their views, at the end of the day one has to take decisions on his own and take responsibilty for that.

          Comment

          • #25

            #25

            Re : Are Property Price Going Down Drastically in Chennai?

            Originally posted by sridharchennai View Post
            Hi Natrajg007,

            Everybody has their views, so as Mr. Harry 1979. Well, I have certain things to confirm with you.

            1. I have never heared of software engg earning 2K - 5K in 2004. I myself a MBA passout in 2004, whereas we are earning 7k/month and software guys 14k/month. I think 2k should be salary of 90's

            2. Now it's official that there will be no bonus, no increments and promotions for next 1 year in corporate India. Do you think people will invest in this uncertain times. If there is no demand, how do you expect prices to be stable without falling?

            3. Unitech India's second biggest real estate firm has put their delhi office and their hotel projects on sale. Does this mean a possitive move? Please correct if I'm wrong.
            My friend now you are letting one cat out of the bag. In 2004 an MBA was getting 7K p.m. Now MBA is a generic name for humpteen college degrees. MBAs rather PGDMs from IIMs were getting around Rs 50K in 2004 too. Wipro was paying its employees again I must mention 2003, not more than 15K p.m. They dont define SW industry then, as they were picking elites. I am talking of the lower rung of freshers and they were possible to get at 2K to 5K. Infact the boom started between 2002 mid to 2003 mid. I am not making it up. I quit the SW industry in 2003 after 17 years to try to start up one. I couldnt get out in 2002 end and by the time I exited in 2003 middle, the price to get an engineer had shot up. Now in MNCs like where I worked we used to pick 1+ yr experience guys for about 5L+ p.a., so it is not that I am talking about ELITISTs, or IIT/IIM guys. I am talking about the Fresh Engineer, packs. Such guys today get 20K. To be precise if you get a job today in Microsoft it is 9L p.a. If you get it in CTS it is 3L p.a. So dont confuse data, much like Wiseman does.
            As for unabated love for WIseman from many here. I recommend all of you to continue with it. I have no gains writing here and if I am wrong, I care not. I continue to hold my realestates and in my case they are LANDS, not SILLY FLATS. I live in a FLAT as that is COMFORTABLE. I can shut the door and run out in a minute, cant do that in independant houses. And my land has shot up consistently and at super duper way in the past 5 years almost 10 times in many cases. However it wont fall based on my study of the 1990s by more than 20-40%. So for someone like me a land in Tiruvanmiyur shooting up from 30L in 2004 to 3C in 2008 will atbest go to 1.5C and I dont care. And those buying apartments for investment are less wiser than WISEMAN! However LAND appreciates, not STONES! So go and enjoy Wiseman, and as there are many dumbos here, even Wiseman can claim to be wise. Cheers.

            Comment

            • #26

              #26

              Re : Are Property Price Going Down Drastically in Chennai?

              Originally posted by strongsville View Post
              I started loosing my big posts every now and then. I just replied Wiseman's post and it is not posted due to some reason.

              This is the 5th time and i am loosing my patience. Admin please fix this problem.

              I just wrote a big response to Wiseman and its gone. I don't want to type it again.

              Anyway well done Mr. Wiseman for your valuable input. But you are addressing the wrong person(Natarag) who wouldn't understand all these.
              Yep, Nataraj would not understand it! He has put in investments in 1988 which are worth about 200 times today in realestate. He predicted the top in Nifty around 5900 and wise folks took it to 6300 and dropped it. He knows realestate wont crash now, not that he is expecting it to go up forever. He knows that in India successive govts from 1980s have only one plug to play with, that is exchange rate. So if a property is bought now at 1Crore, which translates to 200K USD, govt will let 200K USD become 2C or 4C and let the property stay put. So salaries falling like in USA is the pseudo educated NRI thinking. He is neither here or there.
              Time will teach you folks. I dont have time to argue here as I used to once upon a time in MMB. Let is be that Wiseman is wise, who cares? And if you folks dont buy today at 1C and if it moves to 2C and YOU ARE NOT A SILLY NRI, then you will lose the chance. Finally I am not talking about Flat buyers who buy BRANDED property at premium stupidly. I am talking about those who buy land and build on it, or those who buy from flat builders who profit by building not by speculating.
              If you cant get what I said, you wont get anything into your head anyway. Finally this place is filled with the 20 to 30 year olds who assumes everyone writing here is in that age group and one Wiseman because he made mistakes learnt. Making mistakes helps learn, but that is no guarantee one learnt. After all the Harvard folks were yet going long on DJI even during the fall! Cheers.

