Prices doubled from 2009...enough said....
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  • Originally Posted by puser
    :bab (45): hypothetical may be unrelated situation
    1. a person X has black money of worth of say 1 cr :D
    2. a person X goes to a premium builder and invests 1 cr to builder in his township project
    3. builder takes money but refuses to acknowledge any payment done by person X(a bigger money hoarder:D), now what options do person X has as money was black it never "legally" belonged to person X

    i think saying black money all the time is easier but people having and managing blackmoney perhaps are under big tensions than we can imagine.



    The money is also used for Chai Pani of various Government departments. OR maybe i should say Chai Pani Dal Roti Chicken Mutoon Pizza Pasta 5 star 7 course Buffet lunch/dinner of various Government and Political officials.

    VK
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  • Originally Posted by suryawork
    And what is your theory as to why prices did go down in 2008-2009 ? Why did the black money not get invested in RE then and not allow prices to fall ?


    That's why i asked man, tell me Metro/Tier I/Tier II cities where price correction has taken place since the dawn of current economic turmoil (2008 onwards).

    Prices may have become stagnant, or, there could've been couple of lucrative deals cracked by some penny-smart guys from some builders with 5-10% discount, or, builders may have started dolling out freebies like LCD, free registry, & even car, but remember that cost of such things finally get added into property itself. Besides, what is the volume of such deals in entire RE market, i would say quite minimal to make any meaningfull difference.

    Terming such things as correction in RE market is something difficult for me to digest, don't mind.... :bab (35):
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  • Originally Posted by suryawork
    And what is your theory as to why prices did go down in 2008-2009 ? Why did the black money not get invested in RE then and not allow prices to fall ?


    Prices came down in 2008-9? I dont remember that happening.

    What happened was that affordable type of flats were released at prices which were less than that of luxury specification flat.

    So from 3600 psf for luxury, 2400 psf for affordable type of small flat was released on Gurgaon Sohna road.

    Currently, the 2400 psf is being resold at 4400 psf and 3600 psf luxury is being resold at 6600 psf.

    Prices did not come down, but an opportunity was created for smart investors

    I agree with Bhuvang. RE prices will not come down, because Rupee will devalue by depreciation and inflation until 10 crore for 1BHK will start making sense.


    This has happened in 1970s and 1980s, why would it not happen now? People have forgotten the inflations and depreciations of yesteryear in the face of financial stability of 1995-2011 (YES STABILITY was what we saw in 2008 also).

    In real instability with stagflation - Indian common man will not be able to affors RE. He has always lived in Juggi and our politicians are ensuring that he never will be able to shift to decent housing.

    Congress has always done this - it is their nature.

    Right now is the bear market with low prices. In 10 years, 10 crore will be the cost of a juggi.
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  • i i have been to sakal vastu exhibition, since then getting many calls from developers for site visit
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  • Originally Posted by Venkytalks
    Prices came down in 2008-9? I dont remember that happening.

    What happened was that affordable type of flats were released at prices which were less than that of luxury specification flat.

    So from 3600 psf for luxury, 2400 psf for affordable type of small flat was released on Gurgaon Sohna road.

    Currently, the 2400 psf is being resold at 4400 psf and 3600 psf luxury is being resold at 6600 psf.

    Prices did not come down, but an opportunity was created for smart investors

    I agree with Bhuvang. RE prices will not come down, because Rupee will devalue by depreciation and inflation until 10 crore for 1BHK will start making sense.


    This has happened in 1970s and 1980s, why would it not happen now? People have forgotten the inflations and depreciations of yesteryear in the face of financial stability of 1995-2011 (YES STABILITY was what we saw in 2008 also).

    In real instability with stagflation - Indian common man will not be able to affors RE. He has always lived in Juggi and our politicians are ensuring that he never will be able to shift to decent housing.

    Congress has always done this - it is their nature.

    Right now is the bear market with low prices. In 10 years, 10 crore will be the cost of a juggi.


    I don't agree on your first point. Prices indeed got reduced in 2008-09 especially in Bangalore and Pune. Though, Bangalore rates are still the same as it was in duration 2007-2008 but Pune rates are alteast 50% higher in Pune than the rates in 2006-2007. But, one thing is sure, don't expect the Rupee will depreciate to the level where even 1 Crs Rs will be justified for 1 BHK in normal living area in Pune.
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  • Originally Posted by Venkytalks
    Prices came down in 2008-9? I dont remember that happening.

    What happened was that affordable type of flats were released at prices which were less than that of luxury specification flat.

    So from 3600 psf for luxury, 2400 psf for affordable type of small flat was released on Gurgaon Sohna road.

