Wednesday, April 02, 2008

Knight-Frank Puts up Property for Sale

I was wondering why there was a flurry of writing in the TOI for luxury homes, and then I chanced upon the edition of Tuesday, April 1, 2008. (Hope this was not an April Fool joke).

The waxing glory of luxury homes and the rise in their value was superceded with this advertisement by broker Knight-Frank.

The area is 2790 sq m. It is close to the Kaya Business Center off Veera Desai Road, Andheri (West).

If there is a mad demand for commercial property and crazy growths in Mumbai's real estate, why is a broker advertising on the front page of the TOI. Until January, the same newspaper was talking of silent big-ticket sales of apartments running in to RS 36 crore etc., and just three months later, a plot cannot be sold without advertising? Wonder which London-based NRI got conned again.

You can call Mitesh Thakkar on (M) 022-9819335359 or Vasant Sarda on 022-9820055411. If you wish to know more you can email here.

Tell me what they are saying.

Posted by Eclectic Investor at 2:10 PM  

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IN PASSING

Consider how the crisis has unfolded over the past eighteen months. The proximate cause is to be found in the housing bubble or more exactly in the excesses of the subprime mortgage market. The longer a double-digit rise in house prices lasted, the more lax the lending practices became. In the end, people could borrow 100 percent of inflated house prices with no money down. Insiders referred to subprime loans as ninja loans—no income, no job, no questions asked. - George Soros in latest book


“When everything’s going up, there’s a feelgood factor and people tell each other how much their houses are going up at dinner parties,” says Professor Mark Stephens of York University’s Centre for Housing Policy. “Then the music stops, as it always does.”

“Last year, Japan was a more attractive market to put money in. If you look at the US, we can now get an internal rate of return of 25% there, so why would anyone want to come to India?” - a senior executive at an international financial services group, who did not wish to be named.

"Most people told us house prices never go down on a national level, and that there had never been a default of an investment-grade-rated mortgage bond, "Mortgage experts were too caught up." - John Paulson, trader, who bet against subprime market and made $15 billion.

The most puzzling are the real-estate projects of Parsvnath. Just have a look at the Pride Asia project near Chandigarh. They are asking almost US $300K-$350 K dollars for 2 bed room apartments. They have Villas in this project that costs more than US $1.5 million dollars. It is true that some people in India have that kind of money in India. However most of their wealth is black money and that can not be used to buy these properties. Obviously, these projects have been launched keeping NRIs in mind. - Sanjeev, comment from another site

Prachi Desai, aka Bani, the star of Balalji Telefilms's soap, Kasam Se, has been house hunting for over a year. She had almost closed a 2-BHK deal last year for Rs 1.5 crore in a Oberoi Constructions' building located at Andheri, Mumbai, but when she went back to confirm it, she was asked to cough up Rs 2.61 crore. Since then, she is still house hunting. - Mumbai Mirror

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