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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  • “Warning: Everything saved will be lost” – Wii console notification :-)
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  • this is why Lehman and JP morgan collapsed ...... and took away lot of pension funds robbbing many of their hard earned money,,,
    recently in india few wanted PPF to invest in stocks .... prelude of what happened in US
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  • ""recently in india few wanted PPF to invest in stocks .... prelude of what happened in US""
    Not a good idea,in whatever language the proposal is drafted showing glowing accounts of double digit returns of some shares.
    Big No to put pension funds in danger.
    Safe returns even if lower is OK.
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  • Originally Posted by pune_friend

    Aren't all the Retail chains allowed direct purchase from farmers ? From what I know, they do purchase directly from farmers (and also have their own farms at multiple places in the country).

    Why can't they still afford to sell at prices much more competitive than typical subji mandi ?


    Only a few states have done away with the APMC law and the ones who have done it have also done a very bad job of putting in some new restrictions in.

    APMCs did nothing about the infra needed to make the transfer of food from farms to retail smoother. The removal of AMPC in some states has not followed with the required investment in cold storage and food processing.

    Contract farming is also done on a very scale in India. Farm sizes are very small so a corporate and land records are inaccurate and 90% of all land in India is under litigation.
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  • Originally Posted by vaibav123
    ""recently in india few wanted PPF to invest in stocks .... prelude of what happened in US""
    Not a good idea,in whatever language the proposal is drafted showing glowing accounts of double digit returns of some shares.
    Big No to put pension funds in danger.
    Safe returns even if lower is OK.


    Saving in pension funds is encouraged by govts so that they can have access to assured and cheap finance. A good govt would do away with this and allow individuals to invest into different investment avenues.

    India does allow for pension funds to invest into equity but they do it using the insurance product as a disguise. ULIP schemes are a prime example of how insurance companies sell crap products to the public with 2 sub products under them - traditional insurance and investment in debt and equity.

    The insurance agent take a big chunk of the 1st yr premium. People panic at the end of the financial yr cause they want to take advantage of the 1 lakh deduction and then go out and buy some crap product.

    Coming to Lehman and JP Morgan. JP Morgan did not fail. It bought WaMu and Bearn Sterns.

    Lehman failed cause it had too much sub-prime debt on its book and too much invested in property and it depended on short term financing. Once the markey lost trust in books of these investment banks they stopped loaning to them. Lehman would have lead to Merrill Lynch and then Goldman Sachs.

    Pension funds got screwed cause they wanted high yields and high rated bonds and MBS filled with sub-prime debt and insurance by AIG at a very low premium provided them with a risk free investment option.

    If a sub-prime bond was paying say 5% and AIG was insuring the bond against default at say 2% then a pension fund could make 3% risk free. Now when the value of the bond fell and when AIG was not able to stay afloat then we had a problem.
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  • Originally Posted by pune_friend


    Aren't all the Retail chains allowed direct purchase from farmers ? From what I know, they do purchase directly from farmers (and also have their own farms at multiple places in the country).

    Why can't they still afford to sell at prices much more competitive than typical subji mandi ?


    Here is a good document on the APMC - http://agmarknet.nic.in/stminprreform.pdf

    some extracts from this doc

    "There is a huge variation in the density of regulated markets in different parts of the country, which varies from 118 sq km. in Punjab to 11,214 sq km. in Meghalaya"

    So there is one APMC for every 11214 sq km in Meghalaya!!! i.e there are just 2 APMC markets in the whole of Meghalaya!!! How are farmers there going to take advantage of price differential between say Mumbai and Meghalaya. Say a farmer in Meghalaya wants to grow onion and sell in Mumbai cause it costs 10 rs to grow that onion and he can sell it for 50 in Mumbai then he has only 2 markets in the whole of Meghalaya where he can go and sell his produce. He is not allowed to sell it to some wholesaler directly.


    The whole document is worth a read. Next time anyone says that govt control and socialism works pls throw (or in this digiital age - forward) this document to them.

    If you Paul Krugman personally pls send him a copy of this as well. He has been advocating raising the minimum wage here in the US :)
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  • ""Saving in pension funds is encouraged by govts so that they can have access to assured and cheap finance. A good govt would do away with this and allow individuals to invest into different investment avenues.""


