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- In Delhi, commercial shops and offices are being sold as "investment" to salaried people already having own flat or two - the business plan is to sell an empty building with high overheads to suckers as "commercial property investment"
Correlation to actual mall operation or retail operation are non-existent.
Commercial property has become just another RE hype and dump scheme, for people already having flats and kothis.CommentQuote0Flag
- Ground Realty: Delhi, Mumbai, Pune
Ground Realty: Delhi, Mumbai, Pune - The Economic Times
A 2,587-sq-ft luxury apartment was sold in Sector 57, Gurgaon at a price of . 1.45 crore, all inclusive . This is a secondary sale transaction. This apartment is located on the eighth floor of one of the high-rise towers and the buyer had to pay . 100/sq ft as preferred-location charges, which is included in the price. The unit comes with two car parking spaces. This group housing project is built on around 14 acres of land area with ample open spaces. The apartment comes with amenities like 100% power backup for flats and common areas, security and door- facility, a well-equipped club and a swimming pool. The developer is also providing laminated wooden flooring in all the bedrooms and vitrified tiles in living and dining area.
In a recent transaction, a 1,900-sq-ft 3-BHK apartment measuring around. located in Meher Apartments at Altamount Road was sold for . 10.9 crore which was inclusive of a covered car parking space. This was a resale transaction for the apartment located on the sixth floor of the building. Altamount Road, one of the most expensive streets of the world, is the most premium residential location of South Mumbai, boasting of famous properties like Antilla - Mukesh Ambani's famous 27-storied building. This area is also home to several Bollywood stars, Consulates and top state government officials . The current residential rates at Altamount Road range from . 50,000-75 ,000/sq ft, depending on the building, location , amenities provided, floor, view from the apartment and age of the building.
Recently, a 3-BHK apartment with an area of around 1,482 sq ft located at Kunal Crimson project was sold for . 75 lakh, all inclusive. The possession of the property is due in 18 months. Kunal Crimson located at Aundh Annexe is easily accessible from Khadki Station , University Circle, Shivajinagar as well as Pimpri-Chinchwad . Presently, this project has an availability of 27 apartments of 2-1 /2 and 3-BHK configurations with saleable area varying between 1,382 sq ft and 1,482 sq ft. The residential price in the area ranges from . 3,500- 4,500/sq ft. The project offers amenities like a club house, gymnasium, jogging track and a children's play area . Aundh Annexe is an established area of Pune and commands a premium on account of good connectivity to the rest of the city.CommentQuote0Flag
- Mumbai Slowdown
"The past six months have seen the return of negotiability in asking prices, and saw the return from a sellers' to a buyers' market. Both registration data and home loan disbursals are indicating a distinct slowdown. The number of apartments being sold in the first quarter of 2011 is considerably lower than in the corresponding period of 2010. Developers who were selling their entire projects in a few weeks are now taking months to sell their unsold stock," said Nair.
'Mumbai's residential market facing slowdown' - The Times of IndiaCommentQuote0Flag
- Originally Posted by Saurabh01Ground Realty: Delhi, Mumbai, Pune - The Economic Times
Without providing any transaction details, this is just a advertorial. In many cases, the time lag between booking & agreement execution takes around 6 months to 1 year. So without any transaction details, any one can make false claim.CommentQuote0Flag
- Originally Posted by VenkytalksIn Delhi, commercial shops and offices are being sold as "investment" to salaried people already having own flat or two - the business plan is to sell an empty building with high overheads to suckers as "commercial property investment"
Correlation to actual mall operation or retail operation are non-existent.
Commercial property has become just another RE hype and dump scheme, for people already having flats and kothis.
Dilli mai paise ke bhookh badti jaati hai har laakh ke saath - aur end mai kuch crore chale jaate hai kuch logo ke
- Notices Issued To Developers
Some of the well-known public sector banks including State Bank of India, Bank of Baroda, Bank of India and Indian Overseas Bank have served notices to several real estate companies to recover nearly Rs 20,000 crore of their exposure by March 2011. The banks are now making efforts to recover their real estate loans, which were restructured in the aftermath of global financial crisis in the year 2008. Some of the real estate companies which are currently witnessing low volume of business have however asked for further restructuring of these loans, a proposal which banks are generally not willing to endorse. Some banks have taken action under the SARFAESI Act, which empowers the banks to seize and sell assets in case of defaults to recover their dues.
M Narendra, CMD, IOB confirmed that the bank has sent notices to some of the real estate firms.
Nagesh Pydah, CMD, Oriental Bank of Commerce and RK Bakshi, executive director, Bank of Baroda, said efforts were being made to recover the loans to realty companies. A senior SBI official requesting anonymity said that the bank has taken action under the Sarfaesi Act which empowers the banks to seize and sell assets in case of defaults to recover their dues.