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              • #27

                #27

                Re : Are Property Price Going Down Drastically in Chennai?

                Your posts are very good. So why would it get blocked?

                Originally posted by a_salim_99
                I tried to post in reply to wiseman's comments last week. My comments did not appear. I assumed moderator's have filtered my comments and got really angry, so stopped posting in this forum since then. :-)

                Little did I know that it is actually a bug. :-)

                Dear Salim,

                Keep posting. I'm tired of my own views. Need more alternate views so that mine can get tempered properly !

                cheers

                Comment

                • #28

                  #28

                  Re : Are Property Price Going Down Drastically in Chennai?

                  it would be some kind of timeout bug... we can find a solution to it. But does anyone know the admin..? i dont think he is active on the forum anymore.. !!

                  Comment

                  • #29

                    #29

                    Re : Are Property Price Going Down Drastically in Chennai?

                    Originally posted by wiseman View Post
                    Dear Salim,

                    Keep posting. I'm tired of my own views. Need more alternate views so that mine can get tempered properly !

                    cheers
                    Wiseman, I will also love to see you post. Otherwise the price of realestate might actually fall. LOL. U know what, when there are folks talking bearish market never falls.
                    As for your brilliance. Why is it that price of a Ramaniyam flat in Seaward road off Tiruvanmiyur by atleast a KM, where Tsunami can strike as it is some 500 odd metres from sea, be priced at 4Crore for 3200 sqft. Is price falling or rising my friend?
                    Do answer this tricky question and then keep your name? And dont blame it on wrong info etc. That is just a ruse for you to escape and if you are an escapist, I wont dare fight with you as I will let you escape through your rat hole. ROTFL.
                    SO if you are man enough, rather sane enough to call yourself wise then answer this question above.
                    PS. There is another villa project on Seaward road. 2500sqft land with 3000sqft building for 4Crores. Do some research and let this board know how wise you are. THanks.

                    Comment

                    • #30

                      #30

                      Re : Are Property Price Going Down Drastically in Chennai?

                      Originally posted by Natarajg007 View Post
                      Wiseman, I will also love to see you post. Otherwise the price of realestate might actually fall. LOL. U know what, when there are folks talking bearish market never falls.
                      As for your brilliance. Why is it that price of a Ramaniyam flat in Seaward road off Tiruvanmiyur by atleast a KM, where Tsunami can strike as it is some 500 odd metres from sea, be priced at 4Crore for 3200 sqft. Is price falling or rising my friend?
                      Do answer this tricky question and then keep your name? And dont blame it on wrong info etc. That is just a ruse for you to escape and if you are an escapist, I wont dare fight with you as I will let you escape through your rat hole. ROTFL.
                      SO if you are man enough, rather sane enough to call yourself wise then answer this question above.
                      PS. There is another villa project on Seaward road. 2500sqft land with 3000sqft building for 4Crores. Do some research and let this board know how wise you are. THanks.
                      Hi Nataraj,

                      We need optimistic people like you to defend the present situation because the realism is otherwise.
                      The good thing is that the property is priced at 4C but how many of them have they been able to sell. Secondly, listed price might not be a real indication of selling price. I hear lots of listed price are thrased by 10 to 30% to get selling price. It has become buyers market and people are sitting and waiting. People who are panicky are throwing their property / land into the market to save their profits. It is a reversal condition, supply exceeding the demand and basic economics knowledge will demonstrate which trend the prices will go

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