    True.Assured finance is always sought by a Government which is always short of money due to mismanagement and ill directed subsidies.
    Whether majority of Indians are capable of investing safely and consistently is a doubtful point.
    The number of scams,blade companies out to grab money is well documented.Many of us really dont know the meaning of proper investment and wealth creation.
    Using some sort of management jargon and terms from the net does not make people financially savvy.
    Just imagine the amount of money lost in chit fund scandal and emu/teak scams.
    People have burnt their fingers looking for double digit returns which cannot be supported by any viable investment avenue.
    ULIP schemes are probably ok in the long term.Many companies market these schemes as the best avenue and many fall for it.
    At the end of it,there is nothing known as quick money,doubling in short period etc.Sometimes share market gives you crazy returns and equally negative returns.
    Opto circuits was running at above rs150 few months ago and now it is at around rs30,in spite of being a sound company and marketing good essential products.
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  • Originally Posted by herohiralal
    Here is a good document on the APMC - http://agmarknet.nic.in/stminprreform.pdf

    some extracts from this doc

    "There is a huge variation in the density of regulated markets in different parts of the country, which varies from 118 sq km. in Punjab to 11,214 sq km. in Meghalaya"

    So there is one APMC for every 11214 sq km in Meghalaya!!! i.e there are just 2 APMC markets in the whole of Meghalaya!!! How are farmers there going to take advantage of price differential between say Mumbai and Meghalaya. Say a farmer in Meghalaya wants to grow onion and sell in Mumbai cause it costs 10 rs to grow that onion and he can sell it for 50 in Mumbai then he has only 2 markets in the whole of Meghalaya where he can go and sell his produce. He is not allowed to sell it to some wholesaler directly.


    The whole document is worth a read. Next time anyone says that govt control and socialism works pls throw (or in this digiital age - forward) this document to them.

    If you Paul Krugman personally pls send him a copy of this as well. He has been advocating raising the minimum wage here in the US :)


    Unfortunately both real estate and agricultural markets are under the state governments and are only used for corruption and rent seeking behaviour.

    There is no easy cure. State govts of India are TOTALLY corrupt - at least some 10% of central govt is still not corrupt.

    There is no saving grace. But people like Nitish Kumar, Raman SIngh, Modi etc can make a lot of difference - but even that is just a 10% reform.

    Rest 90% is just defunct with only corruption.

    Expecting agriculture reform is as useless as execting education to happen - the politician has a vested interest in creating conditions to keep poor people poor and illiterate so that he can keep looting them - looting them of money and looting them for votes on casteism
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  • ""Expecting agriculture reform is as useless as execting education to happen - the politician has a vested interest in creating conditions to keep poor people poor and illiterate so that he can keep looting them - looting them of money and looting them for votes on casteism""

    Very harsh words but unfortunately true indeed.
    Why India is still held back from progress is the vested interest of politicians in keeping India poor and dependent on subsidy from the Government.
    Tax payers pays out of his pocket and Government claims the credit for subsidy and concern for poor.
    Police reforms is another subject which will never be addressed by the government.They are happy keeping the police as their hand maidens.
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  • Good indeed. But where is the perfect alternative ?
    Agreed currency is swapping of numbers. Money is real wealth.
    Money or wealth is based on perception, too.
    Wealth depends on perception of utility or shortage or need or acceptance widely.

    Roman soldiers were paid salt !! They preferred it as salt was precious in those days.
    Roman and middle east kings imported ice blocks at great cost
    East India company officers imported ice blocks
    African tribes revered sea shells and used them as ornaments.
    Silk was highly priced in Europe in the past and " silk route" was born.
    Spice made Europeans discover the route to India.
    Tulip mania
    Now bit coin.
    Silver utensils were a symbol of status in Europe
    For that matter stainless steel utensils were status symbol in India once--ask your grand parents.
    The video made me wonder about the intention of the makers.
    Such arguments are never-ending.
    As long as a system works it is better not to rack our brains.
    Watch the movie " Happy Feet " where the penguin augurer takes pebbles to provide solutions to the penguins---one pebble one answer is his slogan.
    Have you ever wondered the type of taxes we pay ?
    Tax for income, spend money and pay service tax, value added tax, cess,eat at a restaurant and pay tax,rent an expensive room and pay tax,buy home pay tax,vehicle tax,road toll and so many taxes.That is after paying income tax.Save money and pay tax for interest.
    We have become " taxiwallahs".
    Once England had window tax !!! Thank god PC has yet to get a whiff of it it seems.


    Originally Posted by Sat234
    this is really good. but how much of it is real, and how much of it is conspiracy theory?? frankly, most of it went way over my head :o

    @rambler,
    @wiseman,

    you must watch this. we had a discussion about "why gold has value" earlier.
    the series seems to be sponsored by gold sellers though.
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  • Originally Posted by herohiralal
    This is another example of you taking one case and extrapolating it to suit ur bias. Which firm has defaulted and why? did it default cause it borrowed too much money to buy land and then was not able to launch schemes in time and hence was not able to generate cash to repay interest or did it launch schemes and was not able to generate enough bookings and still continued to construct the project?

