Hi All,

I am new to this forum. I would like to know the RE scenario in Chennai...
I had purchased an apartment in Ambattur, in Aug 2007(one of the worst mistakes i had made). It costed over 38L for 1250 sq.ft. The builder was supposed to hand over the flat in Sep 2007. But he did so only in Oct 2008 :-((. I was paying a lumpsum amount as EMI throughout this period without any return.

Now, due to the slump, its very difficult to find a tenant also. There are nearly 45 flats in that building, which are unoccupied(without being able to find a tenant). I work for an IT company, which adds to the pressure that is mounting up.

Please suggest, if I can sell the flat now, for a no-loss-no-gain situation. I fear that the longer I wait, the loss may be higher.

Waiting for all of ur valuable suggestions.

Regards,
Tina
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  • I finally get it ...

    Originally Posted by Natarajg007
    That is very clear you are working in USA. So u think u made it there since u were special and since USA sneezes, Indians should get cold. Typically brainwashed by American short sightedness. Go and find out what happened to Japan in the 1980s.
    And u wanted my profession. My other posts tell them. In summary I am an IIT B.Tech of 85, a SW pro till 2003 and today trade in Stock markets. As for you, what is ur basic worth, not the US Software job, ur basic degree and from where?



    Folks,

    Imagine an IIT grad of 1985 who works till 2003 (when salaries in IT were probably the worst in history just post reaching the bottom of the DotCom bust). He quits the industry just as its about to take off in its best period - so he misses the entire salary hikes of 2003-2007 while seeing all his friends rake in the moolah (must feel terrible).

    He then becomes a stock trader - generally considered the lower end of the spectrum in the stock market; after all no one in the stock markets, including the legendary Jesse Livermore (http://en.wikipedia.org/wiki/Jesse_Lauriston_Livermore) who is commonly considered the greatest trader the markets have ever seen, ever made money trading/speculating the markets - he is supposed to have committed suicide after becoming penniless, which I'm sure certain iit-ians who are too full of themselves have not read about :D.

    He then makes some profits in the boom but probably loses his shirt in the recent fall in the markets - traders are never ones to figure out long-term trends well simply because their focus is on the daily trade.

    Now you know where all that bile and poison and vitriol comes from. And he has the gall to say I'm jobless? Well, Natraj, I'm currently on the board of 3 different companies (not all of them software though all very profitable) and advice a few others and still have time to pen some stuff here (bet you could never do that!).

    Sorry dude. Got your number there, though you seem to have got the wrong number regarding me :D.

    Sorry folks, couldn't resist this exchange. Nothing here about RE - which is what this forum is all about. I'll behave from next time onwards.

    cheers
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  • Friend, you want to watch you language :)

    Originally Posted by strongsville
    I tried to post my reply to Natarag again.

    This fuckin website acts wierdly. I lost my valuable time in this stupid website.

    I am out and i don't know if i come back and post and waste my time again.

    THIS WEBSITE SUCKS BIG TIME.



    Hi Strongsville,

    Long ago, I was taught that to swear only showed that I had run out of correct vocabulary. And since then, I swear I never swear :D!

    Please be careful about using them here. No offense , but I didn't want to lose a friend on this post in case the moderators chuck you out!!! ;)

    cheers
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  • Originally Posted by Natarajg007
    You seem to claim to be WISE, (wiseman) in timing the top. Just because real estate fell in US or in Canada as another international loser seems to say is no reason for a fall in realestate in Ambattur. Remember, by telling it is the top, you are also telling that the job of that Ambattur Software pro is in jeapardy and that many will be losing jobs in INdia. Well there is a rumbling in INdia, but bankruptcy, I havent heard one yet. This entire Indian REalestate forum seems to be hard up on reducing realestate price. I dont find that it is necessarily prudent to listen to these bear tones!

    If you are into stock market you must be knowing better the Value of the all RE stock price. Every thing is 1/4th of their high. And also the Guru's are telling...
    People had made tooo hype for this RE. And it has to fall in any way...

    I believe you can sell the property and take some loos. Else it might take away your own sleep.
    --Thanks
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  • Natarajg Real Estate Developer!

