Is this the beginning of the end or the end of the beginning? Now even Maharashtra's politicians do not want to be left out of the realty grab, and have come up with a scheme to extract their pound of flesh.
The public works department (PWD) has devised a plan to redevelop the State's assembly house, Mantralaya, located at Nariman Point, in Mumbai. This is the same area where the NCPA Building is located, in which Citibank sold an apartment last year for Rs 34 crore, which worked out to Rs 97,842 per sq ft last year.
Wednesday, April 30, 2008
Jai Maharashtra! Lets Rebuild Mantralaya
Posted by Eclectic Investor at 7:21 PM 0 comments
Labels: GOVERNMENT, MANTRALAYA, REAL ESTATE
Tuesday, April 29, 2008
What is a Housing Bubble?
Posted by Eclectic Investor at 10:07 PM 0 comments
Labels: DEFINITION, HOUSING BUBBLE, REAL ESTATE, US
Sunday, April 27, 2008
Subprime Fallout: Slums in the United States
Denial is the first reaction to any crisis. When someone tells you that a dear relative has died, what is your first reaction? When you are told the stock market has collapsed, what is your first reaction? Watch this video - because if you are told that the subprime market has created slums in the US, your first reaction would be denial. In 2006, was this even visualized? In 2008 it has become a reality. Why then, are we so reluctant to admit that this can happen in India?
Posted by Eclectic Investor at 2:12 PM 1 comments
Labels: REAL ESTATE, SLUMS, SUBPRIME, TENT CITIES, US
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The Great Indian Realty Crash of 2008
- 1. Housing Bubble in India?
- 2. India's Subprime Variety Loans
- 3. Months Away from Realty Bust
- 4. Realty's Greater Fool Theory
- 5. Home Loans Diverted to Builders
- 6. Sterling Biotech's Realty Excess
- 7. Paanwala Top in Mumbai Realty
- 8. Mumbai's Realty Crashes
- 9. Realty Stocks Crash
- 10. BKC Rentals Fall
- 11. High Court Puts Builders in Bind
- 12. Pune Real Estate to Crack Soon
- 13. Thane Buildings Could be Razed
- 14. Bangalore on Ghost Town
- 15. Realty Brokers In Luxury Panic
- 16. Builders Admit Slowdown
- 17. Man Sells Flat 30% Cheaper
IN PASSING
“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