jamesbond007
09-09 01:44 PM
Gapala made some very good analysis in his posts on this thread.
But......
Looking at the country's GDP to analyze the price of land in a few cities does not make sense. The growth in land value is not across the length and breadth of the country. It is only limited to the big cities which are experiencing the money rush.
NRI's from the US are only one piece of the puzzle who are funneling in money to India.
There are NRIs from other countries.
Then there are business people making big profits dealing with other countries.
And local business people who have a lot of black money. All of them together are keeping up the prices.
There also seems to be a change in the thinking of the Indian middle class. Most of our parents' generations were in the habit of saving up money and making purchases with the saved money.(These were savings in a bank account mind you; not investments that grew at a rate better than the inflation.)
The current middle class seems to realize that trying to save money in a bank in order to buy something is foolish since the paper money is losing its value over time. So they are either investing; or making purchases with borrowed money as long as they can make the EMI payments. Overall, the current middle class is not backing out of buying what they need for lack of money. (This trend will probably lead India in the same path as the US i.e. huge debt for everyone)
Regarding the question "why would a farmer sit on land valued at $100K, while only making about $1K by farming that land?" Its only a matter of time before they realize their fool hardiness and then they will sell. Pretty soon when the construction begins in their neighbourhood, and prices of all commodities go up so much that they can't live in their $1K income, then they will be forced to sell. Or they might get the wind of a "someone they know" who sold, and they will follow their example.
Strictly speaking about Hyderabad, there are a lot of farmers who cashed out their lands in the city outskirts. Smart ones then moved out further away from the city and bought more land there to continue their farming. Others are spending their windfall on jewellery, cars and other bling.
All that being said, it is still scary to me.
In my opinion, anyone looking to make a quick buck should not get into it at this time.
If you want to buy because you want to go back and settle there in a couple of years, then that is different.
[quote] to add to the conversation on the price -> locals are also experiencing a glut of money due to the economic boom in the last 5 years or so. Small businesses have really taken off in a big way exporting to Europe/ US. Investors in the stock market have also hit the jackpot. And, once you have money, for most Indians the safest option to invest is in property or gold.
Also better salaries all around fueled by attrition of talent to the IT sector. [quote]
This may be correct to certain extent but only the elite class and creamy layer of 1.8% of total population. When we look at the bigger picture of the country, I could not connect the dots. GDP is just above $2500 and PPP is about $3300. How in the world will you justify $200,000 to $300,000. Plus the cost of financing the purchase.
In simple terms, median home price is 100 times the GDP and life expectancy in india is 70 years. average work life span is 40 years. Home Mortgages are 15, 20 or 25 years in India which will cover only 1/4th of the median price of a home based on even anticipated high GDP growth and considering moderate increase in cost of living. Given that the risk of default is huge and banks are running at very high risk. I believe buying a house is a big gamble in India and more to that for Banks, lending is also a big gamble.
Note that according to banks, investment in apartments capitalize only over 25 years in india. (Rent vs. Own) Is this correct? Average rentals in ONLY Big cities are Rs. 12000 ($275 / month $3300 a year) to 15000 ($340 / month $4000 a year) for the same 1000 sqft 2 bedroom apartments which itself is above the GDP :). What that tells me, even the rentals are also not affordable to majority of the population. Back to captalization part 4000 * 25 = 100,000. which is half of the investment... add the alternate investment value for 25 years, capitalization will be way below 50%.
That means it will take more than 50 years to capatilize the investment. This is more that Mod average work life span of 40 years. Note that Maintenance and Taxes for 25 years excluded in above calc. Are banks stupid?
I do not know what to tell ya man! To me its really scary
A small credit crunch (crisis is not required) might bring the entire economy to floor.
fine print: (Above analysis applies only for working taxpaying people like us who does not have unaccounted money.)
But......
Looking at the country's GDP to analyze the price of land in a few cities does not make sense. The growth in land value is not across the length and breadth of the country. It is only limited to the big cities which are experiencing the money rush.
NRI's from the US are only one piece of the puzzle who are funneling in money to India.
There are NRIs from other countries.
Then there are business people making big profits dealing with other countries.
And local business people who have a lot of black money. All of them together are keeping up the prices.
