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- Why the kings of RE r so silent....they suppose to do a bull run here...with tail raising on top of their a**.
@Fellow forumers..beware of this bulls...they r here to loot ur hard earned money..don't buy those bear&bull theories... Will be gud for ur generations if u stay away with those devils stories that include my posts too..so sad but I agree..CommentQuote0Flag
- If RE prices continue to increase 10,20,30 or x % percentage every year go and buy, invest who stops u from that. Instead of wasting time here, go & buy and continue to increase ur assets multifold...no one is against that, keep happy buying..that will help IT pros who are in selling freak now...enjoy with ur happy investments that you make in 2015CommentQuote0Flag
- Predictions can not be blamed. It can be positive or negative. I think we take it as an alert and make individual decision. my comments is not the point to offend to any of this forum members.CommentQuote0Flag
- value for money
Value your home - The Hindu
The market sentiment is positive with the governments at the Centre and State pitching in for the demand. The Bengaluru real estate market is the most affordable one in the country and is value for money. The quality of construction and amenities provided there by the developers are of the highest order.CommentQuote0Flag
- Check this Infographic you will get a clear idea of how rates are performing. The data is embedded is from 2009 to 2014.
Its is a good idea to invest in reputed builders as there is maximum chances of good ROI. Look out for builders like Mantri, Shobha, Hiranandani.CommentQuote0Flag
- Indian economy to grow 7 %. what will be the impact on property price ???
Indian economy to grow by 7 per cent in 2016: World Bank : India, News - India TodayCommentQuote0Flag
- 15,000 pink slips in the tech corridor and still counting
Already reeling under layoffs by software giants TCS, Cisco and others, the city's tech community was delivered a knockout punch on Wednesday with news that Luxembourg-based mortage and financial services software company, Altisource, has issued pink slips to over 300 techies at its Electronics City campus here on Wednesday.
Though Altisource did not issue any official statement, the news spread like wildfire, triggering panic among the already jittery workforce.
However, the development was confirmed after Bangalore Mirror spoke to a couple of Altisource employees. "Even in my wildest dreams, I had not imagined I would be thrown out of my job...my world turned topsy-turvy in just 20 minutes when I was summoned in the afternoon and given the march orders. I did not know how to react. I could see some of my sacked colleagues crying aloud, some begging with the HR personnel to give them time and some reacting angrily," said Rohit (name changed on request), an assistant manager with seven years of work experience.
Rohit's dilemma now is to break the news to his family and deal with the aftermath. "What do I tell my family? How will I pay my car and housing loans?" He is worried about landing another job.
He can draw measure of comfort from numbers, however. According to industry trackers, at least 15,000 techies have lost their jobs in Bengaluru in the last one year. "The frequency of layoffs has increased. From IBM, Dell, Cisco to HP, almost all the big companies have cut jobs. The latest being the TCS layoffs, which has culminated in techies hittting the streets to protest," says an industry tracker. In fact, sacked TCS employees have planned a protest meeting in front of the Town Hall on Saturday.
If losing their jobs wasn't bad enough, being terminated for 'under performance', widely brandished by most companies, seems like the unkindest cut. Companies, though, maintain they are cutting jobs as part of market expansion and growth strategy which involves getting rid of redundant employees. Altisource, which has reportedly cut down jobs at its facility in Boston, US, issued a statement there that read: "After a comprehensive process to evaluate the most effective way to pursue continued expansion in light of changing market conditions, we have made the difficult but necessary decision to realign our employee base with the growth opportunities in front of Altisource."
Meanwhile, its employees in Bengaluru have lashed out at the "inhuman and cruel" treatment. "First of all there was no prior notice. We were just asked to leave immediately. Two months compensation is just not enough. If the company cannot accommodate us then why did it have a massive recruiting drive just two months back?," said Kaushal (name changed).
Bangalore Mirror wrote to Altisource for its comments, but the company did not respond.
The Karnataka government has taken note of the retrenchment and the rising fear factor among the city's tech population. While labour minister, Parameshwara Naik, admitted several tech companies were seeking permission to issue pink slips, Information Technology minister, S R Patil, said it was nonetheless "a major cause of worry as we want to compete with Silicon Valley (in the USA)." Patil said they would soon convene a meeting with industry representatives to discuss the issue.
Nasscom downplayed the fears stating it was a part of the routine clean-up process at software companies. Ashok Pamidi, regional head, Nasscom said Karnataka was facing a demand-supply challenge. "Right now, Bangalore needs 46,000 skilled and job-ready people to work in the industry. The reason for the layoffs in individual companies might be because of completion of a project or internal reshuffling. The industry is doing well and there are no signs of a slowdown," he said.