    I think Natarajg is in fact a real estate developer in disguise. Ignore this guy in this thread. Personification of wishful thinking! No one is going to buy his storey.
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  • Originally Posted by wiseman
    Hi Strongsville,

    Long ago, I was taught that to swear only showed that I had run out of correct vocabulary. And since then, I swear I never swear :D!

    Please be careful about using them here. No offense , but I didn't want to lose a friend on this post in case the moderators chuck you out!!! ;)

    cheers


    Hello Wiseman,
    Whats your take on US economy? Dow has dropped below 8000 and some analysts are expecting it to drop another 10%. What do you think? Do you think its a right time to enter US stock market?

    Can you believe Citi(C) bank is trading below $6.5 and GE under 15???
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  • Situation deteriorating faster than people thought

    Originally Posted by strongsville
    Hello Wiseman,
    Whats your take on US economy? Dow has dropped below 8000 and some analysts are expecting it to drop another 10%. What do you think? Do you think its a right time to enter US stock market?

    Can you believe Citi(C) bank is trading below $6.5 and GE under 15???




    Arin and Strongsville (and all others of course),

    CITI is technically bankrupt (if you take their off-balance-sheet liabilities into account). You see, I did not tell you the whole story. Normally Banks (even Investment Banks) need to maintain certain ratios for their own good and this is mandated by law. But to avoid this and take on even more leverage, these banks and Fin Inst. created SIVs (Special Investment Vehicles - something like parking money in Benami Accounts :D) and took on trillions of debt into these which are also going bad. Ultimately, these are liabilities on the mother company too!

    City has multiple trillions (India's GDP is a little over 1 trillion so you can now understand the scale of operations and swindle) in these SIVs and no one knows (including themselves) what the real value of these liabilities are. Its become like a cesspool (everyone knows there is something big and stinky in there but no one knows what).

    All we know is that the quality of these assets are declining on a daily basis and rapidly. Therefore, Citi, JP and others may actually be technically bankrupt already if we mark these liabilities to real market value (the price customers will pay today to buy these toxic debt instruments).

    So, I'm NOT surprised about Citi's price. And since GE has long become a finance company itself, about GE's price.

    And GM and the entire Auto industry is technically bankrupt as well. The Credit Card business is imploding and going bad. There are too many problems. Prediction is that increasingly, people are expecting this to go from being a severe recession to becoming a once-in-a-century depression (similar-to, but not exactly-like the 1930s depression). Its not yet in, but we are headed that way. Which is why this may not yet be the bottom for the markets. In fact at 14000+, the Dow was 4 standard deviations away from the long-term mean. If the rule of reversal to the mean holds good (and it usually does), then 3 std.dev is around 7000, 2 std.dev would be around 3000 and 1 std dev around 1200. So, do you think the Dow will revert to 3000? Or, like the 1930s depression, fall by 91% (it fell from 387 to 41 - a 91% fall) and revertall the way to 1200? Let us wait and see.

    Arin, Sobha has broken the 3-digit mark and is now at Rs 89 (remember it peaked at Rs 1248!!! Thats nearly a 93% decline. Wow!). Even DLF the market leader by far has reached around 230 which is around 82% fall.

    So, to answer your question, I'm not at all surprised. In fact I go by my rule that Stock Market is a very accurate indicator of things to come in the underlying industry in 6-9 months. So, watch out for RE prices.

    cheers
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  • Originally Posted by wiseman
    Folks,

    Imagine an IIT grad of 1985 who works till 2003 (when salaries in IT were probably the worst in history just post reaching the bottom of the DotCom bust). He quits the industry just as its about to take off in its best period - so he misses the entire salary hikes of 2003-2007 while seeing all his friends rake in the moolah (must feel terrible).

    He then becomes a stock trader - generally considered the lower end of the spectrum in the stock market; after all no one in the stock markets, including the legendary Jesse Livermore (http://en.wikipedia.org/wiki/Jesse_Lauriston_Livermore) who is commonly considered the greatest trader the markets have ever seen, ever made money trading/speculating the markets - he is supposed to have committed suicide after becoming penniless, which I'm sure certain iit-ians who are too full of themselves have not read about :D.