There also seems to be a change in the thinking of the Indian middle class. Most of our parents' generations were in the habit of saving up money and making purchases with the saved money.(These were savings in a bank account mind you; not investments that grew at a rate better than the inflation.)
The current middle class seems to realize that trying to save money in a bank in order to buy something is foolish since the paper money is losing its value over time. So they are either investing; or making purchases with borrowed money as long as they can make the EMI payments. Overall, the current middle class is not backing out of buying what they need for lack of money. (This trend will probably lead India in the same path as the US i.e. huge debt for everyone)
Regarding the question "why would a farmer sit on land valued at $100K, while only making about $1K by farming that land?" Its only a matter of time before they realize their fool hardiness and then they will sell. Pretty soon when the construction begins in their neighbourhood, and prices of all commodities go up so much that they can't live in their $1K income, then they will be forced to sell. Or they might get the wind of a "someone they know" who sold, and they will follow their example.
Strictly speaking about Hyderabad, there are a lot of farmers who cashed out their lands in the city outskirts. Smart ones then moved out further away from the city and bought more land there to continue their farming. Others are spending their windfall on jewellery, cars and other bling.
All that being said, it is still scary to me.
In my opinion, anyone looking to make a quick buck should not get into it at this time.
If you want to buy because you want to go back and settle there in a couple of years, then that is different.
[quote] to add to the conversation on the price -> locals are also experiencing a glut of money due to the economic boom in the last 5 years or so. Small businesses have really taken off in a big way exporting to Europe/ US. Investors in the stock market have also hit the jackpot. And, once you have money, for most Indians the safest option to invest is in property or gold.
Also better salaries all around fueled by attrition of talent to the IT sector. [quote]
This may be correct to certain extent but only the elite class and creamy layer of 1.8% of total population. When we look at the bigger picture of the country, I could not connect the dots. GDP is just above $2500 and PPP is about $3300. How in the world will you justify $200,000 to $300,000. Plus the cost of financing the purchase.
In simple terms, median home price is 100 times the GDP and life expectancy in india is 70 years. average work life span is 40 years. Home Mortgages are 15, 20 or 25 years in India which will cover only 1/4th of the median price of a home based on even anticipated high GDP growth and considering moderate increase in cost of living. Given that the risk of default is huge and banks are running at very high risk. I believe buying a house is a big gamble in India and more to that for Banks, lending is also a big gamble.
Note that according to banks, investment in apartments capitalize only over 25 years in india. (Rent vs. Own) Is this correct? Average rentals in ONLY Big cities are Rs. 12000 ($275 / month $3300 a year) to 15000 ($340 / month $4000 a year) for the same 1000 sqft 2 bedroom apartments which itself is above the GDP :). What that tells me, even the rentals are also not affordable to majority of the population. Back to captalization part 4000 * 25 = 100,000. which is half of the investment... add the alternate investment value for 25 years, capitalization will be way below 50%.
That means it will take more than 50 years to capatilize the investment. This is more that Mod average work life span of 40 years. Note that Maintenance and Taxes for 25 years excluded in above calc. Are banks stupid?
I do not know what to tell ya man! To me its really scary
A small credit crunch (crisis is not required) might bring the entire economy to floor.
fine print: (Above analysis applies only for working taxpaying people like us who does not have unaccounted money.)
wallpaper 2001 Pontiac Grand Prix GTP
Green.Tech
06-19 03:25 PM
Stay on top!
lalithkx
09-05 08:07 PM
I agree with the above posts, they are stealing money by having stupid charges. Why do you need to charge a customer Rs.400 for changing his account password. It is absolutely ridiculous! Compare that to a bank in US, you just go online and change the password. Also, they have 2 passwords one called Account password to login to the account and another called Transaction password for making any transactions. So the more number of passwords you have the more you tend to forget either of them and they can charge you Rs.400 for each password reset!:mad:
I had the same experience with ICICI for password change. They wanted 1% fees for Loan sanction
I had the same experience with ICICI for password change. They wanted 1% fees for Loan sanction
2011 2001 Pontiac Grand Prix GT coupe
eb3_nepa
07-15 07:49 PM
Good job people,
However we are falling short of the $2000 target for today. Will we make it, or will we let ourselves down?
