Balkingpoints.com / Balkers

The realty sector is still going strong in Indirapuram

Even though real-estate market is facing crunch time across the country, this engine of growth is still going strong in Indirapuram. While it is true that the slump has also hit this bustling place, it has managed to withstand the onslaught of slump, though. Visit any the office of any realty developer or realty consultant on Saturday, Sunday or for that matter on any public holiday, you will see a flurry of activities. Prospective buyers are visiting them in order to either survey flats in various projects or finalizing their deals.

As of now, projects of several builders like Gaursons, SVP Group, Mahagun, Amrapali, Ashiana, Parsvnath, Express Builders, Krishna Apra, Jaipurias, Agarwal Associates and SVP Group are in various stages of completion or already completed. The best thing about Indirapuram is that all these facilities be they malls, hospitals or schools are all in a radius of a few kilometres.

While making a township or building apartments, a developer must heed one important aspect is there a school in the vicinity? It has been found that this is the first question an end-user poses before finalizing a deal. This is followed by a question on the distance of the nearest hospital or mall? However, developers have fast caught on to these finer details while coming up with a project. Yes, the developer should come up with his project in an area where these facilities are available at a stones throw, says Sunil Jindal, director of SVP group. We take special care in our projects so that the buyers do not have to worry about these things. Indirapuam is still seeing activity in the realty market, owing principally to the prices, which are lower than those prevailing at Noida and Gurgaon, says Amit of Supertch. Generally, in societies the prices start from a range of Rs 2,900 to Rs 3,200 per sq ft.

Ajay Rathore, country head of realty consultant Century 21 India, says that Indirapurams road connectivity is OK if not good. Reaching there in peak hours is a difficult task, but then, no place in Delhi or in the NCR is free from traffic woes. Hardcore commercial places like Connaught Place, Nehru Place and South Extension are just at a 40-mintute drive. Big-ticket software companies and educational institutions are right across the highway, while Kaushambi and Ghaziabad are at a 10-minute drive. I think that due to its proximity with all these and other areas, prospective buyers are visiting here in order to finalize flats, Rathore concludes. Sunil Jindal says that as State Bank has reduced home loan rates to 8%, it will further lift the realty market of Indirapuram. We are already seeing positive signals to the loan rate cut. The number of queries we are receiving from prospective customers have shot up, all of a sudden.

Realty experts say the upcoming 2010 Commonwealth Games has triggered a lot of action in infrastructure development, retail and hospitality sectors in and around Indirapuram. What sets Indirapuram apart from other places is the availability of basic infrastructure in the vicinity.

There are no dearth of hospitals, clinics, malls and schools in and around Indirapuram. Moreover, there are several plans in the pipeline to widen NH-24 and develop Habitat Centre on the lines of India Habitat Centre in Delhi. Authorities would do great service if they develop NH-24 sooner rather later.

While it is true that it is place worth living, the only sore point is the public transport, which is appaling. A person has a problem, if he doesn’t own a vehicle. More or less you remain at the mercy of the three-wheeler drivers. They are even worse then their Delhi counterparts!

On the web at -
http://www.propertynice.com

Laid-Off Foreigners Flee as Dubai Spirals Down

By ROBERT F. WORTH
Published: February 11, 2009

DUBAI, United Arab Emirates — Sofia, a 34-year-old Frenchwoman, moved here a year ago to take a job in advertising, so confident about Dubai’s fast-growing economy that she bought an apartment for almost $300,000 with a 15-year mortgage.

Now, like many of the foreign workers who make up 90 percent of the population here, she has been laid off and faces the prospect of being forced to leave this Persian Gulf city — or worse.

“I’m really scared of what could happen, because I bought property here,” said Sofia, who asked that her last name be withheld because she is still hunting for a new job. “If I can’t pay it off, I was told I could end up in debtors’ prison.”

With Dubai’s economy in free fall, newspapers have reported that more than 3,000 cars sit abandoned in the parking lot at the Dubai Airport, left by fleeing, debt-ridden foreigners (who could in fact be imprisoned if they failed to pay their bills). Some are said to have maxed-out credit cards inside and notes of apology taped to the windshield.

The government says the real number is much lower. But the stories contain at least a grain of truth: jobless people here lose their work visas and then must leave the country within a month. That in turn reduces spending, creates housing vacancies and lowers real estate prices, in a downward spiral that has left parts of Dubai — once hailed as the economic superpower of the Middle East — looking like a ghost town.

No one knows how bad things have become, though it is clear that tens of thousands have left, real estate prices have crashed and scores of Dubai’s major construction projects have been suspended or canceled. But with the government unwilling to provide data, rumors are bound to flourish, damaging confidence and further undermining the economy.

