Hereby I will prove how the realty boomers arguments are false.

What are the boomers arguments?

1.) Buy today, houses always increase in value in the long run.
WRONG. House prices cannot increase more than incomes in the long run. This is obvious if you think about it. If house prices go up more than people can afford to pay, buying stops, like it has stopped now.
Even Warren Buffett have pointed out that houses don't increase in intrinsic value. Unless there's a bubble or a crash, house prices simply reflect current salaries and interest rates. If a house is 100 years old, it's value in sheltering you is exactly the same as it was 100 years ago. Then came the maintenance as the house didn't renovate itself. It also has taxes, and insurance - costs that always increase and never go away. The price of the house went up about as much as salaries went up.
To put this is simple perspective, vegetable were costing Rs.5-6/kg when 5 digit salary was a rarity.
Today, the prices have gone up by about 4 times but so have the salaries. So, sounds very much like the reasoning people use now when they talk about how much their father's house appreciated "in the long run" without considering that salaries rose a proportional amount.

2.) Renting is just wastage of money.
WRONG. As said before renting is now much cheaper per month than owning. If you don't rent, you either:

* Have a mortgage, in which case you are throwing away money on interest, tax, insurance, maintenance, costs that increase forever.
* Own outright, in which case you are throwing away the extra income you could get by converting your house to cash, investing in bonds, and renting a similar place to live for much less money. This extra income is sufficient for emergency expenses,retirement etc.

Either way, owners lose much more money every month than renters and that's assuming prices don't correct to very high level & everything is smooth in the economy.

3.) As a renter, you won't have any money left as you will spend them on vacations,cars & hence won't have equity/savings etc.
WRONG. Equity is just money. Renters are actually in a better position to build equity/savings through investing in anything but housing. Renters can get rich much faster than owners, just by investing in conservative stocks & bonds.

* Owners are losing every month by paying much more for interest than they would pay for rent. The tax deduction does not come close to making owing competitive with renting.
* Owners must pay taxes simply to own a house. That is not true of stocks, bonds, or any other asset that can build equity/savings. Only houses are such a guaranteed drain on cash.
* Owners must insure a house, but not most other investments.
* Owners must pay to repair a house, but not a stock or a bond.
* Owners lose their money as house prices reduce. The EMI's remain constant in spite of reduction in rates. At the end of loan tenure, they would have paid almost twice than that of current renters who will buy at logical rates. Keep interest rates in mind. Most of the EMI is not principal amount but interest.

4.) There are great tax advantages to owning a house.
WRONG. Many people believe you can just reduce your income tax by the amount you pay in interest, but they are wrong. Buyers may not deduct interest from income tax; they deduct interest from taxable income. And even then, the tax advantage is not significant compared to the large monthly loss from owning.

If you don't own a house but want to live in one, your choice is to rent a house or rent money to buy a house. To rent money is to take out a loan. A mortgage is a money-rental agreement. House renters take no risk at all, but money-renting owners take on the huge risk of falling house prices, as well as all the costs of repairs, insurance, property taxes, etc.

5.) RE is based on local factors, it's not a national phenomenon. RE of Delhi-NCR,Bangalore & rest of the cities has nothing to do with Pune RE.
WRONG. Lending rates remain the same throughout the country. ALL loans are harder to get. This will drive prices down everywhere.

6.) A rental house provides good income. So, you can rent if you have purchased as investment.
WRONG. Rental houses provide very poor income in hyped areas and certainly cannot cover mortgage payments. Remember there is almost 300% difference between EMIs & rent for the same house.

It's pointless to do the work of being a landlord if you can make more money with no risk, no work, and no state income tax by investing in assured good returns bond.

7.) If owning is a loss in monthly cash flow, but appreciation will make up for it.
WRONG. Appreciation is negative. Prices are going down. It only adds to the injury of already high EMI's.

