is high, what about Mumbai, in Mumbai even a bathroom would cost 40L, if at all it crashes it has to crash all over India. With 50% of slum dwellers in Mumbai still prices are unrealistically high. If peopel feel prices in other metros are low, then people should go and buy it immediately in a metro of their choice, prices are not going to come down drastically. It might stabilise or come down by 10% at most.
There was a similar boom in 1994 when speculation was rife that Hongkong based Indians would flee to India seeking safer havens owing to the impending chinese takeover in 1997. When that bubble burst, properties in Airport Rd ... came crashing. Bottom line. Buy a property only when you need, not when you are forced to buy one. For a city that doesn't even have a proper international airport, how can one pay such sky high prices. Cities all over the world known for high realty prices have good infrastructure. Bangalore doesn't fall into that category. Also, people who buy such an expensive homes won't be poor and would atleast want good parking space for their 2 or 3 cars. This city doesn't even have proper parking space for two wheelers. It is certainly the eighth wonder that these prices are high. It is a well deserved crash.
RE:Unreal estate becomes real.
by Girish Rao on Dec 14, 2007 09:18 AM Permalink
todays demand is not driven by speculation. An Average 5 year experienced s/w engineer is earning 12-15L pm. Demand is genuine today unlike in 1994. People are desperate to buy flats in Bangalore but they are put off by the high-rate thats all.
RE:Unreal estate becomes real.
by Rahul on Dec 14, 2007 04:48 PM Permalink
wow which company is it.. maybe I will send my resume. Are you living in fools paradise, or you think we are clowns or you part of builkder mafia. can you name One I repeat One IT company which pays that much...you guys are responsible for all this mess
RE:Unreal estate becomes real.
by Ghanta on Dec 14, 2007 06:16 PM Permalink
Abey woh bol rahaan hein ki kaun aise S/W engr. hein jise 5 saal ka experience hein aur 12-15L pa milta hein
RE:Unreal estate becomes real.
by rexberry on Dec 15, 2007 03:30 PM Permalink
Is this the average salary of a SW engineer... tht means out of 1000 SW engineers in bangalore atl3east 800 is gettin that salary.... coz u have considered it average... 5 yrs exp ...wat is your message... is complete bangalore surrounded by 5 yrs experience SW engineers wid 12/15 lakh per annum... instead of givin such figures... better give an average salary of a SW engineer based in bangalore... that will give a clear picture
RE:Unreal estate becomes real.
by Girish Rao on Dec 14, 2007 06:25 PM Permalink
let me list companies which give 12-15L pa for 5 plus experience 1) IBM ISL 2) Oracle 3) Adobe 4) Trilogy 5) LSI 6) Google 7) Aditi 8) Yahoo 9) Msft etc plus a number of small scale companies which are unknown but give 12L pa. And as for IT services professionals the less said the better, although their Indian salaries are low, they make a lot of money through onsite trips.
RE:Unreal estate becomes real.
by Girish Rao on Dec 14, 2007 06:06 PM Permalink
ha ha nice one, but I clarified long back 'ghanta'. What does 'Ghanta' signify ?
Who says that recession in US is going to hit the IT industry? IT industry is still very strong irrespective of the rupee appreciation. But as reported by TOI and other news sources, there is a definite glut in the apartment supply. But even if there is a crash, the prices will still not affordable.
RE:Indian IT is still strong
by Gautam Sinha on Dec 14, 2007 05:52 PM Permalink
well said. the general view is that recession will leaqd to cost cutting and hence more outsourcing. It is only originations industry which may show a dent else IT is poised to grow
This news, if true, is long welcome. Prices of real estate and apartments were unduly escalated because of the extra ordinary buying power of the first time IT professionals. Now with the expected recession in 2008 to hit US economy, the IT segment will be squeezed for profits, as bulk of the projects are outsourced from the US. It will have a good salutary effect on the arti- fically inflated high prices in the real estate sector. This will affect real estate prices in all cities, like Gurgaon, Pune, Bangalore, Chennai etc. where ever IT activity is prominent. It is good for the common man.
RE:Where is the Infrastructure?
by Subash Patel on Dec 14, 2007 02:13 PM Permalink
Girish, your desperation looks you have invested a lot in bangalore property. Not to worry. That goes up, needs to come down. Thats the rule of nature.
RE:Where is the Infrastructure?
by Rahul on Dec 14, 2007 04:51 PM Permalink
I think either you are unaware of the rates or a part of the Builder mafia. Infact if you do a ground reality check the rates have gone up. Yes, there are flats vacant but builders still have the audacity to keep increasing the rates so that they create a sense of false shortage and people still start buying... learn marketing and then open your farting mouth
Day by day rediff is either copying TOI or fabricating news on its own. The RE prices didnt come down but slightly gone up but didnt witness sharp rise unlike till last year. Write sensible news to be believed by all. This news seems to be a ploy used by RE agents in collusion with media to create a view to others that 'flock to blr and get cheap flats on sale" rubbish
RE:Unbelievable even for day dreamers
by sunil thottappaya on Dec 13, 2007 11:24 PM Permalink
You are absolutely right. This is another cheap tactic of these real estate tycoons supported by media that include times of india and rediff. The prices have not come down really, but the rate of increase might have slowed down a bit. The reduced price they show in the table itself is more than the current price and it has never gone to the higher levels they mention. This proves that with money one can influence these media to publish any nonsense.
RE:Unbelievable even for day dreamers
by on Dec 14, 2007 08:41 AM Permalink
Looks like a real estate investor is talking who doesn't want to believe that the prices are gone down.
Hyderbad=naxal problem, chennai =water ltte problem, pune= lack of skilled people problem,NorthIndia =power problem so people always come to Bangalore so real estate will never go down
RE:No Place like Bangalore
by Perfect stranger on Dec 13, 2007 06:56 PM Permalink
bangalore suks big time.. many northies are come back to home... coz bangalore is big time place for experiencing hell.
RE:No Place like Bangalore
by Girish Rao on Dec 13, 2007 08:17 PM Permalink
let northies go atleast crime rate in bangalore will come down. It is the northies who flaunt their money and show off to the world and thus cause social tensions.
RE:No Place like Bangalore
by zunil p John on Dec 14, 2007 07:03 AM Permalink
Have you ever been to Hyderabad? Hyderbad is one city where infrasstructure development is happenin at rapid pace. So in south it will be hyderbad only in the future... Chennai will come next. B'lore reached
RE:No Place like Bangalore
by Ghanta on Dec 14, 2007 12:43 PM Permalink
Yeah with a population of 500, coz all the rest would have been killed by blasts
since Govt. does not taking care of the state and govt. it self is imbalance and it looks like still the property prices in Bangalore drastically comes down
