(Un)Real Estate

This pertains to Chennai real estate, but could apply to other major Indian cities as well. I am writing from my personal experiences having observed the market for the last 3 years and more specifically looking to buy a apartment for the last 1 year before finally biting the bullet recently.
if you are frustrated, hapless, helpless and even angry at watching the gravity defying raise in real estate prices, then you are not alone and in fact part of the majority of the prospective buyers. You think the properties are over-priced, but have that sinking feeling that the rates are likely to go up further and that if you miss now, you may not be able to catch up with the rates. Some builders seem to be hiking rates on weekly basis. Someone said, once the builder starts raising the rates, all the fence-sitters amongst the buyers rush in to buy.. good strategy!!
I also read in some newspaper article that 80% of the projects are targeted towards the top 20% of the buyers. I would say it must be top 10%. Also the market has become investor/speculator centric rather than buyer centric. I have heard statements like "One Investor from mumbai has booked 5 flats". Nowadays you are expected to rush to builders office with chequebook in hand as soon as soon as you hear about the project launch, no time to think, deliberate & decide. First book the apartment and then do whatever..
The ubiquitous "software professional" has long been blamed for the rise in the real-estate boom. Now it seems like even amongst them, only the top-level can afford the current rates. Or it must be a double income "software family". Even the "NRI software professionals" are feeling the heat. Some of my "NRI" friends say that they can buy property at same price or cheaper in their respective locations than here.
So what do we do... will the rates continue to go up - probably yes.. will the rates stabilise or go down - we can certainly hope.

Glorifying Saddam!!

It was amusing to watch TV channels and newspapers, mainly the protests organized and statements release by the political parties condemning Saddam's execution. It seemed like Saddam had been elevated to "Mahatma" level, never mind that he has been responsible for death of hundreds of thousands of his fellow countrymen and in neighboring countries like Iran & Kuwait. He had been accused of using chemical weapons against his countrymen and also of killing his son-in-law. It was funny to see all & sundry parties protesting against the execution. It is one thing to dislike US policies, but certainly doesn’t give license to glorify dictators like Saddam. Why cant these parties do something to improve the lot of poor people in their respective states. It seems to me that this is one more instance of vote bank politics. It is sad that people like Aung San Suu Kyi are languishing in jail for decades, while tyrants like Saddam are being glorified.

New Year 2007

Wishing You All a Very Happy New Year..

Below is a nice new year message that I read somewhere
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I AM THE NEW YEAR
Life I am the new year.I am an unspoiled page in your book of time.
I am your next chance at the art of living.
I am your opportunity to practicewhat you have learned about life during the last twelve months.
All that you sought and didn't find is hidden in me, waiting for you to search it out with more determination.
All the good that you tried for and didn't achieve is mine to grant when you have fewer conflicting desires.
All that you dreamed but didn't dare to do,all that you hoped but did not will, all the faith that you claimed but did not have --these slumber lightly,waiting to be awakened by the touch of a strong purpose.
I am your opportunity to renew your allegiance to Him who said, "behold, I make all things new." I am the new year.
~Author Unknown~