Instead of moving toward greater transparency, the emirates seem to be moving in the other direction. A new draft media law would make it a crime to damage the country’s reputation or economy, punishable by fines of up to 1 million dirhams (about $272,000). Some say it is already having a chilling effect on reporting about the crisis.

Last month, local newspapers reported that Dubai was canceling 1,500 work visas every day, citing unnamed government officials. Asked about the number, Humaid bin Dimas, a spokesman for Dubai’s Labor Ministry, said he would not confirm or deny it and refused to comment further. Some say the true figure is much higher.

“At the moment there is a readiness to believe the worst,” said Simon Williams, HSBC bank’s chief economist in Dubai. “And the limits on data make it difficult to counter the rumors.”

Some things are clear: real estate prices, which rose dramatically during Dubai’s six-year boom, have dropped 30 percent or more over the past two or three months in some parts of the city. Last week, Moody’s Investor’s Service announced that it might downgrade its ratings on six of Dubai’s most prominent state-owned companies, citing a deterioration in the economic outlook. So many used luxury cars are for sale , they are sometimes sold for 40 percent less than the asking price two months ago, car dealers say. Dubai’s roads, usually thick with traffic at this time of year, are now mostly clear.

Some analysts say the crisis is likely to have long-lasting effects on the seven-member emirates federation, where Dubai has long played rebellious younger brother to oil-rich and more conservative Abu Dhabi. Dubai officials, swallowing their pride, have made clear that they would be open to a bailout, but so far Abu Dhabi has offered assistance only to its own banks.

For many foreigners, Dubai had seemed at first to be a refuge, relatively insulated from the panic that began hitting the rest of the world last autumn. The Persian Gulf is cushioned by vast oil and gas wealth, and some who lost jobs in New York and London began applying here.

A car salesman in Dubai on Wednesday sat without customers. Lack of credit and a glut of cars on the market are cutting sales

But Dubai, unlike Abu Dhabi or nearby Qatar and Saudi Arabia, does not have its own oil, and had built its reputation on real estate, finance and tourism. Now, many expatriates here talk about Dubai as though it were a con game all along. Lurid rumors spread quickly: the Palm Jumeira, an artificial island that is one of this city’s trademark developments, is said to be sinking, and when you turn the faucets in the hotels built atop it, only cockroaches come out.

Hamza Thiab, a 27-year-old Iraqi who moved here from Baghdad in 2005, lost his job with an engineering firm six weeks ago. He has until the end of February to find a job, or he must leave. “I’ve been looking for a new job for three months, and I’ve only had two interviews,” he said. “Before, you used to open up the papers here and see dozens of jobs. The minimum for a civil engineer with four years’ experience used to be 15,000 dirhams a month. Now, the maximum you’ll get is 8,000,” or about $2,000.

Mr. Thiab was sitting in a Costa Coffee Shop in the Ibn Battuta mall, where most of the customers seemed to be single men sitting alone, dolefully drinking coffee at midday. If he fails to find a job, he will have to go to Jordan, where he has family members — Iraq is still too dangerous, he says — though the situation is no better there. Before that, he will have to borrow money from his father to pay off the more than $12,000 he still owes on a bank loan for his Honda Civic. Iraqi friends bought fancier cars and are now, with no job, struggling to sell them.

“Before, so many of us were living a good life here,” Mr. Thiab said. “Now we cannot pay our loans. We are all just sleeping, smoking, drinking coffee and having headaches because of the situation.”

Copyright 2009 The New York Times Company

Secretary of State Travels to Asia, 15 Feb

-

In her first trip abroad since taking office, Secretary of State Hillary Rodham Clinton will travel to Asia, departing Washington, DC on February 15. Secretary Clinton will visit Japan (February 16-18), Indonesia (February 18-19), the Republic of Korea (February 19-20), and China (February 20-22).

In all capitals, Secretary Clinton will be discussing common approaches to the challenges facing the international community, including the financial markets turmoil, humanitarian issues, security and climate change.

In Tokyo, Secretary Clinton will meet with senior Japanese officials for discussions on the strategic bilateral alliance and cooperation with Japan on regional and global issues.

The Secretary then will travel to Jakarta to hold consultations will senior Indonesian officials to discuss the close and growing partnership with Indonesia and perspectives on common interests in Southeast Asia.

In Seoul, Secretary Clinton will meet with senior leaders to discuss our expanding global cooperative partnership with our ally, the Republic of Korea.

The Secretary will conclude her trip in China where she will meet with senior officials in Beijing to further develop a positive, cooperative relationship between the United States and the People’s Republic of China.

http://www.state.gov/r/pa/prs/ps/2009/02/116159.htm