    Currently, the 2400 psf is being resold at 4400 psf and 3600 psf luxury is being resold at 6600 psf.

    Prices did not come down, but an opportunity was created for smart investors

    I agree with Bhuvang. RE prices will not come down, because Rupee will devalue by depreciation and inflation until 10 crore for 1BHK will start making sense.


    This has happened in 1970s and 1980s, why would it not happen now? People have forgotten the inflations and depreciations of yesteryear in the face of financial stability of 1995-2011 (YES STABILITY was what we saw in 2008 also).

    In real instability with stagflation - Indian common man will not be able to affors RE. He has always lived in Juggi and our politicians are ensuring that he never will be able to shift to decent housing.

    Congress has always done this - it is their nature.

    Right now is the bear market with low prices. In 10 years, 10 crore will be the cost of a juggi.



    How much salary will people get then? 50 crore or something when 10 crore will cost jhuggi.
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  • Originally Posted by puser
    with so many precious projects affordable to only multi millionaires coming up in pune....i dream of the day to wake up and find myself living in city which is home of angelina, johny depp, lady gaga, ronaldo, carla sarkozy, lady gaga, mark zuckerberg, larry page,warren buffet,prince william and pricess catherine and other shining stars of global celeb and tech world...with pune real estate being so lucrative and all amenities of scotland, hawai,switzerland, beverly hills and other prime locations are being provided by honest and hardworking CREDAI at strategically located Pune, i hope pune will soon catch fancies of all my favorite hollywood actors, actresses, singers, sports personalities and entrepreneurs, as in this economically turbulent times pune real estate proves to be safe asset to park money

    :):):):)..good humor ...
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  • Originally Posted by Venkytalks
    Prices came down in 2008-9? I dont remember that happening.

    What happened was that affordable type of flats were released at prices which were less than that of luxury specification flat.


    Venky

    Price did came down in Pune at various projects... the best quoted example on this forum is Pethkar's Samrajya which was launched at 5600+ but was available in less than 4200 (including a free parking and kitchen trollies etc) during mid 2009. It is up again to a rate of 7000.

    i am quoting this project because the builder Jitu_Sir is a part of this forum already...
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  • Originally Posted by Venkytalks
    Prices came down in 2008-9? I dont remember that happening.

    What happened was that affordable type of flats were released at prices which were less than that of luxury specification flat.

    So from 3600 psf for luxury, 2400 psf for affordable type of small flat was released on Gurgaon Sohna road.

    Currently, the 2400 psf is being resold at 4400 psf and 3600 psf luxury is being resold at 6600 psf.

    Prices did not come down, but an opportunity was created for smart investors

    I agree with Bhuvang. RE prices will not come down, because Rupee will devalue by depreciation and inflation until 10 crore for 1BHK will start making sense.


    This has happened in 1970s and 1980s, why would it not happen now? People have forgotten the inflations and depreciations of yesteryear in the face of financial stability of 1995-2011 (YES STABILITY was what we saw in 2008 also).

    In real instability with stagflation - Indian common man will not be able to affors RE. He has always lived in Juggi and our politicians are ensuring that he never will be able to shift to decent housing.

    Congress has always done this - it is their nature.

    Right now is the bear market with low prices. In 10 years, 10 crore will be the cost of a juggi.



    Are u kidding me??? If u don't think prices were down in 2009 den I don't know what to say to you. And stagflation and stability. Heck the building i live in was sold at 2000 per sq. foot in 97 and we got it for 1270per sq. foot in 2009. If u don't buy that. Ask a few guys who bought a flat in Raheja Gardens in 1997 and they ll tell u dey got it for 2500per sq.foot and when i went to search for a home there i was gettin a 1250 sq. feet 2 bhk for 15 lacs.to be reasonable market dynamics are different today but the way foreign investors are loosing faith in the india story a 30-40per cent correction wouldn't surprise me. may not happen in the next 2months. but it may unfold slowly over the next 2 years. And if you think investors will still continue to invest, maybe for sometime, Yes. But once there are no end users and at these prices their investments will go dud and they will pull out for fresher avenues.
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  • Originally Posted by Venkytalks
    Prices came down in 2008-9? I dont remember that happening.

    What happened was that affordable type of flats were released at prices which were less than that of luxury specification flat.

    So from 3600 psf for luxury, 2400 psf for affordable type of small flat was released on Gurgaon Sohna road.

    Currently, the 2400 psf is being resold at 4400 psf and 3600 psf luxury is being resold at 6600 psf.

    Prices did not come down, but an opportunity was created for smart investors

    I agree with Bhuvang. RE prices will not come down, because Rupee will devalue by depreciation and inflation until 10 crore for 1BHK will start making sense.