8.) As soon as prices drop a little, the number of buyers on the sidelines willing to jump back in increases.
WRONG. There are very few buyers left, and those who do want to buy will be limited by increasing difficulty of borrowing now that many house owners are near bankrupt as they don't save anything at the end of the month due to high EMI's.
No one has to buy, but there will be more and more people who have no choice but to sell as their payments rise. That will keep driving prices downward for a long time.

9.) House prices never fall atleast in Pune.
WRONG. If you see the RE scenario of 1996, prices crashed by 50% & took a whole 7+ years to recover.
Exact 1996 scenario may not be there today but strong correction is inevitable across the city.

10.) House prices don't fall to zero like stock prices, so it's safer to invest in real estate.
WRONG. House prices won't be zero, but the equity or the principal amount you paid can be zero or even negative. What you will pay as EMIs later in actual terms is not for the principal amount but only the interest as house prices dip. So, you will be only serving the bank.

11.) Prices will soften gradually, won't crash immediately.
WRONG. Prices are falling off a cliff. No one knows exactly what will happen, but it looks like prices will continue to fall for long time. These are just more manipulation of buyer emotions, to get them to buy even while prices are falling.

12.) The bubble prices were driven by supply and demand alone.
WRONG. Prices were driven by low interest rates and risky loans & good returns for investors in initial phases of boom in 2004-05.
Prices went up, interest rates went up & buyers savings went down. So prices are violating the most basic assumptions about supply and demand.

13.) There is lack of land.
WRONG. Ample of land is available & continue to be even in future in Pune. Sales volume are down. Even in Japan (small country with less land), prices went down. Current prices here are the same as that of 23 years ago. If we really had a housing shortage, there would not be so many vacant rentals.

14.) If you don't own, you'll live in a cheap neighborhood later.
WRONG. For the any given monthly payment, you can rent a much better house than you can buy. Renters live better, not worse. There are downsides to renting, such as being told to move at the end of your lease, or having your rent raised, but since there are thousands of vacant rentals, you can take your pick and be quite happy renting during the crash. There are similar but worse problems for owners anyway, such as being fired and losing your house, or having your interest rate and property taxes adjust upward. Remember, property taxes are forever.

15.) There's always someone predicting a real estate crash.
TRUE, yet irrelevant. There are very real crashes every decade or so. Even a broken clock is right twice a day.

16.) Local incomes justify the high prices.
WRONG. The mortgage should be more than your 3 years earning. It is much higher today. Most are already in danger/red zone.

17.) You have to live somewhere.
CORRECT. But that doesn't mean you should waste your life savings on a bad investment. You can live in a better house for much less money by renting during the down slide in RE.

18.) It's not a house, it's a home.
WRONG. Wherever one lives in it is home, be it apartment, condo, bungalow , mansion or house. Calling a house a "home" is a manipulation of your emotions for profit.

19.) If you don't buy now, you'll never get another chance.
WRONG. History proves otherwise.
Here's a beautiful quote from a analyst:-
"The real issue isn't whether you will be stuck being a renter all your life, she says. Its whether you'll get so scared about being shut out that you'll buy at the market's peak and be stuck in a property you can't afford or sell."

20.) It would take major economic recession or a major earthquake that wipes out this area in order for the price to fall by over 50%.
WRONG. Even today, if the prices fall by 50%, there will still be very few people who can buy at this levels due to uncertainty in jobs & most importantly high EMIs. Also, look at the rental rates for equivalent houses. Which loss per month is larger? EMI or rent?

contd....
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  • Originally Posted by puser
    You think builder brought rented men to create crowd at launch site?

    come on man, you can try better explanation.


    I already said that this is not for that particular project or builder (so please don't put much efforts in analyzing the photographs and facial expression of the people crowded for the launch offer, whether they look tensed!) but such practices are there.