    RE bulls always demand proof, but speak nothing on threads like 'Complaints Against Builders' where buyers suffer.
    How many proof have you given to support your theory. We atleast put so many links, articles, snaps etc. First, you RE bulls should show how picture of RE is good & how buying RE today makes sense. Please explain.


    Anyways, we are not bulls. agents or builders who make false claims & talk big lies.
    To see more about IL & FS story about builder bankruptcy, please read last fortnight Business India mag. Lot of details mentioned & if I remember it correctly, it is between page 12-15.

    For rising NPAs, please go back couple of pages, it is already mentioned.
    Yet, here is one more, latest one. Infact, it got posted by thodisizamin also on bubble burst thread :-

    How are Indian banks placed in their exposure to the real estate sector?

    India has seen a ten-year period of rising real estate prices and the sector seems to be cooling off. Commercial property vacancies are 20 percent while residential inventories are rising every day with transactions down 50-60 percent. RBI data on banks as of end March 2013 reveals that banks have an exposure of Rs 1.26 lakh crore to commercial real estate, Rs 4.6 lakh crore to personal mortgages and Rs 2.67 lakh crore to the housing sector. The NBFC sector, including the housing finance companies such as HDFC and LIC Housing Finance, would have an exposure of over Rs 3 lakh crore. Adding banks and NBFC exposure to real estate, the total exposure is around Rs 11.50 lakh crore. This works out to around 10 percent of GDP.

    Public sector banks gross NPAs (non-performing assets) as percentage of total advances is 4.75 percent as of March 2013 and has more that doubled over the last six years. A real estate price correction could lead to more NPAs and this could lead to a self fulfilling cycle of a deep rooted correction in the economy. It is best to prick the real estate bubble in India right now to avoid future calamity.


    Is India under threat of real estate bubble burst? | Firstpost

    Now, herohiralal, please give proof that all so called PROPOSED roads, metro, airport etc. based on which builders are selling projects will be completed in next 5 years. Proof please.
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  • Tough Times For Real Estate Cos

    A good video about growing debts, falling sales in RE. DLF sales are down by 70% QoQ.

    http://www.yourmoneysite.com/videos/watch/4219/tough-times-for-real-estate-cos

    Vaibhav123,

    RE sector wants to be given industry status but they are not ready to have RE regulator. They say CREDAI will govern builders & that is sufficient. Hence, they are not getting industry status.
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  • Originally Posted by realacres


    For rising NPAs, please go back couple of pages, it is already mentioned.
    Yet, here is one more, latest one. Infact, it got posted by thodisizamin also on bubble burst thread :-

    How are Indian banks placed in their exposure to the real estate sector?

    India has seen a ten-year period of rising real estate prices and the sector seems to be cooling off. Commercial property vacancies are 20 percent while residential inventories are rising every day with transactions down 50-60 percent. RBI data on banks as of end March 2013 reveals that banks have an exposure of Rs 1.26 lakh crore to commercial real estate, Rs 4.6 lakh crore to personal mortgages and Rs 2.67 lakh crore to the housing sector. The NBFC sector, including the housing finance companies such as HDFC and LIC Housing Finance, would have an exposure of over Rs 3 lakh crore. Adding banks and NBFC exposure to real estate, the total exposure is around Rs 11.50 lakh crore. This works out to around 10 percent of GDP.

    Public sector banks gross NPAs (non-performing assets) as percentage of total advances is 4.75 percent as of March 2013 and has more that doubled over the last six years. A real estate price correction could lead to more NPAs and this could lead to a self fulfilling cycle of a deep rooted correction in the economy. It is best to prick the real estate bubble in India right now to avoid future calamity.


    Is India under threat of real estate bubble burst? | Firstpost


    you said NPA were rising due to home loans. Where does it say so? All this says is that NPA could rise if home prices correct. That is totally different to saying that NPAs have already risen. Do you lesson in English now?

    Accept that you were wrong to put out that statement and move on to ur next incorrect post :)

    When RE prices crash NPA will be the last thing people will worry. There will be many more bigger problems to worry about



    Now, herohiralal, please give proof that all so called PROPOSED roads, metro, airport etc. based on which builders are selling projects will be completed in next 5 years. Proof please.


    The key is in the word 'proposed'. I dont think I have said that the new airport at navi-mumbai is complete and running or any other 'proposed' project is complete. On the contary I dont believe any of the big projects - pune metro, navi-mumbai, some crap corridor somewhere etc etc - will see the light of day in the next 5 yrs.

    Builders use such proposed projects to hike prices and cause the market is so rigged that +ve news drives up the prices but-ve news does not bring prices down.