The implication of this is that there could be a fall in prices, particularly in the commercial segment, as the developers would need to raise monies soon in order to pay up to the banks.CommentQuote0Flag
sending notices under SARFARESI ACT or tightening screws on RE sector
would not necessarily means a sudden collapse is on the way.....
if everything goes on like this then you may only see stagnation in the
property prices while new properties are being launched at a much higher rate............
longer the delay in crash ,bigger the bubble would become and more spectacular will be the crash ......
however for crash to happen something extraordinary ( black swan event...??) need to happen in indian economy ,let us see what that would be...........but there will be one ............CommentQuote0Flag
- Originally Posted by rohit_warrenDilli mai paise ke bhookh badti jaati hai har laakh ke saath - aur end mai kuch crore chale jaate hai kuch logo ke
Dilli ki bhookh to haram ke paise ki bhookh hai - jis tarah se kamaega, usi tarah woh haram ka paisa ud jayega.
As you say, its a musical chair, the smart will sell high and move on, the sucker will be left holding the bomb. Someone will pay at the end.
BTW, Bombay is also a major den of corruption - every private sector contract and purchase involves major under the table money - every real estate deal is corrupt - every govt permission in Maharashtra is by corruption - to an extent which will completely dwarf the amounts involved in Delhi's corruption. Even Delhi's corruption is received from the "loose change" of Bombay's black money only.
Corrupt people in Bombay have so much ill gotten wealth, they dont know what to do with it - bars, night clubs, escorts, foreign trips, s - people have run out of ways to blow up money and so end up buying "real estate investment".
Common man (middle class) in Bombay on the other hand is extremely hard working - much more than in Delhi. In fact, the middle class of Bombay, Chennai and Bangalore basically sustain most of the weight of the whole of the country on their shoulders.
Such a business environment is not sustainable - something has to give way sooner or later.CommentQuote0Flag
- i am following the forum from almost 18 months and lot of people including me had posted that rates are higher and not worth considering the infrastructure .
and then i moved to GURGAON last month and suddenly realised what really means by gap between the infrastructure and price demanded.
THEORY OF RELATIVITY, seems to be at workCommentQuote0Flag
if you could pls elaborate it, then a lot of people outside NCR would also come to know about scenario of gurgaon as viewed from your eyes.CommentQuote0Flag
- do you mean Gurgaon has no/pathetic infrastructure?
- or do you mean it has better infrastructure than Pune?
Both above statements are probably trueCommentQuote0Flag
- Mumbai realty heads for more correction
Real Estate prices in Mumbai are set to decline further in overheated markets as sales have fallen due to unaffordable pricing, brokers and market analysts said.
Developers, so far holding on to their prices, have started offering discounts to woo buyers to mobilise fund inflows through sales as money flow from other channels have dried up.
Residential property prices in Mumbai, the most expensive market in India, have already seen a correction of 20 per cent from the peak level and it is expected to decline further in the range of 15 to 25 per cent, said analysts.
"After surpassing the peak valuations of 2008 by 20 per cent in 2010, Mumbai's residential property rates today are back on par with the 2008 benchmarks. This could be considered a correction due an increasingly urgent need for capital by the city's developers," said Sanjay Dutt, chief executive officer (CEO) (business), Jones Lang LaSalle India (JLLI).
"For Mumbai, I am expecting a further correction of up to 35 per cent. There may be a case that you could see 25 per cent correction in the next two quarters and then prices would not appreciate for the next year or so," said Pankaj Kapur, CEO, Liases Foras, a real estate research firm.
He said these land acquisitions were predominantly funded by non-banking financial companies (NBFCs) at 15 per cent plus interest rates in an already volatile real estate environment, where sales volumes had plummeted by close to 50 per cent.
"Measures implemented by the Reserve Bank of India (RBI) to curb inflation further aggravated the pain as interest rates went up. Clear directions issued by financial institutions and the government led to a marked depletion of liquidity on the market and this put considerable pressure on the developers," Dutt said on the rationale behind the offer of initial soft schemes to woo buyers.
He said in Mumbai prices have already dropped in Parel, Lower Parel, Mahalaxmi, Bandra East, Andheri East, Goreagon East, Mulund and Kurla. The overall sentiments of the market and the consistent rate of new project launches in Mumbai projects give a very clear indication of an impending oversupply by 2012 and a lot of developers in the most severely affected locations are currently open to closing sales at lower rates, he added.
Mumbai realty heads for more correction : India: India TodayCommentQuote0Flag
- My basic hometown is gurgaon, but i'm leaving in pune from last couple of years. You can't compare Gurgaon infrastructure to Pune's. New Gurgaon is beyond the imagination to people living in pune. Though life in pune is much better (calm and steady).
So, for investment:bab (59): would recommend Gurgaon
But for living think for pune/chandigarh :)(depending upon your job/family).CommentQuote0Flag
- Originally Posted by realacres"For Mumbai, I am expecting a further correction of up to 35 per cent. There may be a case that you could see 25 per cent correction in the next two quarters and then prices would not appreciate for the next year or so," said Pankaj Kapur, CEO, Liases Foras, a real estate research firm.
It's hard to believe, will see. Usually the research firm makes some predictions and bite their nails when something goes the other way.CommentQuote0Flag
- Originally Posted by kirunOnlyIt's hard to believe, will see. Usually the research firm makes some predictions and bite their nails when something goes the other way.
Its fair to come to the same conclusion of research firms about Mumbai rates when I see this irrational exuberance. Persons earning hardly 1L salary p.a and living in dilapidated parental-house think their house in far suburb is worth 1 Cr whereas persons earning million rs salary can't afford to buy a 2bhk within Mumbai limits :DCommentQuote0Flag