    Originally Posted by mamol
    they may not be hired people,they might be invited by the builder for pre-launch,
    it remind me GK builder from Pimpale saudagar invited all his previous customers for the launch of atlanta near natural's ice cream on the way to hinjewadi.


    Exactly, what I think of it. I've couple of similar real life experiences,

    1. My colleague was looking for a 2bhk flat about 1.5-2 years back, and there was this scheme newly launched in Wakad. When my colleague went to the builder office, as usual they mentioned that they have very few flats remained. There was a customer (shall I say Dummy Customer? my friend narrated whole story because of this guy only, he was least interested in that project, coz of the new group without any prior projects quoting high rates) calling his father and asking for his permission to book a flat since there are very few flats remained. Well, there is nothing new in somebody calling his family member before taking a decision, but as per my colleague that guy was talking in such a manner such that he (customer) wanted my friend to listen his whole conversation and take note of it! Guess what? I still seeing the same scheme advertisements with few ready possession flats available! :D

    2. Couple of year back, a friend an old customer of one of the Nisarg group got a printed invitation envelope for their new scheme launch event near Alandi!

    3. This month only, I was accompanying a friend while he wanted to handover a cheque to the builder himself. That guy has another scheme about to launch in nearby area, so he showed us whole plan and elevation, talked about location advantage, etc. - nothing wrong, fair marketing practices. Later on he invited my friend for the launch ceremony and I was pleasured to be invited by the humble builder on launch occasion! What I was supposed to do there, eat a cup of free ice-cream?

    Yep, I believe its becoming a trend to invite irrelevant persons (yes, I too was irrelevant in above case2) at Launch party, just to gather crowd and make the relevant persons believe how big demand is there?
    Well, this practice is not that dirty, there is a benefit of customer too, at least this is the only time he enjoys builders money! Its getting longer and longer post, could not resist to compare this situation with the feeling of killing a mosquito who just has bitten you, you know you can't take your blood back but its the only thing you can do! fyi, I strongly support non-violence] Point is that all those gathered at launch party may not be genuine customers, and we should not gauge the Property Demand by the number of people under pandal! fyi, I strongly support non-violence] Point is that all those gathered at launch party may not be genuine customers, and we should not gauge the Property Demand by the number of people under pandal! fyi, I strongly support non-violence] Point is that all those gathered at launch party may not be genuine customers, and we should not gauge the Property Demand by the number of people under pandal!
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  • Originally Posted by StraightDriv


    Mere 2bhk ke aayenge, woh zaroor aayenge! Aur phir rate 4 guna ho jayega!

    Sabka haal rakhi jaisa hoga (karan-arjun wali)


    Satya Sai Baba ne bola hein. 2 BHK leneka. To kuch faraka nahi padata..Economic model yeh woh kuch faraka nahi padata !! 2 BHK hi leneka hein !

    It is the same everywhere !
    There was some experiment where a Chimp made stock choices and a stock analyst made stock choice and guess what the Chimp won !!

    http://articles.latimes.com/1993-09-09/business/fi-33156_1_stock-analysts
    http://pieceofmojo..com/2010/01/lusha-stock-picking-chimp.html

    Who knows may be they are right..

    SSDD -
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  • You have no right to insult genuine buyers who aspire to own a house to call them dogs or donkeys. Most of them work hard and are ready to go through hardships for their children to have a shelter on their head.

    Originally Posted by StraightDriv
    Imagine the stupidity of people who believe this drama!

    Even if it were to be true then just think of the poor donkeys queuing up for booking a non-existent bhk .

    Indian masses (even your so called IT professionals incl.) are basically people who could be trained do to things just like dogs are trained to do things. Either by (im)proper school education, by satsang, by tv commercials, by blogs, by forums, by word of mouth each exploiting the poor psychology of Indians. India has people with extremely poor reasoning capabilities in REAL life. Give them an exam paper they will pass with flying colors thanx to ratta, but in real life?

    The only difference is that dogs will bark and bite if abused.