    Your claim that the NPA are rising due to home loan default is incorrect. You have no data point to support that claim. All you have is a claim that once RE prices crash then NPA will rise.

    The key is in the word 'proposed'. I dont think I have said that the new airport at navi-mumbai is complete and running or any other 'proposed' project is complete. On the contary I dont believe any of the big projects - pune metro, navi-mumbai, some crap corridor somewhere etc etc - will see the light of day in the next 5 yrs.

    Builders use such proposed projects to hike prices and cause the market is so rigged that +ve news drives up the prices but-ve news does not bring prices down.

    Your claim that the NPA are rising due to home loan default is incorrect. You have no data point to support that claim. All you have is a claim that once RE prices crash then NPA will rise.

    The key is in the word 'proposed'. I dont think I have said that the new airport at navi-mumbai is complete and running or any other 'proposed' project is complete. On the contary I dont believe any of the big projects - pune metro, navi-mumbai, some crap corridor somewhere etc etc - will see the light of day in the next 5 yrs.

    Builders use such proposed projects to hike prices and cause the market is so rigged that +ve news drives up the prices but-ve news does not bring prices down.

    Your claim that the NPA are rising due to home loan default is incorrect. You have no data point to support that claim. All you have is a claim that once RE prices crash then NPA will rise.

    The key is in the word 'proposed'. I dont think I have said that the new airport at navi-mumbai is complete and running or any other 'proposed' project is complete. On the contary I dont believe any of the big projects - pune metro, navi-mumbai, some crap corridor somewhere etc etc - will see the light of day in the next 5 yrs.

    Builders use such proposed projects to hike prices and cause the market is so rigged that +ve news drives up the prices but-ve news does not bring prices down.

    Your claim that the NPA are rising due to home loan default is incorrect. You have no data point to support that claim. All you have is a claim that once RE prices crash then NPA will rise.
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  • Originally Posted by Venkytalks
    Unfortunately both real estate and agricultural markets are under the state governments and are only used for corruption and rent seeking behaviour.

    There is no easy cure. State govts of India are TOTALLY corrupt - at least some 10% of central govt is still not corrupt.

    There is no saving grace. But people like Nitish Kumar, Raman SIngh, Modi etc can make a lot of difference - but even that is just a 10% reform.

    Rest 90% is just defunct with only corruption.

    Expecting agriculture reform is as useless as execting education to happen - the politician has a vested interest in creating conditions to keep poor people poor and illiterate so that he can keep looting them - looting them of money and looting them for votes on casteism


    Yup and thats the reason India will never see proper supply side reform in Agri and RE and prices will keep on rising or stay at high levels till everything falls apart. The control of politicians over Agri and RE is so tight that all efforts will be made to keep it that way.

    This is what I called a rigged market which realacres does not seem to be able to grasp and then keeps on using inaccurate or non-existent data to prove that the RE bubble has burst or is bursting.

    RBI talking about bringing down inflation using repo rate and CRR hikes is all nonsense. All the rates hike does it make it harder for infra like power, ports, telecom etc costly to build and deploy.
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  • Originally Posted by herohiralal
    Yup and thats the reason India will never see proper supply side reform in Agri and RE and prices will keep on rising or stay at high levels till everything falls apart. The control of politicians over Agri and RE is so tight that all efforts will be made to keep it that way.

    This is what I called a rigged market which realacres does not seem to be able to grasp and then keeps on using inaccurate or non-existent data to prove that the RE bubble has burst or is bursting.

    RBI talking about bringing down inflation using repo rate and CRR hikes is all nonsense. All the rates hike does it make it harder for infra like power, ports, telecom etc costly to build and deploy.


    Hero bhai, the truth as usual lies somewhere in between. You are also right and Real acres is also right.

    A lot of bank NPAs are for commercial real estate and project (not home) loans. They might be getting evergreened, but that will only magnify the ultimate problem. They are dead loans. Commercial realty at such asronomical prices is simply not viable - no business or retail can pay such high overheads.

    Real estate does stagnate in India for prolonged periods. I watched the 1996 to 2003 period quite closely and a repeat is now very much on the cards. On the other hand, when it comes out of it, real estate will bounce a lot as it did in 2004-2008 - so in the long term, you can expect a 10% return from capital appreciation alone after holding cost - and another 2% from rent = total 12% return long term.

    Political corruption does keep real estate a black market, and so prices only stagnate and dont fall - but conversely, the bubble bursts by bursting the currency.

    Recent currency burst was nothing but the real estate bubble bursting - it went largely unnoticed, since real estate markets show only stagnation and not a fall - mor nacha but kisi ne na dekha.

    Right now and next one year is actually buying time - wait for Rupee to finish appreciating and then buy real estate.
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