Dear friends
I have purchased 6 cmda plots and one panchayat appd plot during
the period between 2006 and 2007.

All these plots were purchased by me availing personal loan from
different banks (Total loan amount around 24 lakhs).

During the year 2008 the value of all my plots went upwards. By the middle of 2008 all my plots value reached upto 1.25 crore.

The very brokers through whom I purchased these plots were approaching me now and then asking me to sell my plots.

To be frank with you, I was not interested in selling any of my plots.

Then came the recession. It made me to think of selling any one of my plots.

One year back, In July 2008 I started approaching the mediators to find buyers.

It is nearly one year since I started this process.

Untill today, I am not able to sell my plots. Mediators told If I reduce the price, I can move the plot. But even though I accepted their suggested rate, they are not able to find any buyer.

Reason : Scarcity of Money. Non Availability of housing loan.
Absence of interest in genuine Buyers.

THIS IS THE REAL STATE OF TODAYS REAL ESTATE.

Note : I have purchased one CMDA approved plot in Thiruninravur Near Ayisha real estate layout. My plot is a corner plot with 40 feet road on both sides.

I purchased this plot for just Rs.100 per sq.ft in August 2007. Like Mr. Nat has told in another thread Ayisha is quoting Rs. 650 per sft. But in reality no one can sell above Rs.300 per sft.

I am not able to sell my plot in thiruninravur even for Rs. 250 per sft. So, if anyone is telling that he can sell his plot in Thiruninravur for Rs. 1000 per sft, it is nothing but a lie.

Thanks
Chataara
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  • Originally Posted by abk
    I see from the news(cont on page 8 of india times)that home sale is not dependent on loan availing salaried class in the upper segment,there are lot of cash rich people who are buying high end props.
    this will keep the prices of high end props from crashing.which in turn will determine the price of the peripheral areas and as i have been telling prices will not crash(already a year has passed ). how long due you think the first time home buyer will wait?

    the fact that there are cash rich people who r buying high end homes is the real state of chennai real estate.

    yes the uninhabitable places will definitely not sell.

    Abk, Your point is the root of all bull arguments. Prices of RE start like this. The central part, whatever it is, is swarmed (mocharathu!) by the rich and mighty. Their strength determines the price there and nothing else. Then the peripheral places start rising based on this central growth. In the end the peripheral areas get some boost. Even today there are fools buying in Siruseri. If there can be any price in Siruseri then there can be a super price in the centre. When liquidity of the weak hands, (read the loan takers) reduces then peripheral areas assume non-saleability situation. Once that returns they hike prices. In the city centre, in liveable places, prices go up and/or stabilise. They almost never fall.
    As for Wisey, he is lying multiple times. His reply to your above message was that he is unable to sell his RK Salai plot. Now the same guy tells me he has sold some 2 weeks back. All this clearly shows that Wisey imagines he has a plot in Chennai and is imagining he has sold it and also got it simultaneously. He wants to have the cake and eat it too...so much for his silly imagination!
    Forget about Wisey. He and his NRI friends cant get over the fact that they have gone poorer living abroad and that their property abroad is going cheaper even with India going up. They cant even reconcile to the fact that a. They were the laggards who managed to settle abroad by paying through their parent's savings to get silly degrees there and b. The old myth that abroad is better is getting so badly busted that if someone sells his house in LA he wont buy quarter that size in Malleswaram and if someone sells a flat in Bishan Singapore, he wont be able to buy a flat in Mylapore! Well you cant prevent these silly blokes from lamenting that prices are high here and so on. They have no escape path from US to India as their property there is piece of crap and with that they will have to buy a flat in Siruseri at best!
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  • Originally Posted by wiseman
    Chataara,

    According to Nats, I hold land in some of the worst slums in Chennai - off RK Salai with guidance value itself over 10k!!!

    Now I'm looking for some real cash-rich pitchakkarans to buy this land off me, know of any? Needs to be single buyer and all cash down. Will come to just under 10C which must be peanuts for people like Nats.

    After that sale, we will be real pitchakkarans, because how can we ever buy that expensive land in Saligramam, urappakkm and Thiruninravurat 4C per ground!!! :D:D:D

    cheers

    Hmm, so this liar has not sold RK Salai. Now he wont answer why his great virtue of being a bear, yet prevented him from selling that crap for 2C when someone offered it to him. Obviously he is writing that prices are falling and all should sell out, but he himself wont sell.
    Wiseman is the best Liar that I have ever come across. He needs an Oscar or Noble for Lying!
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  • Originally Posted by wiseman
    Yes. Chaatara has taken significant risks speculating and buying large number of plots with loans. Surely he may not have known of the coming tsunami otherwise he would not have probably done so.

