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RE business in Chennai collapsing

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RE business in Chennai collapsing

Last updated: August 17 2009
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  • #21

    #21

    Re : RE business in Chennai collapsing

    Originally posted by ks2071746 View Post
    Dear friend,

    IT guys are afraid of buying flats now as their jobs ae in jeopardy and salaries are coming down. Only guys with their parents supporting them can continue with their EMI on house loan already taken. Now a days, the IT guys seldom go to big hotels for party or even for normal food. They start cooking themsleves or go to medium class hotels for their food. Even in their Food Courts in their companies, they opt for medium or low priced food items. Some guys who have been going in for I class railway season ticket are switching to II class season ticket. They are now realising the need and necessity of saving for future which they were not doing earlier when their jobs were not that much in danger. (Incidentally, my son is a software engineer in a reputed IT company- not in Satyam))

    ks2071746

    Dear friend

    this fear will bring down the sales in RE sector.

    Everyone wants to hold their money for future.

    thanks

    chataara

    Comment

    • #22

      #22

      Re : RE business in Chennai collapsing

      It is true that many guys in IT sector are loosing job or increment or promotion some even life.

      It started now affecting all other sectors as well.

      2009 is predicted as the worst.

      RE business is naturally collapsing in chennai also

      Comment

      • #23

        #23

        Re : RE business in Chennai collapsing

        GDP/Export growth rate for 2009 has been rederived(Am sure this will undergo changes in negative atleast 5 times in 2009).

        Overall Job prospects/Salary trends are going downwards.

        IT spending by global majors has reduced and the IT/ITES salary will be subjected to normalization . People in non-IT industry & Govt sector will be happy to see this decline (to some extent...)

        Automobile sector is running in patchy roads.

        Textiles & Apparels exports have declined.

        Gems & Precious stone export has reduced.(save gold)

        Stocks have underwent dramatic changes which reflects the industry growth for the next 9-12 months.Majority of the retail investors have lost 60-70 percent of the money and not in a position to exit now.

        The RE Project completion dates have seen indefinite corrections.

        The margin (buyer component /loan be approved by banks) have seen changes.

        As stated by many here ,the real realty fall will be seen in few weeks.

        Comment

        • #24

          #24

          Re : RE business in Chennai collapsing

          Originally posted by Nataraajg007 View Post
          Black money will be generated only when business is there. If there is no business, no income and no need of evasion of income tax and hence no black money.

          So investment in RE will also come down
          Dear friend,

          The BM in India is so large in trillions and no need to add further billions to what are there now unaccounted. Some one has told in this forum, if all the black money comes out from the Indians holding them i so many ways and places, India will be the richest country in the world. So even if there is no business to generate BM further, the position will not undergo much change.

          ks2071746

          Comment

          • #25

            #25

            Re : RE business in Chennai collapsing

            Originally posted by ks2071746 View Post
            Dear friend,

            The BM in India is so large in trillions and no need to add further billions to what are there now unaccounted. Some one has told in this forum, if all the black money comes out from the Indians holding them i so many ways and places, India will be the richest country in the world. So even if there is no business to generate BM further, the position will not undergo much change.

            ks2071746
            Wont the black money also get eroded in the recession?

            Though majority portion of the money would be still in cash,under benami account/trust or in some swiss bank.

            A huge chunk of black money is routed out through Hawala and brought back using means such as participatory notes etc.

            Most of these investments were done in stock markets and Real estate.

            Was just wondering how much black money would go into thin air when the scotland banks go bankrupt???when RE and Stock market crashes.

            Comment

            • #26

              #26

              Re : RE business in Chennai collapsing

              Originally posted by nabishek View Post
              Wont the black money also get eroded in the recession?

              Though majority portion of the money would be still in cash,under benami account/trust or in some swiss bank.

              A huge chunk of black money is routed out through Hawala and brought back using means such as participatory notes etc.

              Most of these investments were done in stock markets and Real estate.