    But Indian janta will only growl and scratch themselves after being abused for years, arey 2012 mein possession tha abhi saale 2015 bol rahe hai....per karenge kuch nahi.

    There are many restaurants in a city but these idiots will go to one restaurant only even if it means queuing for 40-50 minutes (even 1 hour) because seats are full. Yeh nahi ki koi dusra hotel dekhen.

    Quality and tasty food chahiye iska matlab yeh nahi ki aap apna samay queue mein barbaad kare! Sab chut*ye hotel ke bahar kursi per baithenge jaise koi royal lunch/dinner honewaala hai!

    The same situation is RE. Sab site ke baaher kursi per baithen hai.

    Mere 2bhk ke aayenge, woh zaroor aayenge! Aur phir rate 4 guna ho jayega!

    Sabka haal rakhi jaisa hoga (karan-arjun wali)
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  • Wow, this thread was once a source of knowledge to learn the negative sides of what could possibly go wrong. Now it has turned into a gathering of people with issues, major of them is 'sour grapes'.

    If it hadn't been for IT which some guys are very fond to bash, Pune would still be concentrated around the peths and be glad in its little well of self worshipping. The title of thread is 'Builders & RE Bulls Theory Proved Wrong' not 'my life's sad story about how everyone else went ahead and I stayed behind'.

    This is a pinned thread which is seen on every page of Pune subforum. It's getting really shameful to read such unrelated remarks which highlight the writer's desperation more than anything else.
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  • Originally Posted by iSpoke
    I already said that this is not for that particular project or builder (so please don't put much efforts in analyzing the photographs and facial expression of the people crowded for the launch offer, whether they look tensed!) but such practices are there.


    Never heard of such practice, but have seen REAL buyers queuing to book flat in 2006-2007. anyone may agree to it and THAT lead to rapid escalation of prices. So won't be surprised if it happens AGAIN and it would be more convincing to trust that these are REAL buyers flocking to buy / book flat rather than PHONY rented crowd


    Originally Posted by iSpoke

    Exactly, what I think of it. I've couple of similar real life experiences,

    1. My colleague was looking for a 2bhk flat about 1.5-2 years back, and there was this scheme newly launched in Wakad. When my colleague went to the builder office, as usual they mentioned that they have very few flats remained. There was a customer (shall I say Dummy Customer? my friend narrated whole story because of this guy only, he was least interested in that project, coz of the new group without any prior projects quoting high rates) calling his father and asking for his permission to book a flat since there are very few flats remained. Well, there is nothing new in somebody calling his family member before taking a decision, but as per my colleague that guy was talking in such a manner such that he (customer) wanted my friend to listen his whole conversation and take note of it! Guess what? I still seeing the same scheme advertisements with few ready possession flats available! :D


    A speculation that he was dummy customer, any proof he was one? he might be real person.

    regarding 'few flats available' - clearly an old tactic to incite urgency of buy/no-buy decision among buyers. understandable as they want to get 'bakra' as soon as possible whose EMI they can reap

    Originally Posted by iSpoke

    2. Couple of year back, a friend an old customer of one of the Nisarg group got a printed invitation envelope for their new scheme launch event near Alandi!


    That's gracious of Nisarg group. don't see anything wrong. its like including your old customers in the launch of new project. whats wrong in it?

    Originally Posted by iSpoke

    3. This month only, I was accompanying a friend while he wanted to handover a cheque to the builder himself. That guy has another scheme about to launch in nearby area, so he showed us whole plan and elevation, talked about location advantage, etc. - nothing wrong, fair marketing practices. Later on he invited my friend for the launch ceremony and I was pleasured to be invited by the humble builder on launch occasion! What I was supposed to do there, eat a cup of free ice-cream?


    They want to SELL their units and would like to increase audience on which they can focus marketing tricks. see nothing wrong again.