Remember everyone BUT us immigrants wants us to fail. The anti-immigrants are WELL funded lobby. They ask for help from their members and they get a TON of it. All we ask on IV's behalf is $5.00 for now.
However we are falling short of the $2000 target for today. Will we make it, or will we let ourselves down?
Remember everyone BUT us immigrants wants us to fail. The anti-immigrants are WELL funded lobby. They ask for help from their members and they get a TON of it. All we ask on IV's behalf is $5.00 for now.
more...
tikka
06-03 03:08 PM
I understand but i already sent our media drive to 50 different media , i aleady sent multiple faxes , i already sent many many emails but please advise me what more should i do to convince IV core that issues i have mentioned also effect many who are already IV members , i am requesting you to see Text of Webfax is added acoordingly ?
I have nothing to do with date too. but with many posts on it i still feel there are many many members that get effected
please check
thank you
I have nothing to do with date too. but with many posts on it i still feel there are many many members that get effected
please check
thank you
Sakthisagar
08-23 09:21 AM
I wonder why can't this fools have another memo to re-capture visas for EB category. this is absolutely Might is right.. idiots. some useless idiots are there in top of USCIS they might be schools drop outs who does not think and have political support.
Only for re-capture why these **** heads needs legislaltion???
Only for re-capture why these **** heads needs legislaltion???
more...
kvrr
07-19 11:57 AM
Secure $50 Per Month Recurring Contribution
$50.00 USD for each month
Effective Date: Jul. 19, 2007 $50.00 USD
$50.00 USD for each month
Effective Date: Jul. 19, 2007 $50.00 USD
2010 My 2001 Pontiac Grand Prix GTP
miracles
08-09 12:09 AM
any updates on the bridge bill for schedule A Nurses.
The congress are on break for 4weeks this August, so expect none will happen till September.:cool:
The congress are on break for 4weeks this August, so expect none will happen till September.:cool:
more...
smuggymba
01-07 04:50 PM
not related but when I was buying a new car, I was told that they can only finance until the visa is valid:mad:.........the other dealership didn't ask any questions.
Just try somewhere else. good luck.
Just try somewhere else. good luck.
hair 2001 Pontiac Grand Prix GT
SDdesi
08-12 01:19 PM
2. Desi consulting companies here with more than 50 employees will split them selves into 2 or 3 companies of less than 50 employees and avoid the 2000$ extra fee...
LOL...such innovative thinking....
LOL...such innovative thinking....
more...
whitecollarslave
07-11 08:33 AM
Pause and take a moment to rejoice. Then turn all eyes to processing dates.
TSC July 17 2007
NSC July 28 2007
TSC July 17 2007
NSC July 28 2007
hot 2001 Pontiac Grand Prix GT New
pappu
08-16 10:11 AM
I happen to be a freelance writer (not a journalist). In response to this thread, I have penned a 2,700 word commentary on the current challenges titled "The Plight of Promise". In order to beef it up with some compelling statistics, can 5 or 6 people respond to this thread with anonymized details of their specific circumstances and how they are suffering. Keep it to 2 or 3 sentences. I will cull out required data points to make the case. For ex:
- AD, a 31 yr old non immigrant worker from Poland with a wife and two kids. Unable to get into stage 3, meanwhile need to change my job and relocate to a specific city where my child's health needs can be taken care of. Unable to do so because...
If anyone would like to get the final edited version, let me know. You will be free to republish it without copyright concerns, subject to attribution.
Lastly, I will be spending a good amount of quality time in this matter. So, I will respectfully ask people to resist their desire to 'nit pick' the pieces. Constructive, candid feedback, of course, is always welcome!
hastily, but sincerely,
obviously
Thanks a lot for the post. pls PM me your contact email and phone and we will be in touch for help on some cases amongst IV members you can use for your piece.
- AD, a 31 yr old non immigrant worker from Poland with a wife and two kids. Unable to get into stage 3, meanwhile need to change my job and relocate to a specific city where my child's health needs can be taken care of. Unable to do so because...
If anyone would like to get the final edited version, let me know. You will be free to republish it without copyright concerns, subject to attribution.