              Was just wondering how much black money would go into thin air when the scotland banks go bankrupt???when RE and Stock market crashes.
              true some would erode.
              but huge BM is generated while i type this.
              the recent example of 3G mobile licences awarded on first come first served basis is a loss of 60000 cr to the exchequer(estimated).
              this amount is nearly the amount the CRR reduction pumped into the market.
              this is just one of them among thousands.see the picture?

              Comment

              • #27

                #27

                Re : RE business in Chennai collapsing

                Originally posted by abk View Post
                true some would erode.
                but huge BM is generated while i type this.
                the recent example of 3G mobile licences awarded on first come first served basis is a loss of 60000 cr to the exchequer(estimated).
                this amount is nearly the amount the CRR reduction pumped into the market.
                this is just one of them among thousands.see the picture?
                This 60000 Cr is not Black/Corrupt Money suddenly pumped into the RE market .Its the possible loss for the Govt and this figure is an exaggerated figure by the opposition.

                Few crores would have been transferred as a bribe to get the contract.Given the volatile nature of the political power & threat that next Govt will initiate legal action as revenge (not for the benefit for the Govt), the corrupt beneficiary would not park these money into RE.

                The businessmen have the power to get back the money back when the underlying business does not fair well from these politicians.

                Am sure that the entire bribe will not be transacted as hot cash & major portion of it will be share in the business or that will be paid in future.

                When the future of the business itself is seen as bleak due to recession neither Black nor Corrupt Money can save the RE.

                We could understand the desperation to hold up the RE prices. But
                Last edited February 18 2009, 05:42 PM.

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                • #28

                  #28

                  Re : RE business in Chennai collapsing

                  Originally posted by sethugm View Post
                  This 60000 Cr is not Black/Corrupt Money suddenly pumped into the RE market .Its the possible loss for the Govt and this figure is an exaggerated figure by the opposition.

                  Few crores would have been transferred as a bribe to get the contract.Given the volatile nature of the political power & threat that next Govt will initiate legal action as revenge (not for the benefit for the Govt), the corrupt beneficiary would not park these money into RE.

                  The businessmen have the power to get back the money back when the underlying business does not fair well from these politicians.

                  Am sure that the entire bribe will not be transacted as hot cash & major portion of it will be share in the business or that will be paid in future.

                  When the future of the business itself is seen as bleak due to recession neither Black nor Corrupt Money can save the RE.

                  We could understand the desperation to hold up the RE prices. But
                  a few crores??? the deal is always 50 % of the amount saved.the few crores would be only for an as per rule auction.have you ever dealt with ministers sethugm.i have recently got an engg college started for my friend,and was party to considerations given,they tell you your profits and ask for proportionate cut.
                  and there is a thread for the best place to park BM,pls contribute .

                  as per your 'understanding the desperation to hold up the RE prices' is appreciated, nobody can hold or break the prices,the mkt dynamics decides that. you and i are just trying to be 'smart'.chennai has withstood the onslaugth till now,may be it is deaf and is unable to hear the chanting
                  "prices are falling".
                  wake up chennai, wake up.

                  Comment

                  • #29

                    #29

                    Re : RE business in Chennai collapsing

                    Originally posted by abk View Post
                    a few crores??? the deal is always 50 % of the amount saved.the few crores would be only for an as per rule auction.have you ever dealt with ministers sethugm.i have recently got an engg college started for my friend,and was party to considerations given,they tell you your profits and ask for proportionate cut.
                    and there is a thread for the best place to park BM,pls contribute .

                    as per your 'understanding the desperation to hold up the RE prices' is appreciated, nobody can hold or break the prices,the mkt dynamics decides that. you and i are just trying to be 'smart'.chennai has withstood the onslaugth till now,may be it is deaf and is unable to hear the chanting
                    "prices are falling".
                    wake up chennai, wake up.
                    yes chennai is in a diff orbit

                    Comment

                    • #30

                      #30

                      Re : RE business in Chennai collapsing

                      read somewhere that the Marans are in the RE business too (land transacting). Not sure about the authenticity of the news, but the tough Chennai RE market despite the global / national slowdown makes me to wonder if that could be true as well

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