    Originally Posted by iSpoke

    Yep, I believe its becoming a trend to invite irrelevant persons (yes, I too was irrelevant in above case2) at Launch party, just to gather crowd and make the relevant persons believe how big demand is there?
    Well, this practice is not that dirty, there is a benefit of customer too, at least this is the only time he enjoys builders money! Its getting longer and longer post, could not resist to compare this situation with the feeling of killing a mosquito who just has bitten you, you know you can't take your blood back but its the only thing you can do! fyi, I strongly support non-violence] Point is that all those gathered at launch party may not be genuine customers, and we should not gauge the Property Demand by the number of people under pandal!

    inviting is different thing, attending is different. who would miss important appointment, birthday of wife/child, even routing TV soap or drama, a nap of an hour or some other engagement and attend launch (normally such lauches happens in fringe area) unless your own family member, girlfriend/boyfriend is at the launch and you have interest other than property'/wasting time jlt.

    inviting is different thing, attending is different. who would miss important appointment, birthday of wife/child, even routing TV soap or drama, a nap of an hour or some other engagement and attend launch (normally such lauches happens in fringe area) unless your own family member, girlfriend/boyfriend is at the launch and you have interest other than property'/wasting time jlt.

    inviting is different thing, attending is different. who would miss important appointment, birthday of wife/child, even routing TV soap or drama, a nap of an hour or some other engagement and attend launch (normally such lauches happens in fringe area) unless your own family member, girlfriend/boyfriend is at the launch and you have interest other than property'/wasting time jlt.

    inviting is different thing, attending is different. who would miss important appointment, birthday of wife/child, even routing TV soap or drama, a nap of an hour or some other engagement and attend launch (normally such lauches happens in fringe area) unless your own family member, girlfriend/boyfriend is at the launch and you have interest other than property'/wasting time jlt.

    inviting is different thing, attending is different. who would miss important appointment, birthday of wife/child, even routing TV soap or drama, a nap of an hour or some other engagement and attend launch (normally such lauches happens in fringe area) unless your own family member, girlfriend/boyfriend is at the launch and you have interest other than property'/wasting time jlt.
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  • Absorption, the most dreaded word in Mumbai realty..!!!

    Interesting article on Mumbai realty -

    ‘Absorption’: the most dreaded word in Mumbai realty | Firstpost


    Also read below - No buyers but soaring prices: A scam called Mumbai realty.
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  • Originally Posted by puser
    Never heard of such practice, but have seen REAL buyers queuing to book flat in 2006-2007.


    Buddy, what made you to go to the flashback (2006-07) when the context was about the photographs in RK's blog? Shall I argue with a situation from 2001? wait.. why not 1937?

    Originally Posted by puser

    A speculation that he was dummy customer, any proof he was one? he might be real person.

    Are you a lawyer? ;)
    Sorry, my loard I don't have proof even for any of the other two points I made in that post. Coz for that I've to request my collegue/friend to get an appointment with you and confirm its authenticity!

    Originally Posted by puser

    That's gracious of Nisarg group. don't see anything wrong. its like including your old customers in the launch of new project. whats wrong in it?
    .
    .

    They want to SELL their units and would like to increase audience on which they can focus marketing tricks. see nothing wrong again.


    Looks you haven't read that post from start to end, I myself quoted the same words
    "- nothing wrong, fair marketing practices."
    Anyways, my point was to not to get afraid of the crowd we usually see on every launch party. All may not be the serious buyers, many may be their old customers present there because of the invitation and a good will.
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  • Maafi mangta hoon!

    I beg pardon from all of the worlds' dogs and donkeys to have compared them with greedy and foolish people in this country.

    Secondly, protecting genuine buyers is the core issue. Bechaare do wakt ki roti kaamane mein hi pis jaate hai zindagi bhar uspe ye ghar ka anaab-shanaab karz.

    Abhi ghar nahi liya toh kabhi nahi aisi galatfahmi paida karke aap log unko loot rahe hai / loot jaane pey majboor kar rahe hai.

