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'Mumbai residential prices fall 1st time since 2008'

Discussion in 'World Economy' started by sunny_10, May 20, 2012.

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  1. sunny_10

    sunny_10 BANNED BANNED

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    'Mumbai residential prices fall 1st time since 2008'

    Mumbai: Residential property prices in Mumbai declined 9.1 per cent last fiscal, recording the first price fall since the 2008 global financial crisis, said a survey by consultancy firm Knight Frank.

    According to the survey titled 'Knight Frank Prime Global Cities Index Q1 of 2012', property prices of global prime cities reported a 1.4 per cent growth during the period, compared to April 2010-March 2011.

    On year-on-year basis, the prices of properties in prime global cities in the first quarter of 2012 fell 0.4 per cent.

    This represents the index's first quarterly fall since the depths of the global recession.

    "Although a milestone, the index's negative quarterly growth is not surprising. Quarterly price growth has been below 2 per cent since Q1 of 2010 and it averaged only 0.6 per cent in 2011," Knight Frank Asia-Pacific research director Nicholas Holt said in the report.

    Despite the overall index's sluggish performance, four markets – Nairobi, Jakarta, Miami and London – achieved double-digit growth during the period.

    "Prices not only held up but actually increased slightly at the very top end of the Singapore market in Q1 of 2012. This was not only due to fairly resilient domestic demand, but also due to wealthy Chinese, Indonesian and Indian buyers."

    It seems unlikely that "we are on the cusp of a new deflationary cycle in luxury global house prices", he said.

    "The safe-haven argument still resonates. Capital flight will continue to focus on cities with low political risk, transparent legal systems, good security and ideally those with a high networth individual-friendly tax regime," Holt added.

    'Mumbai residential prices fall 1st time since 2008' - India News - IBNLive
     
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  2. sunny_10

    sunny_10 BANNED BANNED

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    we saw global recession in 2008/09 and it is the first decline since then. what would be the new ranking of real state price of Mumbai and Delhi by 2012? in fact not India but whole world is facing slow down so we would expect the similar things happenning in most of the cities of the world? we have real state price of Mumbai and Delhi in 2008/09, of office and residential both, as below:

     
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  3. johngray

    johngray FULL MEMBER

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    All the price was same in that time when i went to builder he told me the same amount which was higher in that time.
     
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  4. layman

    layman Aurignacian STAR MEMBER

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    It is a very good, welcomed news. Real estate Prices has to level up can’t become another Bubble like the US ones.
     
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  5. sunny_10

    sunny_10 BANNED BANNED

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    we have report for the "Office Space Prices" of the cities for the year 2012 as below, but this means for paying the highest in an office for doing business only, not for living as per my last 2 posts..... :meeting:

     
  6. sunny_10

    sunny_10 BANNED BANNED

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    here we have property price from a "Global Property Guide" who update property prices on quaterly basis, sometimes every month also. but the problem here is, we have price of only one city of one country. and here,

    5th SIngapore
    8th Moscow
    10th Mumbai
    13th Sydney
    20th Shanghai
    30th Istanbul
    47th Dubai
    68th Kuala Lumpur
    73rd Jakarta

    and Karachi at less than US$700 per square meter so not listed :coffee:

    World's most expensive cities

    I would try to find a list which would have today's prices of all the cities of a country, to find the most deserving cities of the world to pay the most to live there...... :tup:
     
  7. sunny_10

    sunny_10 BANNED BANNED

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    I could find property price of Delhi, its around $4000 per square metre so Delhi would be listed at around 35th rank with Berlin in this list......

    World's most expensive cities

     
  8. sunny_10

    sunny_10 BANNED BANNED

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    Asia: Square Metre Prices

    Hong Kong $20,371
    Singapore $16,350
    Japan $15,122
    India $11,306
    Taiwan $7,112
    China $6,932
    Philippines $3,204
    Thailand $2,996
    Cambodia $2,913
    Malaysia $2,182
    Indonesia $2,099

    Average per square metre (sq. m.) prices in US$/€ of 120-sq. m. apartments located in the centre of the most important city of each country, either the:
    Administrative capital; and/or
    Financial capital; and/or
    The centre of the rental market

    Residential square metre prices published by the Global Property Guide are based on in-house research, using a simple method we systematically scan web advertisements, looking at offers for sale, and offers for rent, of resale apartments and houses.

    Properties are in excellent condition, with good facilities, and have been refurbished or redecorated within the last five years.