    But there may be significant differences between him and the typical American flippers. First, he has a job that seems secure and still provides him with the ability to keep paying his mortgages. Besides 24 lakh loans is probably only half the amount of many others who put s much as 50 lakhs or more into a single property. In that regard, his risk was merely half, so long as he could repay. On the flip side, RE interest rates are only arond 40% of Personal Loan rates.

    Second, he must have bought at relatively low rates and thought that risks are low, so why not take multiple plots, sell some at a profit and fund the house on another prime plot. Many people had done this in the last 5-6 years. Only, he had the courage to come out with it to the public. I'm sure there are many others sitting with losses and not knowing what to do.

    This is a good lesson on risk evaluation. Most humans are perennially optimistic. So, they downplay the risks and overplay the returns. Here is something I do whenever I have large investment decisions to make.

    Take the worst case situation and figure out the hit you will take. If you can survive it and continue life as before, then you are okay with going ahead the decision. Otherwise, be prepared (in the worst case) to suffer many years of setbacks in case things do not go as planned!!!:(

    Also remember that, opportunities come to all people repeatedly. There is no end to opportunity coming to your doorstep every now-and-then. You cn always pass up some and take up what appears to be the best. No need to run after an opportunity dangled in front of your eyes by a broker as if it will run away tomorrow. Whenever someone dangles a so-called "opportunity" in front of you, be sure there is something in it for him and maybe nothing in it for you!:D

    cheers

    Looks like Wiseman knows Chataara's salary and also multiplication! LOL!. He knows that 50L is twice 25L. What Wisey cant understand though is, for person's loan is a function of his earning potential and a loan of 25L or 50C are the same as long as the earning capacities and safety of that capacity are proportional. Wisey how come you got an MBA without Maths? You bunked all the Managerial Eco courses?
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  • Originally Posted by chataara
    Dear ABK

    I have CMDA approved plots in Mangadu and near Saveetha Dental college... some 600 metre from Bangalore Highway. These plots are very close to the city unlike thiruninravur. These plots have all the parametres that you have mentioned (i.e., inhabitable areas).

    Even though these plots are in posh locations, I dont get any enquiries for these plots also. I had given ad in the hindu" also. I just got 8 enquiries only. Of these 7 calls were from brokers.

    (Note : If Mr. Nat's plot in thiruninravur can get him Rs.1000 per sft, these plots should get me atleast Rs.3000 sft and should have sold by this time)

    Thanks

    chataara

    Did you show your plot to Anandxx...I mean the mangadu one? Or you decided to stop writing here and save your skin?
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  • Originally Posted by siju
    Don't know if any transactions in this area in recent past. Ramaniyam sold at 1900/sqr feet in 2006 start and FSI is 1.5. So it comes around 40-50 lks in 2006 start.

    Ramaniyam was quoting 4Cr for a 3200sqft flat in Seaward road just a few months ago!
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  • Originally Posted by abk
    if only all the ifs become true............
    .
    anything can happen .
    if big asteroid was to hit chennai......
    if a massive earthquake....
    a bigger tsunami....
    a nuclear war.......
    another plague......
    famine....
    terrorist attacks.....
    all are very much possible.

    you sound a perpetual pessimist contra.if you were to be a japanese i think you would recommend harakiri

    Comeon even sense it not hitting the bears, where will an asteroid hit chennai or earth! LOL!
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  • Originally Posted by Explorer
    This thread is going out of control. Where is our Hero (may be Villain for somebody ) Nataraj007?. I think he will balance the thread....

    I am not paid to write here to please you buddy! LOL! BTW, looks like you mentioned two bears became a bull! Can I know whom you meant?
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  • Originally Posted by nabishek
    I am sharing another doomsday theory to give a different perspective.

    If it turns out to be true, investing in tangible assets is what will protect you if you survive it.

    As per mayan calendar, the current world order will end on December 21st,2012.That is, we will be awakening into a new era where the way the world functions will be changed forever.

    Its a scientifically proven fact that the suns pole flips every 11 years causing sunspots and solar flares.Sometimes the intensity has been so huge that it has caused the earths poles to also flip and causing a axis change and cataclysms.

    The solar flares will be emitted again in 2012 and the timing coincides with another galactical event that occurs only every 20,000 years.It is our solar system passing through the center of the milky way galaxy.It is believed that the conjunction of both these phenomenon will cause wobbling effects on the magnetic fields of all planets in our solar system.

    When, there is a large sunspot, the radiation from it will be so heavy that it would create a electro magnetic field so powerful that it will shut down all the electronic devices and erase memory from all analog/digital devices thats used for storage too.