    That too without any logical explanation as to why the rates should rocket.

    Pehle hua aaage bhi hoga!

    What non-sense!

    Jisne duniya dekhi hai, service ki hai aur business dekha hai sirf usko maloom hai ki aage ka kya haal hai..saale analyst toh roz naye naye funde pilate hai...mere dost hai... mujhe sub batate hai ki aam aadmi ko kaise ullu banaya jaata hai....aam aadmi ko loss ho ya profit per inka hamesha profit

    India ka bura haal hona tai hai.

    No ones bashing IT. India is what it is today bcoz of IT. So if there is no IT then what happens to India? This is the basic logic.
    Every one is bashing idiots who are wasting their gains (money) from IT on RE especially post 2008 even as the outsourcing nations are turning the tap off slowly. In few years IT will be less than 50% of what it is today or may be disappear to low cost countries.

    And for what? give me an area in India which justifies the psf vis-a-vis water, electricity, good roads, healthy lifestyle i.e basics of decent life.

    Bus, faltu ke sapne dikhane ke aur jab bunda aasman mein dekhen toh niche se uski chaddi nikaal deni ki! Yehi dhanda hai sab brokers aur builders ka.

    And its easy to spot broker and builder.

    Genuine buyers will get their home eventually if not now may be later but cheaper than now for damn sure!

    ;)

    Originally Posted by tushart
    You have no right to insult genuine buyers who aspire to own a house to call them dogs or donkeys. Most of them work hard and are ready to go through hardships for their children to have a shelter on their head.
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  • Originally Posted by StraightDriv
    I beg pardon from all of the worlds' dogs and donkeys to have compared them with greedy and foolish people in this country.
    ;)


    From which Country you are? And how do you know Hindi (Indian) language?
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  • hindi-chini bhai bhai!

    Hindi hai hum watan hai Hindustaan humara...saare jahan se acchaa...

    But right now, saare jahan se gunda...bana diya hai politicians, corrupt businessmen and foolish-greedy salaried class (naukar pesha) logone!

    ;)

    Originally Posted by pawarnilesh
    From which Country you are? And how do you know Hindi (Indian) language?
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  • ispoke,

    I agree with you about rented chaps. Thats true. Calling customers of old projects is also true. You know that Viva project at Ambegaon ? Forget the name but builder claimed people were standing in long Q to make booking. This even when sanctions were not in place. And guess what, most of the crowd was fake. Same was the case with Sun Universe. The builder, mittal gave some helicopter ride for first 3 buyers & claimed all flats SOLD OUT in 5 hours !! Now you can hear Sun Universe ad on FM radio continuously. :D

    Puser,

    Even in 2006-07, there were fake buyers, builders' own men or people from older projects, but their number was very low & real buyers more. Now real buyers are less & fake more.

    And you talked about RK blog. Well, after your post, I too have a look & in the parking I saw vehicles like Toyota Fortuner & Honda Accords. Now why would anyone who owns a car like Accord will buy a 1BHK flat in undeveloped area ? Think man.

    * PS:- These very same SOLD OUT projects will be later seen in Sakal & magic-bricks exhibis !!
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  • Two engineers arrested for duping Vascon of 34 crore

    Pune: The crime branch, Pune, on Thursday arrested two building engineers for allegedly duping the real estate company, Vascon Engineers, to the tune of over Rs 34 crore.
    The suspects, Amol Shirodkar (27) of Thane and Rahul Sonawane (27) of Navi Mumbai, had surrendered to police, following directions from the Bombay high court.
    Seeking their police custody, assistant public prosecutor Shilpa Mahatekar told the court that the custodial interrogation of the duo was essential as they had misappropriated the money by preparing forged bills of building materials, this after seeking the sanction of their superiors. And that their custody was required to find out if they had amassed any property with the fraud money.
    The court of judicial magistrate first class S N Karakdande upheld the prosecutions plea and remanded them in police custody till May 13.
    Police had earlier arrested the former vice president Manoj Kallur (48), aresident of Kanchan Galli, Law College Road, and site engineer Arvind Gangbaksh Singh after a complaint was lodged by Vascon’s chartered accountant Muthuswami Krishnamurthy.
    The fraud, that took place between November 1, 2007, and July 31, 2009, had come to light during the audit of the two projects -- Neelkanth Palacia and Neelkanth IT Park.