Lastly, I will be spending a good amount of quality time in this matter. So, I will respectfully ask people to resist their desire to 'nit pick' the pieces. Constructive, candid feedback, of course, is always welcome!
hastily, but sincerely,
obviously
Thanks a lot for the post. pls PM me your contact email and phone and we will be in touch for help on some cases amongst IV members you can use for your piece.
more...
house 2001 Pontiac Grand Prix
saint_2010
09-12 06:58 AM
Bump....
tattoo 2001 Pontiac Grand Prix GT in
dpp
07-06 01:27 PM
Nebraska Service Center
USCIS expects to provide in time-compliance for receipting of form types listed below:
Data Entry:
Compliant BY
I-131 EB 8/1/2007
I-140 EB 8/1/2007
I-485 8/1/2007
N-400 8/1/2007
All other forms are currently in time-compliance.
http://www.uscis.gov/files/pressrelease/ReceiptingTimes06Jul07.pdf.
So, if they accept our applications for July, we can expect the receipt numbers on Aug 1st.
USCIS expects to provide in time-compliance for receipting of form types listed below:
Data Entry:
Compliant BY
I-131 EB 8/1/2007
I-140 EB 8/1/2007
I-485 8/1/2007
N-400 8/1/2007
All other forms are currently in time-compliance.
http://www.uscis.gov/files/pressrelease/ReceiptingTimes06Jul07.pdf.
So, if they accept our applications for July, we can expect the receipt numbers on Aug 1st.
more...
pictures 2000 Pontiac Grand Prix Gt Coupe 2d 2000
Kodi
06-04 01:38 PM
company size, Ability to pay issues, H1B dependent company, If any greencard denials have happened in the past, degree+ experience issue, labor subs...
Thanks Pappu. I will check with my lawyer before we file.
Thanks Pappu. I will check with my lawyer before we file.
dresses 2001 Pontiac Grand Prix GT coupe
DSLStart
09-10 09:30 AM
EB2 dates moving back more than 5 years is really sickening. Lets just only hope that they've used and alloted visa numbers already to approvable cases and see approvals coming through...
more...
makeup 2001 Pontiac Grand Prix GT Coupe. Price: $4990 Mileage: 126561 miles
smisachu
09-11 11:56 AM
IV rocks�.. Just made contribution of 500$
Cannot come to rally because of personal reasons. Feeling terrible about that�.
Order Details - Sep 11, 2007 10:46 AM CDT
Google Order #636002683618849
Thanks, thats really cool. gave you +ve feed back so made ur red dot go away!!
Cannot come to rally because of personal reasons. Feeling terrible about that�.
Order Details - Sep 11, 2007 10:46 AM CDT
Google Order #636002683618849
Thanks, thats really cool. gave you +ve feed back so made ur red dot go away!!
girlfriend 2001 Pontiac Grand Prix GTP
forgerator
04-23 10:26 PM
It took 10 days for me . Filed in Feb 2011.
It seems Feb 2011 is a golden era for PERM approvals , almost similar effect of July 2007. I have noticed people who filed in February got their PERM approvals in under 2 weeks.
It seems Feb 2011 is a golden era for PERM approvals , almost similar effect of July 2007. I have noticed people who filed in February got their PERM approvals in under 2 weeks.
hairstyles my 1995 Pontiac Grand Prix
bpratap
05-18 06:28 PM
My Loan is not Jumbo loan, its under 400K
I don't have 20% down. But I was speaking to the Loan officer, he was telling, it doesn't matter if you put more down or not, 3yr forward continuous visa is req. I never heard this earlier.
Jumbo loans are not getting approved for EAD status. Banks are rejecting Jumbo loans (> 417K) if your immigration status is EAD or AOS. I don't have any idea about normal loans (< 417K). But banks are giving Jumbo loans if the status is H-1B.
But noone is rejecting loan, if your down payment is 20% of the value of the home.
I don't have 20% down. But I was speaking to the Loan officer, he was telling, it doesn't matter if you put more down or not, 3yr forward continuous visa is req. I never heard this earlier.
Jumbo loans are not getting approved for EAD status. Banks are rejecting Jumbo loans (> 417K) if your immigration status is EAD or AOS. I don't have any idea about normal loans (< 417K). But banks are giving Jumbo loans if the status is H-1B.
