It is a shame that the finance minister is jumping the gun and giving clean chit to the open / brazen act of cheat ing by the Indian Private banks, which came out by the sting operation. Unfortunately nobody in this country feels that they are committing frauds. Fraud and cheating become day to day activity and nobody is bothered about these things nowadays. The skin has become so thick. In fact if you live your life without doing such acts, our society will call you as 'Bakra' or 'Joker'.
Also I would like to write about Real Estate a bit today.We do not have a reliable indicator to measure the sale of new homes or registrations of homes. But I am sure similarly to car sales, home sales are also tumbling. Now it is the question of who comes out first with the distress sales or who reports the distress sales. Government is having a huge battle at hand and they no longer able to support the brokers. Broker community including Godrej are unusually silent. Is this silent before the bust?? we dont know. We love to see brokers to go bust soon.
Our media houses are dependent on brokers for advertisement income. In fact times group is doing real estate business so do not expect to see any such news in Times group newspapers such as times of India or economic times. I trust Indian Express and Hindu for that matter.
One of my friend is trying to sell a 2 BHK house in Bellary for 27 Lakhs. He is not getting any offers which on normal boom period would fetch easily 35 lakhs within a week of advertising. This shows the market situation. But we need more evidence.
There are indications that the hot money is beginning to go out of India. I am waiting to see some indications. I will share with you soon.
I suppose some action has started from ICICI bank on the Cobrapost Sting operation. Some 18 employees suspended.
ReplyDeletehttp://in.reuters.com/article/2013/03/16/india-banks-money-laundering-icici-idINDEE92F02220130316