    He then makes some profits in the boom but probably loses his shirt in the recent fall in the markets - traders are never ones to figure out long-term trends well simply because their focus is on the daily trade.

    Now you know where all that bile and poison and vitriol comes from. And he has the gall to say I'm jobless? Well, Natraj, I'm currently on the board of 3 different companies (not all of them software though all very profitable) and advice a few others and still have time to pen some stuff here (bet you could never do that!).

    Sorry dude. Got your number there, though you seem to have got the wrong number regarding me :D.

    Sorry folks, couldn't resist this exchange. Nothing here about RE - which is what this forum is all about. I'll behave from next time onwards.

    cheers

    Oh ya, I bet you have got your silly contacts by farting stuff like this and got yourself on board of 3 companies. So you are yet not grown to be independant, enterpreneural as MBAs are supposed to, atleast over time. If stock trader is a bad word, then George Soros should be respected less than you. Comeon, tell us what darling college you came out of.
    As for peaks, well many top level guys quit the SW industry in 2003 to take up other personal interests like I did. We are not talking about the Madurai Kamaraj Univ guy here who was earning 5K p.m. working as a contractor to me in 2003 whose salary has gone up to 30K today or of a joker like you who is on board of 3 companies spending his time writing on this board wanting market to fall. I have seen more sane but argumentative folks who learnt by their mistakes. Now you wont be learning as you are paid to write here to confuse folks to sell out. Are you trying to resell old flats after grabbing them for peanut prices by these 3 companies. As you said they wont be SW companies as they may not employ you!
    Ok buddy, you know a lot, a lot of stories. Keep telling them. In a board filled with dumbos like Strongville you are the genius. Nirvana desathile komanam pottavan madayan (In a Nudist joint a person wearing a loin cloth is a fool). So I can see that my wearing a dress is incorrect here. ROFTL.
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  • Originally Posted by arin_12
    If you are into stock market you must be knowing better the Value of the all RE stock price. Every thing is 1/4th of their high. And also the Guru's are telling...
    People had made tooo hype for this RE. And it has to fall in any way...

    I believe you can sell the property and take some loos. Else it might take away your own sleep.
    --Thanks

    Hey, RE stocks dont define realestate. That is where you folks are terribly wrong. Realestate is not like SW, it is an essential stuff. So people who buy for living will continue to buy and those who bought giving hefty premiums to realestate sharks will have to face demise. In other words I have very clearly stated earlier and now, if you go and buy branded property then you will be chopped off always. I am talking of those buying Realestate for investment, particularly as land and/or as flats with fair margins to builders. So the fool who buys from SAFAA on Urapakkam with an FSI of 3 times at 3500psft is a fool, while one who buys land in Urapakkam and builds there is yet smart. U have to learn to read and then comment. Just dont shoot your bullets, it will kill you! Gotcha.
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  • Originally Posted by strongsville
    I tried to post my reply to Natarag again.

    This fuckin website acts wierdly. I lost my valuable time in this stupid website.

    I am out and i don't know if i come back and post and waste my time again.

    THIS WEBSITE SUCKS BIG TIME.

    SO u abuse the website since you dont type in your response fast enought and you get disconnected. Blood seeping into your brains makes u swear just as your illogical biassed bigotic thinking makes you make mistakes and make u imagine u r correct! Haha.
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  • My turn to apologise to everyone :)

    Originally Posted by Natarajg007
    SO u abuse the website since you dont type in your response fast enought and you get disconnected. Blood seeping into your brains makes u swear just as your illogical biassed bigotic thinking makes you make mistakes and make u imagine u r correct! Haha.


    Folks,

    On seeing some posts about NCR, I suddenly remembered that this post is not about Chennai only.

    So, people from other regions, sorry for hogging all the space on this Forum.

    And you will kindly excuse some of the people from the south who use such terrible language - generally Southies are rather polite and well-behaved :D.

    Why don't we have more posts from other regions? After all we want to know whats happening all over India?

    cheers
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  • Originally Posted by wiseman
    Folks,

    On seeing some posts about NCR, I suddenly remembered that this post is not about Chennai only.

    So, people from other regions, sorry for hogging all the space on this Forum.

    And you will kindly excuse some of the people from the south who use such terrible language - generally Southies are rather polite and well-behaved :D.

