I was in desh for a quick visit to take care of our apartment in Chennai (tenant trouble, what else). Went to B’lore to meet friends and relatives. IMO, these two cities are growing too fast. Now Chennai is getting Krishna water, things are looking even better. B'lore has become Greater B'lore with outside villages coming into the fold.
(TK are u in the loop?).
DIO
DIO,
I am in the loop.
I am not that aware of market conditions in Chennai but am of B'lore. I had a close friend from B'lore , living in the GTA and who left just 2 days back permanently to Bangalore. He had large farm lands around b'lore and he said that it's value grew by 10 times when compared to 5 years ago. He was doing the business of purchasing plots and then selling them at a profit.
He told me of once case when he purchased land around some BTM layout or something (near Army lands) for Rs. 3300 a Sq. FT. In 2 months the same land went for Rs. 6600 a Sq. ft.
Rates are unbelivable. Land is out of reach of common man these days.
I remember that in 1983 when we landed in Trichy(A very small town in TN) from Africa with 1.2 lakhs in liquid cash. Relatives urged us to buy a house wheich was on sale for 80K (the actual value was around 90K but since it was considered as a bad oman house they were selling it for 80K). My dad refused and put the money in the stock market. After some years, the Harshad Metha scam made his money to 20K.
Today, The same house is 1 crore in Trichy. If Trichy is this costly , then imagine b'lore and Chennai.
Investing in lands seems to be a god decision.
Now a days NRI's are buying all big lands in remote villages in the hope that some developer (Engg. College, Factory etc...) may buy it for a huge some, some 10-20 years later.
I invite CD's to share their views.
TK A
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I am a Gents and not a Ladies.
TK & DIO,
Couldn't resist this thread even while at work. In the movie called the Graduate the hero Dustin Hoffman is told to go Plastic meaning the near future held out in the Plastic business.
I would like to give a similar suggestion to our fellow CD's you want to make a fortune you need to invest in the southern tip of Tamil Nadu. My statement is go Tuticorin.
If you had heard the news yesterday the Russian government is giving 4 more nuclear reactors for the Kodiyankulam Power Station. This way that area will be surplus in power, with vast land available and the tuticorin port nearby (and the port dregged by the DMK government)along with the Tamil problem getting a solution in the near future with the Srilankan government gaining an upper hand this is the far future.
The ships would be able to navigate from S'Pore(Far East) and pickup stuff from here and get to Middle East and to Europe. You are going to find hell of lot of companies setting up manufacturing companies in this area. With Chennai and Bangalore crowded this is where the growth is going to happen. In some of these area the land price was Rs.10,000 per 60X40 ground in 2003 and it is is Rs.120,000 as on today. Can you show me any investment in North America that has yielded this kind of growth ?.
In Bangalore the properties prices have skyrocketed and many of them are sitting Crorepathis. With IT boom and the job opportunities available this cycle has just began. I've not heard of any new graduate unemployed in the recent times from India. I'm hearing that it is tough to get a visa interview for USA in Toronto while in India the only thing the US consulate has not done as of now is to do a 30 minutes are less visa is free deal like a pizza delivery. Unlike before people are getting tourist visa multiple entry 10 years left right and center.My place in Rajaji nagar is worth a cool 60 + lakhs at Rs.7000 per Sq.Ft, and I'm in the process of putting two more floors on the same place and its value will go beyond Rs.1 Crore.
My suggestion Think Tuticorin !. Do the right thing !
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Speech by Thomas Friedman of The New York Times....
"When we were young kids growing up in America, we were told to eat our
vegetables at dinner and not leave them. Mothers said, 'think of the
starving children in India and finish the dinner.' And now I tell my
children: 'Finish your maths homework. Think of the children in India
who would make you starve, if you don't.'"
A very good friend of mine in Ottawa is from Rajajinagar, Blore (this dude works with the Fed Govt.) He has a house in 1st block R'nagar. I saw it last week. As mentioned, the price is around Rs. 6,000 psqft. IMO, his should be at least a 1 crore. He has two more in Ottawa.
I have asked him many times why he is in Canada.
DIO
Living here and investing there is the best of both worlds. What we don't see sitting here is the increasing traffic jams, pollution, power cuts etc. People are saying the water table in Bangalore could be drained in the next 10 years or so; if this were to happen Bangalore will also be a city with water shortages.
Doesn't matter how rich you are; you still cannot get away from this.
A friend of mine from London was recently back in Bangalore and he said what he remembered was being stuck in traffic jams most of the time. I would love to go back there for a holiday...sit outside at Ebony, have a cold Kingfisher
Living there24*7, that's another story.
How do u do this unless you know someone really trust worthy to invest for you there or a relative/friend involved in buying and selling properties.
Real estate agents are not that trust worthy there I feel. In case of any fraud law and order is miserable. How do u find a good real eastate agent who wud take u to clear title property. Its mouth watering hearing the rising prices in india but with the chances of getting duped its scary to stake our hard earned savings.
Very true. Some of my friends use their relatives to help them scout out land.
I talked about investing generally....stocks/MFs included. With these also you can get 30-40% returns annualized....at least looking at the past few years. Maybe not as eye-popping as the return on land but impressive nonetheless.
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