A dangerous bell curve, says ITEC
"IT employees would never have thought of 'bell curve' being so dangerous. Companies have been terminating employees with a 'C' rating, which stands for 'met expectations'. But even when the employees who get the lowest rating are terminated, the termination would not stand the test of law if they are not given a chance. While employees are terminated for "skill mismatch", companies like TCS go on recruiting new employees for the same skill. It is high time IT employees muster the courage to challenge these unethical and illegal practices by companies. IT Employees Centre (ITEC) asks the respective governments to intervene in the issue immediately to protect the right of employees to work and also to ensure transparent processes in the IT industry in the long run." (ITEC is a rights body for techies)
More job cuts on the anvil?
The labour department appears to have been aware of the layoff wave in IT companies in the city. Speaking to Bangalore Mirror, Labour Minister, PT Parameshwara Naik said, "Every company has to obtain prior permission or keep the department in the loop about intended lay offs. Some companies have taken permission and informed us about their decision to lay off employees." When asked about the details of such companies, Naik refused to divulge the information saying the companies came under the purview of the IT, BT department.
'Not a 2008-like situation'
"The layoffs happening right now are part of the clean-up process. Every company does this every two to three years when they ask non-performing employees to leave. Also, one of the operations of Altisource has been transferred to US. While I am not sure of the exact number, an operation can have 200 to 300 employees who might have been sacked. However, there is no need to worry. The IT industry is doing well. We are not in situation like 2008 where people will be sitting jobless for a year. People will find jobs immediately. If not in Bangalore, they will surely land jobs in Mysore, Hubli or Mangaluru. It is just that people will move from Company A to Company B." —Kris Lakshmikant, Managing Director, Head Hunters India
CM to convene meet with industry honchos
Taking cognisance of the massive retrenchment, a worried state government has decided to call a meeting with industry honchos to take stock of the situation and put in place damage-control measures. Speaking to Bangalore Mirror, Karnataka's IT/BT minister, S R Patil, said, "The layoffs are shocking, especially since they come at a time when the state is planning to compete with the Silicon Valley in the US by attracting more investors and also creating an employee-friendly environment." Patil expressed concern that the largescale pink slips would send out the wrong message and spread panic among the workforce. Stressing that the government was serious about tackling the problem, he said the CM would soon address a meeting of representatives from the industry and laid off workers, besides government officials, to discuss the way forward. "A decision will be taken on safeguarding the social security of techies."CommentQuote0Flag
- Hi all,
I am a new member to this forum. I need the suggestion of RE experts here;
I have seen a plot near IDBI ATM on Mudichur - Manimangalam Road, the location is known as Vaidehi Nagar, Off - Vijay Nagar Extension..Its close to a project of Marutham Builders. It's an approved plot, Is it worth buying in that location? I could see good development on the left side of Marutham Project (i.e. Bharadwaj nagar / Street), but hardly any development on right side - any specific reasons for this? What would be the ideal price here, if its free of legal issues?
I am looking for plots of size 2000 to 2400 Sq.ft within 40 to 50 L budget, any other good locations, you people can suggest?
Please help me. Thanks in Advance.CommentQuote0Flag
- Suspect you have no idea about anything. If I lose my job today I dont sell my house the next day. A layoff does not mean IT pros are in "selling freak" now whatever that means in your English. Anyway RE and specifically land does appreciate at the rates I mentioned. Do something if you want an argument. Buy a land today in the city or suburbs. Check if its price after 10years has not appreciated by atleast 15% CAGR in the worst case. Most likely it will be 20-25%. Anyway dont try insinuating me. I write to inform, not write to spend my office time worthlessly and then get layed off and cry. I have my own office to bother about! Cheers.Originally Posted by NBkannaIf RE prices continue to increase 10,20,30 or x % percentage every year go and buy, invest who stops u from that. Instead of wasting time here, go & buy and continue to increase ur assets multifold...no one is against that, keep happy buying..that will help IT pros who are in selling freak now...enjoy with ur happy investments that you make in 2015CommentQuote0Flag
- Originally Posted by RE KingSuspect you have no idea about anything. If I lose my job today I dont sell my house the next day. A layoff does not mean IT pros are in "selling freak" now whatever that means in your English. Anyway RE and specifically land does appreciate at the rates I mentioned. Do something if you want an argument. Buy a land today in the city or suburbs. Check if its price after 10years has not appreciated by atleast 15% CAGR in the worst case. Most likely it will be 20-25%. Anyway dont try insinuating me. I write to inform, not write to spend my office time worthlessly and then get layed off and cry. I have my own office to bother about! Cheers.
Let puts some numbers to ur forward thinking 10 years at 15% equates to approx 4 times the present value so Omr average price is approx 5500 would be 22000 at 20% equates to 6.2 times so price would be 34000 per sqft and now 25% equates to 9.3 time so per sqft will be 51250.