    This has happened in 1970s and 1980s, why would it not happen now? People have forgotten the inflations and depreciations of yesteryear in the face of financial stability of 1995-2011 (YES STABILITY was what we saw in 2008 also).

    In real instability with stagflation - Indian common man will not be able to affors RE. He has always lived in Juggi and our politicians are ensuring that he never will be able to shift to decent housing.

    Congress has always done this - it is their nature.

    Right now is the bear market with low prices. In 10 years, 10 crore will be the cost of a juggi.


    Part street & Mont Vert Tropez are few more example, where prices got reduced more than 20% (as compared to their launches rate in 2007) in 2009. if you don't believe then just google it, you will get the proof.
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  • Originally Posted by Venkytalks
    Prices came down in 2008-9? I dont remember that happening.

    What happened was that affordable type of flats were released at prices which were less than that of luxury specification flat.

    So from 3600 psf for luxury, 2400 psf for affordable type of small flat was released on Gurgaon Sohna road.

    Currently, the 2400 psf is being resold at 4400 psf and 3600 psf luxury is being resold at 6600 psf.

    Prices did not come down, but an opportunity was created for smart investors

    I agree with Bhuvang. RE prices will not come down, because Rupee will devalue by depreciation and inflation until 10 crore for 1BHK will start making sense.


    This has happened in 1970s and 1980s, why would it not happen now? People have forgotten the inflations and depreciations of yesteryear in the face of financial stability of 1995-2011 (YES STABILITY was what we saw in 2008 also).

    In real instability with stagflation - Indian common man will not be able to affors RE. He has always lived in Juggi and our politicians are ensuring that he never will be able to shift to decent housing.

    Congress has always done this - it is their nature.

    Right now is the bear market with low prices. In 10 years, 10 crore will be the cost of a juggi.




    Not sure whether you know about Pune , but prices definitely came down in Pune .
    We've seen prices going to 2300 psf levels in areas which are HOT now .Check Mont Vert , Lake Town and many more projects .
    If opportunity was created once for smart investors in 2008 then why wont it be created again ?
    We will witness mass riots if inflation gets out of hand .
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  • Originally Posted by BlotJab
    Part street & Mont Vert Tropez are few more example, where prices got reduced more than 20% (as compared to their launches rate in 2007) in 2009. if you don't believe then just google it, you will get the proof.


    Exactly - I had that Mont Vert Brochure and the rate list .
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  • Originally Posted by BlotJab
    Part street & Mont Vert Tropez are few more example, where prices got reduced more than 20% (as compared to their launches rate in 2007) in 2009. if you don't believe then just google it, you will get the proof.


    And please don't compare Delhi Vs Pune. It is like comparing Germany Vs Spain.

    Ares near by IT companies (like Hinjewadi) are supposed to be occupied by IT people only, at the end of the day. No businessmen from Delhi will come to these areas to stay. And how much IT couple can afford ( assuming they will continue to work in IT for next 25 years)... 50 lakh...60 lakh...90 lakh or what. The day IT couple can start affording 1 Cr Rs flats (around 200k$ as of todays currency conversion rate), there won't be any IT industry in India, as India will become US and India will offshore his work to US as labour cost will less in US then. And, US house prices will go up and as their currency would depreciate.
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  • Originally Posted by BlotJab
    And please don't compare Delhi Vs Pune. It is like comparing Germany Vs Spain.

    Ares near by IT companies (like Hinjewadi) are supposed to be occupied by IT people only, at the end of the day. No businessmen from Delhi will come to these areas to stay. And how much IT couple can afford ( assuming they will continue to work in IT for next 25 years)... 50 lakh...60 lakh...90 lakh or what. The day IT couple can start affording 1 Cr Rs flats (around 200k$ as of todays currency conversion rate), there won't be any IT industry in India, as India will become US and India will offshore his work to US as labour cost will less in US then. And, US house prices will go up and as their currency would depreciate.


    Very well said...Those areas which are rising only based on IT..don't have much future..IT industry can't afford salary rising at this pace...Thereby, "affordability" is key..

    IT couples (earning 6-8 lpa, sw guys) can't go beyond 40 lacs
    IT couples (earning 12-13 lpa, managers, biz consultants) can't go beyond 55-60 lacs..:bab (22):

    This is 1st hand data :):bab (35):
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  • Originally Posted by Venkytalks
    Prices came down in 2008-9? I dont remember that happening.


    then you were not paying attention. prices indeed came down in 2008 and 2009. someone i know was looking for a property during that time and got 30% discount in Wakad (Pune) over advertised rate. the builder himself admitted that with so many companies going under in the US, they had to reduce prices to attract buyers. that's a true story. there are many more like that, be assured.
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