    Newly-built and pre-sale property prices are not included. Buyers should expect the prices of new properties to be higher than house prices published by the Global Property Guide.

    When was this data collected? Click on individual countries to see the data collection date.

    Many countries produce residential house price time-series.

    Source: Global Property Guide Research

    Statistics in Asia. Asia has surprisingly good house price statistics, though the quality varies greatly. The ex-British colonies tend to have good house price statistics Hong Kong, Singapore and Malaysia all have excellent houses price time series, the best being Hong Kong, where the data is arguably richer than in the UK, since there are official rents statistics. However in the Indian sub-continent, only India has house price statistics, and this only in a new series, not yet available on the web.

    Japan publishes no house price statistics. Its ex-colonies do better: Korea has a good house price time-series, and Taiwan also has one.

    Indonesia has house price statistics, and so does China (both of questionable quality). In Thailand, the Bank of Thailand publishes a time-series. In the Philippines, Colliers produces residential property data.

    No house-price time-series are produced in Vietnam, Cambodia, or Laos.

    Price per Square Meter Asia | Asian Cost per Square Meter

     
  9. sunny_10

    sunny_10 BANNED BANNED

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    House prices buck slowdown

    CHENNAI: House prices have managed to beat the economic slowdown with rates displaying a rising trend in the April-June quarter. A survey by the National Housing Bank showed Pune posted the highest gains in the quarter, followed by Patna and Bangalore .

    House prices across 17 cities out of 20 registered a gain between 0.69% to 10.49% between January-March 2012 and April-June 2012. Only in three cities --Jaipur, Hyderabad and Indore, prices fell, NHB's Residex said.

    In the commercial capital Mumbai, the index rose 3.68% while prices in Lower Parel rose 19.09% and Pokhran Road was up 26.31%. In Delhi and NCR, housing prices in Vasant Vihar and Friends Colony rose 23.77% while in Vasant Kunj, the increase was 5.93%. The Residex for Delhi was up 2.38% between Jan-March and April-June . Chennai's index rose 1.64% but localities like Ashok Nagar, T Nagar and Saligramam witnessed a 13.7% rise while Kodambakkam, Guindy and Chromepet areas registered a 10.6% increase.

    "The developers are pushing up prices in the residential segment, but absorption levels are very poor. While it is interesting to see a rise in prices, it is important to see transactions at these elevated levels . There are supply side issues in markets such as Mumbai, while the absorption levels in Chennai and Bangalore continue to remain good," Ashish Bhasin, general manager, investment services at Colliers International, a global real estate services organization, said.

    The NHB Residex helps consumers, property buyers and borrowers in their decision-making by enabling comparisons over time and across cities and localities and the emerging trends in the property market .

    The NHB Residex has been prepared for 20 cities and takes into account the price trends for residential properties in different locations and zones in each city, according to the classification devised for evaluation.

    The classification has been designed to give a representative Index for each city based on the transactions in the market and data collected from various sources. The trends seek to bring greater transparency in the property market.

    While real estate industry players feel the prices are high, they are confident that the absorption levels will also increase in the coming quarters as the downward bias on interest rates on mortgage loans has set in.

    "We feel that with banks and financial institutions lowering interest rates, absorption levels will also rise. Some of the increase in prices which we are witnessing now is factoring increased transaction levels over the next few months," a mortgage lender said.

    House prices buck slowdown - The Times of India
     
  10. sunny_10

    sunny_10 BANNED BANNED

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    Most Expansive Places to Live, New Ranking
    15-10-2012

    5th Moscow $17,566 per sq.m.

    7th Singapore $16,350 per sq.m.

    10th Mumbai $11,306 per sq.m.

    12th Sydney $8,774 per sq.m.

    20th Shanghai $6,932 per sq.m.

    29th Istanbul $4,569 per sq.m.

    47th Dubai $3,393 per sq.m.

    54th Bangkok $2,996

    68th Kuala Lumpur $2,182 per sq.m.

