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Finally...The beginngings of the correction


By azeen, Section Member Diaries
Posted on Sun Sep 17, 2006 at 06:41:38 AM EST

Hi,

The much awaited(by buyers) and feared(by speculators/brokers etc.) correction seems to have started knocking the doors in Gurgaon. Actual transactions in terms of sale agreements being at an all time low in the past three months, the prices have started softening. The first ones to experience this are the numerous CGHS in and around Sector 55, 56. From a high of about 2700 psf, prices in good locales are down to 2550...the white component has substantially gone up and the sellers are now ready to discuss discounts on immediatel closure.

This follows a significant reduction in actual disbursements of Home loans  by HDFC/ICICI/LIC/Citi etc. clearly feeling the pinch of the rate increase.
Sales targets are under pressure and special camps have been organised aby at least 2 MNC banks.Clearly, the high performers in Gurgaon have to now keep the churn happening as year end appraisals are currently on.

For those hoping for MNCs to come in...well a reality check is in order: two big ones are about to step in, Dell, with its pink premises already an eyesore and another big BPO.Both will have fresh engineers who can by no stretch of imagination afford to by at the current rates.

So to summarise( and play fortune teller :)

  1. Prices are softening
  2. Home loans are negotiable...you CAN GET 8.75% if you knock the right doors at the right time.
  3. Do not worry about Diwali taking prices further...the world wants a share of that wallet around diwali...last thing is real estate in an uncertain market.
  4. DLF,Unitech,BPTP...all say "sold out in 2 hours"...you can still buy at original booking in Escape,Freedom park life,Uniworld city...importantly as many as you want.
  5. Gurgaon is over priced, everything that goes up HAS to come down.Its time now.

Sources:
On Price correction:Actual experience, having just bought a CGHS last week.
On home loans: Well, I am in marketing with an MNC so that was easy given there are enough batchmates everywhere.
3. Dell/BPO: My girlfriend is the recruitment manager for Dell and brother is senior partner in the US for the BPO.

< address | Horticulture/Floriculture/Teacher >

Charitable Eye Bank in Gurgaon (none / 0) (#92)
by vikky123 on Fri Nov 24, 2006 at 12:16:28 AM EST

Those of you interested in getting involved in a charitable Movement in Gurgaon and contributing to the  well being of the society at large,there is a chartitable trust doing yeoman and pioneering services in the field of Eye care and eye donation.
The Trust is called Nirmaya Trust.For more information on the trust,you can login to the website :-www.niramayatrust.org.
You can also make donations to the trust which are exempt from  Income Tax.
SO,a good channce to give back to the society.



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reply to the us article-ncr rules (none / 0) (#46)
by win1975 on Thu Sep 28, 2006 at 12:03:45 AM EST

Indian economy is an emerging economy.

as per "economist" will be 4 highest in GDP by 2040.

The above article applies to Gurgaon and US only. as gurgaon is the only overpriced place compared to its infrastructure.

Greater Noida, Noida, Faridabad are still underpriced considering their potential and infrastructure viz Gurgaon.

1000 acres proposed to be bought by Japanese in G. Noida

Honda Siel further buying 450 acres in G. Noida.

Nehar Par Faridabad cheapest in NCR even cheaper than Bhiwadi etc...

Greater Noida may probably be far ahead of US in many areas apart from initial hiccups of electricity problems.... but Dadri power plant is round the corner now....

Interest rates will start coming down as they have stabilised now, this may be in a couple of months.... (as per articles in many newspapers)

When the vast population of India starts getting prosperous thanks to India story reverberating round the world, they will need houses, residential land. This vast segment of population is now in crammed up areas, many in jhuggis....India becomes a super power do u think these people will always remain where they are....

Of course they will not buy posh apartments but at least basic decent housing..... this will increase demand dramatically....

Commonwealth games in 2010 in East Delhi.

FNG expressway to connect G.Noida, Noida with Faridabad

Kalindi kunj connectivity for Faridabad

Badarpur flyover

International airport in Greater Noida

Wipro, NIIT, ST in Greater Noida. Wipro has 250 acres. setting up a center for 10,000 people. Can some other company beat that in NCR.

Other major manufacturing hubs other than Maruti there in Greater Noida.

India steaming ahead in manufacturing and engineering areas also in the world.

New Delhi is no longer regarded the only posh location and desirable address to have.

In our day to day lives how many living in GG, Noida, G.Noida, Fbd, Gzb need to go to Delhi. Who needs Delhi.... Its just psychological. So the cheaper areas around Delhi will rise. And the ones which have infrastructure will rise dramatically... There is no infrastructure in Gurgaon and no scope left. Beleive me I have been working in Gurgaon for last 8 years and its a living hell to commute to it and from anywhere....

There are more points but I am tired of typing... the above gentleman merely copy pasted the article.... These points are home grown facts and observations which are more applicable than some obscure US article.....

Considering these above points, I guess most people will understand writing on the wall.



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Same story (none / 0) (#5)
by malikboss on Mon Sep 18, 2006 at 04:51:23 PM EST

Same story .. same wishes .. And same conclusion !! Don't repeat same article which has been published in this forum around 20 times and it was wrong everytime !!

Well u may say that " Hey !! all are independent events and my claim still has 50% probrality of getting true !! Don't you see that people are making a wish if I were true ? "

And soon we would have 22nd and 23rd repetation of this article with higher prices in gurgaon ..



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