    Why don't we have more posts from other regions? After all we want to know whats happening all over India?

    cheers


    Wiseman,
    I just found out that Nataraj was trying to sell one other plot in palavakkam for 2.5C. Can you believe it?

    This guy is a broker i think. "Nataraj the broker"

    http://www.r2iclubforums.com/forums/f23/mt-chennai-real-estate-discussion-80/index74.html
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  • Originally Posted by chataara
    Dear strongsville,
    Type whatever you want in 'Notepad' or Wordpad'.
    Then copy this. After copying this 'paste' it into forum's space.
    your problem solved

    thanks
    chataara


    I tried that also. Its not working most of the time.
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  • As already posted, I figured that out already! :)

    Originally Posted by strongsville
    Wiseman,
    I just found out that Nataraj was trying to sell one other plot in palavakkam for 2.5C. Can you believe it?

    This guy is a broker i think. "Nataraj the broker"

    http://www.r2iclubforums.com/forums/f23/mt-chennai-real-estate-discussion-80/index74.html



    Strongsville,

    Remember the post about 70 L for 1.5 ground with clean title, etc, etc?

    Well, the language was too much like a broker giving his spiel (clean title, etc, etc) and I got it immediately.

    Did you also notice that this person is probably loaded up upto his head with this kind of unbelievably priced stuff and is trying to unload slickly (he suspects on unsuspecting public like that poor girl who was asking trustingly about that locality)?

    Well, aside from the fact that he is contravening forum rules by trying to directly sell, he must be really a trashy guy to dump something like that (70L while others are quoting 20 L) on unsuspecting public who trust this forum to keep out such conmen.

    When you are trying to con the public, first rule is to do it quietly without attracting too much attention to oneself :D. Otherwise, verbal lynching will follow !

    Hope forum moderator will act upon this trick to sell in disguise.

    Oh, btw, in my case, I only asked for help in identifying a broker or someone who can help me. Not trying to dump on someone!!! Big difference.

    cheers
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  • Originally Posted by wiseman
    Strongsville,

    Remember the post about 70 L for 1.5 ground with clean title, etc, etc?

    Well, the language was too much like a broker giving his spiel (clean title, etc, etc) and I got it immediately.

    Did you also notice that this person is probably loaded up upto his head with this kind of unbelievably priced stuff and is trying to unload slickly (he suspects on unsuspecting public like that poor girl who was asking trustingly about that locality)?

    Well, aside from the fact that he is contravening forum rules by trying to directly sell, he must be really a trashy guy to dump something like that (70L while others are quoting 20 L) on unsuspecting public who trust this forum to keep out such conmen.

    When you are trying to con the public, first rule is to do it quietly without attracting too much attention to oneself :D. Otherwise, verbal lynching will follow !

    Hope forum moderator will act upon this trick to sell in disguise.

    Oh, btw, in my case, I only asked for help in identifying a broker or someone who can help me. Not trying to dump on someone!!! Big difference.

    cheers


    Anyway. Keep up your good work and stop responding to this broker anymore. Please do not waste your valuable time responding to this guy.

    And if we find this guy misleading our unsuspected forum members or trying to sell his properties, then we must stop him and we should educted those members about his intention.
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  • I agree

    Originally Posted by mail1295
    STOP THE FIGHT, WISEMAN AND NATARAJ AND OTHER FRIENDS.

    We are none to predict the exact depreciation that RE market is gonna meet in coming months. Everyone are giving their predictions and their opinion. FAIR ENOUGH. Let it stay that way. I respect other's opinion, so that includes WISEMAN'S opinion too.. But i feel WISEMAN is being extremely PESSIMIST. I dont agree with him but i am not arguing with him too..


    I entirely agree with you. If you noticed, my sharp responses come only when the attack is personal and not focused on the points being made (words like rat, marsupial, bald-eagle and others worse).

    As already mentioned, I have my reasons to post as I do. The coming depression is of such severity no one has seen such a one in their lives. The last one like this happened 68 years ago. As time progresses you will find that not only am I not too PESSIMISTIC, I may have been too optimistic. Remember, I too made bulk of my money as a bull. But one has to be realistic.

    cheers
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