    Imagine all firms managing your money losing their account information.All the money in your bank account, demat account etc becoming "zero".All notional wealth will vanish without a trace.

    Exaggeratedly said, Every country will be pushed back to where they were last century in terms of national wealth.Country and individuals wealth will be re-estimated only based on the tangible assets they hold and not the inflated "fiat money" worth.

    So?shouldnt we be all buying Real estate, Gold etc.

    Nabhishek, For once I am not really pleased with your logic, rather illogicality of such a write up. I certainly thought you were more pragmatic!
    If it was just the joke, then I must mention the host of fools who predicted the world's end in 1999 for some strange reasons. All I knew was that Y2K projects were gone and the SW industry had many clowns thrown out!
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  • Originally Posted by BigBear
    Even though Chinese and somewhat Indians are working hard majority of them work in low end manufacturing jobs or development.Most of the innovative jobs are done in western world especially US.So until we move to high end jobs we will be like mason earning less and working hard while western world are like architects working less(physically) and earning more.

    Betcha, Bigbear, you talking sense. Shows what job you must be doing in the US! Incidentally the worst part of the story is the Remote colonisation of India vis a vis the original Physical colonisation of India by the British. Even today our Indian friends are slaves of the West and instead of being bullied in eye to eye contact are being managed in Cam to Cam contact. We are yet the slaves of the White skinned man. That is shameful for us and think of the great Gandhi's self respect.
    Ofcourse the worst are the BigB like fellas living in US and doing menial jobs and with their US assets disappearing are neither winning here nor there.
    Better luck Big Bear!
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  • Originally Posted by BigBear
    Chataara,

    Having taken personal loan to buy RE and wishing for prices to come down seems contradictory.

    Now BigB dont you realise the lies that Chatara spreads. And your own Wisey darling lies by telling all and sundry to sell at throw away prices while he himself did not sell his RK Salai land for 2.5cr which is the price he mentioned almost six months back.
    Most bears here are either liars (writing from India) or the NRIs who have lost their komanam like you dear bear! Enjoy!
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  • Originally Posted by chataara
    Dear Bigbear

    80% of the loan amount has been paid so far. Only negligible amount remains to be paid.

    I never thought of prices going upwards like this. In one of the places that I have purchased I just gave Rs. 80 per sft. Its unbelievable. Now the new layout promoter in the adjacent land is quoting Rs. 900 per sft. Strange.
    No new development happened there since I purchased this plot. Promoters were just inflating the price to astronomical level.

    I disapprove This trend. This kind of escalation must see downside. That is what is happening now.

    Even though I own 7 plots, I should understand the reality. Just because I have these plots, I cannot say prices will always go upwards.

    Thanks for mentioning the contradictories

    chataara

    Chatara,
    And why the hell are you not selling your plot for atleast 400psft. Arent you competing with Wisey for the Liar of the year award?
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  • Originally Posted by BigBear
    If high end property are selling like hot cakes why all the listed developers who mostly cater to upper class have posted bad results again this quarter.Prices have crashed across India and for some people it is hard to digest the fact.

    Now BigB, I think you are trying to get your basics right. Let me summarize for your NRI senses.
    a. RE is Land not Flat in India. Unlike US with 3(maybe 5now!) times less population and 3 times more area, where land should be ideally 9+ times cheaper, Indian prime land is costly.
    b. Land in India is even more precious because, unlike US only primary areas in the heart of cities are developed. So an Indiranagar or TNagar is a much lower probability of being available in India then a similar place in US in terms of area of development/total area of land.
    c. Promoters have been making killings in the past few years. Infact one reason I hike my land price is that if I build a flat there are sell it at the cheapest price I will make much more than the silly rate some jerks here might want to offer. Many promoters who hardly invest anything, since they sign an agreement for slow payment with the land owner and then use the money from the flat buyer to pay for land and construction seem to be making 400% profit on the cost of construction. So even if I paid for construction I will get 400% at their prices.
    Given the above, obviously these promoters who were lavishly wasting the illgotten money are now showing losses so that they dont have to pay the shareholders. In other words trusting Indian companies is your own headache. The laws are so easy that Satyam is just tip of the iceberg. You dont know how much money is sid into and out of India illegally.
    So dont jump to conclusion without learning the fundamentals. Finally why dont you get darling Wisey to explain these in his own funny ways?! LOL!
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  • Originally Posted by BigBear
    Even though Chinese and somewhat Indians are working hard majority of them work in low end manufacturing jobs or development.Most of the innovative jobs are done in western world especially US.So until we move to high end jobs we will be like mason earning less and working hard while western world are like architects working less(physically) and earning more.