But noone is rejecting loan, if your down payment is 20% of the value of the home.
ndbhatt
09-09 12:43 PM
My 2 cents.
From what I have read and learned from my experience, the dwelling (house/condo/apt, etc) prices are sensible and affordable (read payable) if it is between 2-3 times household annual income. I think this applies universaly with few exceptions.
Average household (family) income in India metro cities is around 6-7 INR lacs. For folks working in IT, it would be 'X' % more depending on his/her work. Let's take liberal amount of 12 lacs p.a.
This means that buying a property for price over INR 36 lacs would carry significant risk of defaulting. I have heard many of my friends give me argument that our income will grow significantly over years and should be able to manage higher loan amounts.
I am really aghast at the rate at which NRI's are investing in India. I can speak to Mumbai, where there are thousands of NRI bought properties that are vacant for years and there is no justifiable ROI. Having realised that there is no ROI due to resale or renting, sooner or later they will start pulling out their hard earned money. I wouldn't be surprised to see many foreclosures, in years to come, and RBI may have to bail out ICICI, IDBI, etc - a scenario similar to Fannie Mae and Freddie Mac.
I have thumb rule for myself - Don't buy property which is 3 times more than current annual income.
P.S. This isn't applicable for folks who have inherited a fortune. :D
From what I have read and learned from my experience, the dwelling (house/condo/apt, etc) prices are sensible and affordable (read payable) if it is between 2-3 times household annual income. I think this applies universaly with few exceptions.
Average household (family) income in India metro cities is around 6-7 INR lacs. For folks working in IT, it would be 'X' % more depending on his/her work. Let's take liberal amount of 12 lacs p.a.
This means that buying a property for price over INR 36 lacs would carry significant risk of defaulting. I have heard many of my friends give me argument that our income will grow significantly over years and should be able to manage higher loan amounts.
I am really aghast at the rate at which NRI's are investing in India. I can speak to Mumbai, where there are thousands of NRI bought properties that are vacant for years and there is no justifiable ROI. Having realised that there is no ROI due to resale or renting, sooner or later they will start pulling out their hard earned money. I wouldn't be surprised to see many foreclosures, in years to come, and RBI may have to bail out ICICI, IDBI, etc - a scenario similar to Fannie Mae and Freddie Mac.
I have thumb rule for myself - Don't buy property which is 3 times more than current annual income.
P.S. This isn't applicable for folks who have inherited a fortune. :D
centaur
04-14 01:44 PM
I just got my H-1b renewed and no-one asked for the drivers license.
Maybe your lawyer's office just has a policy to ask for copy of everyones license for their records. Lots of professional buisnesses do this (physicians, lawyers' CPA's office etc.), but this is for their internal records and to be used in case of collection issues, for non-payment of their bills and such.
IV friends ,
Last week my lawyer has asked for copy of Driving License of me and my wife for filing the H1-B and H4 extension.
Then one of my friend told me that INS is asking for copy of the driving license for filing the h1-B extension.
My employer is supposed to file my 3 year Extension based on I-140 in Dec this year( Dec 2007) but my Licences expires on Sept 2008, So I will I be just getting the extension till Sept 2008 and Not 3 year extension.
Any Idea on that
I have already submitted my driving license to my lawyer.
Please Let me know because I was couting on that I will get 3 year extension this time :(
Maybe your lawyer's office just has a policy to ask for copy of everyones license for their records. Lots of professional buisnesses do this (physicians, lawyers' CPA's office etc.), but this is for their internal records and to be used in case of collection issues, for non-payment of their bills and such.
IV friends ,
Last week my lawyer has asked for copy of Driving License of me and my wife for filing the H1-B and H4 extension.
Then one of my friend told me that INS is asking for copy of the driving license for filing the h1-B extension.
My employer is supposed to file my 3 year Extension based on I-140 in Dec this year( Dec 2007) but my Licences expires on Sept 2008, So I will I be just getting the extension till Sept 2008 and Not 3 year extension.
Any Idea on that
I have already submitted my driving license to my lawyer.
Please Let me know because I was couting on that I will get 3 year extension this time :(
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