I hope u r right it will make many indian millionaire sorry multi millionaire in dollar term however I strongly believer that growth in RE in next 10 years will be below FD returnCommentQuote0Flag
- Shangar Nagar-Ponmar,CMDA
I bought the shangar Nagar,CMDA approved plot on last year september .
Party owner said as 1600psf And I bought this as 1500psf.
Road size 20ft.Near to casa grande villas.
Im not sure,its the right price or not.
Documents are very clean.
I'm having the document from 1962 till sep 2014.
Pls share your opinion.
- You are not too bad with your maths but you are not having the right belief. Yes, people have believed as incorrectly as you for years and missed RE booms. My data is based on land parcels I hold as a large family. It is not from thin air. To give you an example, a land bought in Urapakkam way back in 1988 for around 20K costs around 45L today. In 2006 the cost was around 9L. Use this data and find out the CAGR if your maths understands logarithms.
Ofcourse prices dont move up 20% every year. Sometimes they even dip. That is why I said 10 years. Prove me wrong if you can with a better example. As for your fear that price wont move to 34000psft; while the number looks ridiculous to me as well today, the same land in 2005 might have been priced at 700psft and you would have then said it is costly. Infact based on your example of OMR the price was even more lower in 2005 as OMR grew suddenly between then and now. Ofcourse you will be the typical guy who wont buy land now and will buy it after it has become 80% to 140% up in 2016. Since prices have stagnated since 2011 this year is likely to be the bumper harvest for RE in Chennai. You are welcome to contact me after missing the bus!Originally Posted by SeptaaLet puts some numbers to ur forward thinking 10 years at 15% equates to approx 4 times the present value so Omr average price is approx 5500 would be 22000 at 20% equates to 6.2 times so price would be 34000 per sqft and now 25% equates to 9.3 time so per sqft will be 51250.
I hope u r right it will make many indian millionaire sorry multi millionaire in dollar term however I strongly believer that growth in RE in next 10 years will be below FD returnCommentQuote2Flag
- Home sales in top 6 cities slip 8% in Dec quarter, but prices continue to rise - The Economic Times
Home sales in top 6 cities slip 8% in Dec quarter, but prices continue to rise
Sale in Chennsi has drop by 48%CommentQuote0Flag
- It is because of high price, sales are dropping! This trend is expected to continue with more massive lay-offs are being executed by MNCs, Big IT companies in India.CommentQuote0Flag
- Originally Posted by SeptaaHome sales in top 6 cities slip 8% in Dec quarter, but prices continue to rise - The Economic Times
Home sales in top 6 cities slip 8% in Dec quarter, but prices continue to rise
Sale in Chennsi has drop by 48%
It is actually interesting that folks are selling such interesting data. Are the weak hands being forced to sell for a song? I dont know but let me state an example. I have a plot in Palavakkam and I was trying to find its price. I noticed a sale at a terribly low price of 2Cr for 3000sqft there in an approved layout and I was stunned if it was really the 48% drop like above and I realised after multiple checks that the person selling had the following problem
a. His land was being acquired for road widening. So in effect the land being sold was probably much lesser.
b. He did not want to suffer future issues and hence had pawned it off to an intermediatary and that person was reselling for this price.
So the actual size would be not 3000sqft but about 1500sqft plus what will be left of the second half after acquisition. This was sold off for 2C and the new buyer was trying to sell the piece for 2.5C after failing at 2.75C. In this area there is a plot that has abutted 10ft into the 20ft road. So such a plot might sell for a song; does it mean prices have gone down 48% in palavakkam or chennai.
If you want good stuff pay for it. Dont listen to the broker. He has no interest in the buyer or seller. Just wants to rotate money. So if you buy at 5 or 10 he cares not as it is just his commission. Ofcourse his money depends on the rotation and so he will give me the feel that prices are down if I am a seller and it is good time to buy if you are a buyer.
TOI knows not of chennai and for that matter all papers including Hindu give their own views. The truth is that foolish purchases have reduced as there is not a great hike. That means there are not enough fools to buy apartments that are being sold in INHOSPITABLE areas at HEFTY prices. However well documented lands in liveable areas (not those from new promoters...keep away from them!) and apartments that are close to completion are certainly being bought.
Anyway let the bears sell their views. They have told this for past 8years on this board and this board is a BEAR BOARD. However market wont correct and if you miss this year you will certainly repent it in 2016. Buy well documented land in liveable areas for even above so called broker prices. Make sure that the document is correct. Dont believe brokers and use direct buying channels online.
Imagining that Boatclub price will fall by 80% is something that you wont get even in your dreams!CommentQuote0Flag