So , its cheaper to go setup your business in Paris or Switzerland are cheaper than in Mumbai. lol. Why not people doing it ? I mean , Paris and Zurich have 100 times better infra structure and very clean cities to live. And any country welcomes investors. So I guess people should go and setup their businesses there instead of squandering their funds in a greedy Mumbai.
As recent as in 2000, the cost was not this much. Mumbai was nowhere in terms of office space ( in the top 100). Suddenly in 10 years , it became Number 5.
Greed. Greed and more Greed.
New Papers have special sponsored editions for real estate. All the rates are hypothetical , dictated by the realty mafia of Mumbai.
Re: Re: So the survey says
by chintan jhunjhunwala on Feb 24, 2011 11:56 AM
how can u compare detroit,which is a dying economic city according to the time magazine with mumbai which is a thriving city.u compare ny or washington wih mumbai not detroit.
Re: Re: Re: So the survey says
by Balan Iyer on Feb 24, 2011 12:03 PM
I also read the same Time Magazine which you read and visited Detroit 2 yrs back and i didn't find it to be a dying City.NY is costly;but others are not.
Re: Re: Re: Re: So the survey says
by chintan jhunjhunwala on Feb 24, 2011 12:18 PM
well it was an issue in 2009.it showed the car industry having died out and showed lot of pictures of dilapitated buidings and most of the workforce out of work.
Re: So the survey says
by chintan jhunjhunwala on Feb 24, 2011 11:42 AM
people ae not doing it because people are smart enough to stay away from compressing economies and even with all the filth in indian cities it is still ok to live in them.ur post suggest another superiority complex of being an nri who is living in an ivory tower.
Re: Re: So the survey says
by neildsoza on Feb 24, 2011 11:44 AM
I am neither NRI or living in an ivory tower. That comment is uncalled for. If you have objection, learn to express in a responsible and logical way if you understand what it means.
Re: Re: Re: So the survey says
by chintan jhunjhunwala on Feb 24, 2011 11:54 AM
sure man i have been to both the cities u mention.paris mainly revolves around the roads leading from eiffel tower which is the main paris.parisians themselves have told me that the cost of living is so high in paris that it is impossible for any french to reside there.they reside in the suburbs and take the metro to work otherwise there are huge trafic jams and takes hours to reach the work place just like any big city.there are also ghettes in paris where all the immigrants are put up and they are filthy.as for zurich i saw junkies poking needles inside themselves near the bahnofstrasse leading to the railway station.there the main form of public transport is tram .mumbai already has a population twice that of whole switzerland.though the cities are beautiful they are unbelievably expensive.
Re: Re: Re: So the survey says
by Balan Iyer on Feb 24, 2011 11:58 AM
That is the problem with many Indians who can;but refuse to come to grip with the naked truth.No doubt,India is a paradise for racketeers and black marketeers.
Re: Re: Re: Re: So the survey says
by chintan jhunjhunwala on Feb 24, 2011 12:02 PM
are u one of them.am not.this is a worldwide phenomenon otherwise why u thnk west is passing through a subprime crisis.u think the western company ceos are spotlessly white in their dealings .what a joke.
Re: Re: Re: Re: Re: So the survey says
by Balan Iyer on Feb 24, 2011 12:08 PM
But the White Collar cri minals get their lives screwed up unlike in Ind ia.Bernie Madoff and Cha rles Ponzi are cooling their heels on 150 year prison sentence each.Cou ld it happen in India?Our RLRaju would even become a Minister.
Re: Re: Re: Re: Re: Re: So the survey says
by chintan jhunjhunwala on Feb 24, 2011 12:16 PM
that is one sad part of indian system.but at least now the citizen of india are taking no nonsense and want answers from the govt.and see somethings moving in that direction.
Re: Re: Re: Re: Re: Re: Re: So the survey says
by Balan Iyer on Feb 24, 2011 12:26 PM
Thanks Chintan,let us hope for the best things to come.God bless India!
If you are on the 25 th floor & watching out sea from the gallery & suddenly if get a shock of Earthquake say of 7.5 R.S., then there is no use of any name fame & luxury or location. So be always on ground or try to be in touch with ground ( means try to be humble & simple) when you are going to die, nothing will come with you.