    Article Window
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  • Originally Posted by StraightDriv
    Imagine the stupidity of people who believe this drama!

    Even if it were to be true then just think of the poor donkeys queuing up for booking a non-existent bhk .

    Indian masses (even your so called IT professionals incl.) are basically people who could be trained do to things just like dogs are trained to do things. Either by (im)proper school education, by satsang, by tv commercials, by blogs, by forums, by word of mouth each exploiting the poor psychology of Indians. India has people with extremely poor reasoning capabilities in REAL life. Give them an exam paper they will pass with flying colors thanx to ratta, but in real life?

    The only difference is that dogs will bark and bite if abused.

    But Indian janta will only growl and scratch themselves after being abused for years, arey 2012 mein possession tha abhi saale 2015 bol rahe hai....per karenge kuch nahi.

    There are many restaurants in a city but these idiots will go to one restaurant only even if it means queuing for 40-50 minutes (even 1 hour) because seats are full. Yeh nahi ki koi dusra hotel dekhen.

    Quality and tasty food chahiye iska matlab yeh nahi ki aap apna samay queue mein barbaad kare! Sab chut*ye hotel ke bahar kursi per baithenge jaise koi royal lunch/dinner honewaala hai!

    The same situation is RE. Sab site ke baaher kursi per baithen hai.

    Mere 2bhk ke aayenge, woh zaroor aayenge! Aur phir rate 4 guna ho jayega!

    Sabka haal rakhi jaisa hoga (karan-arjun wali)


    i agree. but i warn you that if you talk anything bad about indians, you will be in trouble on this forum. most people here do not like truth. i once called india a third world dump hole and one impatient gentleman got his pant!es in a bunch and called me names. why, he even whined like a schoolgirl to the moderator and got the post deleted.

    i agree with you that the education system in india does not encourage critical thinking, nor does it teach courage to ask questions or challenge those who are in position of power. they are trained to do things in a way by those who are in power or have authority.
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  • No pride in development

    Another (ill) work from crooks, the Pride Group :-

    PMC issues notice to Pride Group for allegedly digging up a hill near Bahiratwadi and killing trees by removing soil near roots and moving it to another spot where it appears to have died naturally.

    A JCB machine was digging land around a tamarind tree, adjacent to Pride Panorama. It is being alleged that the digging was done at the behest of the Pride Group which is developing another project at this site.

    Incidentally, this is the same site where five labourers were killed during the monsoons last year, when flood waters caused a landslide. A retaining wall can be seen at the site, to arrest the water and prevent a similar situation in the future.

    Pune Mirror
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  • Originally Posted by realacres
    Another (ill) work from crooks, the Pride Group :-

    PMC issues notice to Pride Group for allegedly digging up a hill near Bahiratwadi and killing trees by removing soil near roots and moving it to another spot where it appears to have died naturally.

    A JCB machine was digging land around a tamarind tree, adjacent to Pride Panorama. It is being alleged that the digging was done at the behest of the Pride Group which is developing another project at this site.

    Incidentally, this is the same site where five labourers were killed during the monsoons last year, when flood waters caused a landslide. A retaining wall can be seen at the site, to arrest the water and prevent a similar situation in the future.

    Pune Mirror


    This is SAD :( Pride group is well known and hopefully proper actions will be taken. Scary situation during Rainy season if floods waters are coming in this area.
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