    73rd Jakarta $,2099

    World's most expensive cities
     
    Last edited: Oct 15, 2012
  11. sunny_10

    sunny_10 BANNED BANNED

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    We have new GDP Per Capita on PPP calculation for India considering the year 2012, is as below:

    now poverty of India is because of its over population. Most of the problems of India is because of its Over Population and India has to reduce its population only. otherwise India has around 350mil Upper Middle Class, more than total population in 1947, whose per capita income on PPP is similar to the Very High HDI countries like Argentina, Poland, Saudi Arabia etc. one day I calculated as below:-

    first, we find GDP on PPP of India was $4.45tn in 2011 but its still manipulated by the US/UK since 2007. as, till 2006, we had a different way of measuring GDP on PPP which used to include estimated undocumented part of GDP also. and I remember, this way GDP of high population 'developing' countries was around 50% to 80% higher, and for the middle order countries like Brazil/Turkey it was around 10% higher. and for the developed nations, the difference was hardly around 1% to 3% by that "Old Method" which was in application till 2006. like as below:

    means, GDP of India on PPP was already $5.16tn in 2006. again we have India's growth rate since 2007 as below:

    India GDP Annual Growth Rate

    here we find, "Average Growth Rate" of India from first quarter of 2007 till the December quarter 2012, stood at around 7.7%, on 'annual' basis. hence considering GDP on PPP of India at $5.16tn in 2006 by Old Method, we may calculate its value by 2012, after 6 years since early 2007, as below:

    GDP on PPP of India by end 2012 = 5.16*1.077*1.077*1.077*1.077*1.077*1.077= $8.053tn

    but we would also get to know that PPP value consider value of goods and serivces in US$ term, means we would include the factor of inflation of United States also. and even if we consider average 2.0% inflation of US for those six year in between early 2007 to 2012, with considering an overall factor of just 1.10 this way, then GDP on PPP of India comes around = 8.053* 1.1= $8.86tn by 2012. and it still hasn't included 'Value Added' effects also........

    again, we know that share of agriculture was around 17% in India's GDP in 2012. therefore, we find share of agriculture in indian economy, 0.17 * 8.86= $1.506 trillions, on which 50% population of india is dependent. means around 600mil people based on agriculture in india have per capita income around = $2,500 on PPP by 2012, which is itself similar to the lower middle order countries.

    this way, 8.858 - 1.50 = $7.36tn is left for rest of 600mil people based in industry and service in India, with per capita income of around $12,366 on PPP which is higher than Brazil..........

    again, we have news that 25% of the population of cities are either in slum or in bit better condition only. so we would consider per capita income of 300mil living in cities in low condition at hardly $3,000 which takes a share of $900bil from its GDP. hence we are then left with around 7.36 - 0.90 = $6.46tn, around, for rest of 300 mil people living in cities, the so called Middle Class of India with per capita income around $21,533 on PPP this way.

    but it is estimated that out of total 600mil people based in agriculture sector, it also has around 50mil Lower Middle Class with Per Capita Income around $12,000 on PPP. (as we know that agriculture has higher share of 'undocumented' part, with that, Agriculture also has higher share of non-taxable business of India.) so we find total middle class of India around 350mil with per capita income around $20,000 on PPP which is similar to Very High HDI countries like Argentina, Poland, Saudi Arabia etc, which is more than total population of India at the time of freedom in 1947 :coffee:
     
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  12. Manmohan Yadav

    Manmohan Yadav Brigadier STAR MEMBER

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    [MENTION=8797]sunny_10[/MENTION] one of the most balanced member on IDF

    There you are, your are now certified by a Mod :victory:
     
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  13. Picdelamirand-oil

    Picdelamirand-oil Lt. Colonel MILITARY STRATEGIST

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    How do you know that it is not :

    1 200 000 000 000 Indians having 800$ and 12 000 000 Indians having 6 500 000 $

    It's extreme but you could imagine intermediate situation.
     
  14. sunny_10

    sunny_10 BANNED BANNED

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    please have a look on it carefully. its considering the PPP value of GDP, with the method which was in applicable by IMF, World Bank etc, till 2006.

    please try to understand my post#11, and ask me as many questions as you wish. thanks :tup:
     
  15. Himanshu Pandey

    Himanshu Pandey Don't get mad, get even. STAR MEMBER

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    there is problem with taxation and even getting inforamtion of all the income genrated by people in India... we have poor and some are in worst condition then whole world but it is due too overpopulation as Sunny_10 mentioned. argiculture is really high paying sector for few as it is untaxable and it has a lot of seasonal workers whos works is unproductive in mass calculation. but the situation is not as extreme as you mentioned. the reach of tax department is increasing and people are getting covered by it which means getting registed their.

    our small shop owners/ auto drivers/commercial vechile drivers genrate sufficient money but none of this comes in govt. vies and so the picture looks more dull... with efficient governace which is on the way with all the reforms done a clear picture will be available in a decade which would be very much close to what Sunny_10 has painted.

    PS: I had seen farmers with BMW and mercedes and having a income of milloins of rs. but as agri. is nontaxable they are reaping all the fruits
     
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