    What you have written is the past

    Now the architects in western world are losing jobs....those who are still clinging to jobs are insecure...some western architects are even working for lesser salaries. On top of this western governments have no money only debts ...so they are not feeding this jobless architects...their unemployment benefits are also running out

    Whereas in China the masons or laboureres have worked hard and saved all these years. They travelled in bicyles, sweated and toiled and saved. Now when you add all these masons or labourers hard earned savings...their combined toiled savings makes China the highest saver in the world. No doubt China's government has world's largest current account surplus.

    now all those jobless architects in western world are sending their CVs to Chinese technology companies like Baidu, Alibaba, Lenovo.....A lot of jobless western architects are even sending CVs to indian companies like Maruti Suzuki, Airtel, Reliance Communications

    Even Stevan speilberg is sending his CV to Anil Ambani to fund his next production as his firm has no funds.

    I am talking of what's going to happen......not what happended in past
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  • It doesn't matter what job you are. Their is no difference between architect and a mason labourer. Both are working for same reasons....sustainable life.

    Now a mason has learnt the art of living a life within his means...tomorrow he suddenly gets money because in his village his few acres of land gave good fortune, he will use that money in a proper manner as he know to live within means.

    The architect who was born with silver spoon , pampered, glamourized took huge loans when easy credit was available to book the biggest apartment. ....suddenly the architect's income has reduced.......he can't pay his EMIs. More than all this the biggest problem is psychological. This architect given his background, will he be able to adjust to the smaller life of living within means.

    Who is better...the mason labourer or architect?
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  • Originally Posted by Natarajg007
    To avoid our friend Chatara from writing more nonsense. I have attached a link of Aysha from 99acres. There are two different places both in Thirunindravur. One is priced at 275psft, obviously Chatara is greedy wanting to sell that for 300psft to the unsuspecting! Shame on this cheat.
    ="http://99acres.com/Residential-Land-in-Thamaraipakkam-Chennai%20North-for-Sale-spid-Q2087673&pos=1"]http://99acres.com/Residential-Land-in-Thamaraipakkam-Chennai%20North-for-Sale-spid-Q2087673&pos=1
    The other is priced at 625psft. That is just across the Thirunindravur RS unlike the former which is some 12km from there.
    ]http://99acres.com/Residential-Land-in-Thamaraipakkam-Chennai%20North-for-Sale-spid-Q2087673&pos=1
    Ofcourse Wisey and his friends will talk about Bosnia and compare it will quality of life in Sweeden since both places are in Europe. So much for the intelligence of a self proclaimed Wiseman! Can I again call him his true name, Madman aka Liarman and his coterie including Chat a Ra! who provide nothing but lies.
    I have already given the link to the prices of the properties in Thirunindravur. Incidentally in Annai INdira nagar the price was 500psft in 2006. Also the folks selling the above land (Ayusha) cant be joking about a price of 625psft! Are people buying from them idiots and only CHatara smart?
    Chatara very clearly has no land, leave alone a salary beyond the few peanuts thrown at him for writing here by the cartel that feeds Wisey! Cheers.
    I have already given the link to the prices of the properties in Thirunindravur. Incidentally in Annai INdira nagar the price was 500psft in 2006. Also the folks selling the above land (Ayusha) cant be joking about a price of 625psft! Are people buying from them idiots and only CHatara smart?
    Chatara very clearly has no land, leave alone a salary beyond the few peanuts thrown at him for writing here by the cartel that feeds Wisey! Cheers.
    I have already given the link to the prices of the properties in Thirunindravur. Incidentally in Annai INdira nagar the price was 500psft in 2006. Also the folks selling the above land (Ayusha) cant be joking about a price of 625psft! Are people buying from them idiots and only CHatara smart?
    Chatara very clearly has no land, leave alone a salary beyond the few peanuts thrown at him for writing here by the cartel that feeds Wisey! Cheers.
    I have already given the link to the prices of the properties in Thirunindravur. Incidentally in Annai INdira nagar the price was 500psft in 2006. Also the folks selling the above land (Ayusha) cant be joking about a price of 625psft! Are people buying from them idiots and only CHatara smart?
    Chatara very clearly has no land, leave alone a salary beyond the few peanuts thrown at him for writing here by the cartel that feeds Wisey! Cheers.
    I have already given the link to the prices of the properties in Thirunindravur. Incidentally in Annai INdira nagar the price was 500psft in 2006. Also the folks selling the above land (Ayusha) cant be joking about a price of 625psft! Are people buying from them idiots and only CHatara smart?
    Chatara very clearly has no land, leave alone a salary beyond the few peanuts thrown at him for writing here by the cartel that feeds Wisey! Cheers.
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