It is mainly because Mumbai is basically controlled by northies through their Con party. Mah housing minister is always and outsider under the Con party whose agenda it to maximise profits to the outsider builder lobby.
Places like Nariman Point, the business is slowly dying.
Only big companies who wisely got their office space back in the 80s manage to survive.
There is no way a new comer can set up a business ( not even a road side stall) in Nariman point or Cuffe Parade or BKC. Completely ruled out.
So the business houses are shifting their bases to outside Mumbai slowly but very steadily. Mostly places like Nagpur or Pune.
They can rub business from these places for 20% of the cost.
It all will crash like a pack of cards. Already we have seen how commercial places in the Suburbs ( like Malls ) . In some malls to the extent of 95% space is unsold. This is clearly a sign of things to come.
Secondly the supply of TOWERS. Same 10000 Squarefoot business space which used to house two or three business houses can house upto 30 businesses - Thanks to the vertical growth.
If you thought Somali pirates were bad you have not come across Indian business communities. These economic terrorists will take away your land, your house, your livelihood to build their business.
In mumbai every area has a new building coming up, these are not a mere 7 floors apartments. these are 20 plus floors. If you ask them the rates, it will be beyond 1 and half Cr in suburbs and beyond 3 CR in parel area. If u want to book them, u will be told very few are remaining or already sold out. My question is who is buying these house. who in the world is able to afford these houses. If u ask me its not possible. each of these Buildings have more then 200 flats,and I am talking about only one building in one area. Something is wrong big time.
Re: Re: Builder and politician are behind fake price rise
by Vivek Dev on Feb 24, 2011 11:18 AM
Builder mafia is mainly made up of outsiders mainly northi indians, marawadis, sindhis, punjabis and so on.
Re: Re: Re: Builder and politician are behind fake price rise
by Vivek Dev on Feb 24, 2011 11:23 AM
Builder mafia controls politicians. Builder mafia is controlled by north indian cong party. Besides Mah housing minister is always outsider.
Mumbai prices have been jacked up just like that. There is no rhyme or reason. A two bed room hall kitchen with about 700 SQFT carpet area in 2003 costed about 15 lacs in a decent suburb like Powai or Chembus. That is about 2000 rupees per SQFT. Today , same flat asking price is about 90 lacs. Obviously no idiot will but a two bed room hall kitchen for 90 lacs unless there is a really really pressing need.
Cos 90 lacs in todays terms, is a very very huge sum for a salaried employee unless you are head honcho of some MNC drawing upwards of 50 lacs per annum.
Even then , what you take home after taxes is a paltry 33 lacs after all the taxes and super taxes and cess and so on. Thats like 2.7 lacs per month.
it takes 5 to 6 years to pool up the money. If you take a home loan, the amount payble will be close to 1.6 crores over a period of 20 years.
And office space at Rs.60000 per fking sq feet ? Unless, the office can literally mint gold coins, there is noway they can survive two months. lol.
Re: qudruepled
by Santosh Patil on Feb 24, 2011 11:17 AM
The prices are artificially jacked upMany investors find it difficult to sell their flats and many sell at 20to 30% discount.Driving down the Mum Pune Highway in the night, one could find lots of unlit ghost like houses in areas like Kargar, Panvel etc.
Re: Re: qudruepled
by neildsoza on Feb 24, 2011 11:24 AM
Yes. very true. The Navi Mumbai Area is what will set the price tumble. Especially in Kharghar. Many of those buildings do not have OCs , no env clearences and no legality or so people say.
Most important is , there is no infrastructure. Water , electricity and markets, schools, hospitals etc.
They just erected concrete blocks one upon the other.
Except for Nerul and Vashi which have decent infra, other areas , it will take long time. But by the time, businesses will leave Mumbai. Thats what scares every one.
Re: Re: Re: Re: qudruepled
by gaurav nag on Feb 24, 2011 01:00 PM
All new MNC's are now coming up in delhi/ncr only. The navi mumbai area is a total waste. no new jobs being created there. Also the SEZ planned by reliance in panvel area is now scrapped.
