Ravi Karandeekar's Pune Real Estate Blog: October 2008

Pune Real Estate Jigsaw Puzzles:

I do not know why, but i was trying to connect a few things. May be because of habit. Bad habit! Do you know, I have compared two residential projects. Kumar Properties' Megapolis vs. Blue Ridge! Some times, i have quized myself. Is Supreme Pallacio an option or a competition to Gera's Regent Park? Whatever may be the conclusion, for sure, i had always enjoyed the exercise! But this time, when i connected few things, the conclusion was quite scary!

World Financial Crisis:

Before, i go ahead, i have to tell you what was at the back of my mind. Besides this blog, Ravi Karandeekar's Pune Real Estate Blog, on residential projects near Hinjewadi, i have 1) Ravi Karandeekar's Pune Real Estate Market News Blog and 2) Ravi Karandeekar's Pune Real Estate Investment Blog. For a while, on these blogs i was blogging more about Pune real estate slowdown and exclusive (and attractive !) offers but all of a sudden, world financial crisis, recession and depression became major issues.

Fear of Realty:

Not only me, all of us were more concerned with the fundamental issues about the economy. Most of the property buyers who called me on my mobile (91 98600 44110) did not want to talk about home loan interest rates or property prices. But they were asking tough questions like "Should i sell off my flat at Balewadi and move in the rented apartment?" or "Should i cancel the booking and wait for a few more months?" I do not mind, in fact, i enjoy being used as a sounding board, so many times we talk more than customary limit of 8 minutes!

Chasing An American Illusion!:

Out of the few things i was trying to connect, one is this type of conversation i had with the caller from New Jersey, USA. He wanted to talk about his booking at Paranjape Schemes' Crystal Garden on Baner Pashan link road. After three - four years, he may return to India and settle down in Pune, he said.
Since, he had so much time on his hand, i asked him, "why didn't you book a flat in Paranjape Schemes' Blue Ridge at Hinjewadi?"
"Your wife could have gone for shopping at 2 o'clock, watched the movie at 3 o'clock and you would have enjoyed kayaking!"
On this, for the first time, he started speaking in Marathi. He said, "I am pakka Punekar, from Kothrud and I do not believe in chasing American illusion."
"American illusion! What's this? I have only heard about 'American Dream'," I asked him. He tried to explain but i did not understand what exactly he was saying.

Anti-Americanism:

After the phone call, as i always do, i Googled 'American illusion'. What i saw on the first page of Google gave me some idea about Bush Administration, American ventures of greed and control, Wall Street and War Racket, how foreign students are scammed in US and how (in 1942!) Americans learned their lesson at Battan. However, it didn't give me any clue about the relationship between a 3 bhk flat at Crystal Garden on Pashan Baner link road, Blue Ridge Hinjewadi and American illusion. So, i just stopped bothering myself and said to myself 'nice to know one more Anti-American' and closed the topic.

Saving capitalism.....!

Today, for the first time, i visited the website of The Sunday Indian and read Arindam Chaudhuri's editorial "Saving capitalism… from the stupid capitalists!" In his editorial, Arindam claims that his three theories - ‘Happy Capitalism’, ‘Survival of the Weakest’ and ‘Trickle-Up theory' - can save the capitalism from the stupids of Wall Street. Though it sounds too poetic, I do not want to question whether Arindam's theories will be able to save capitalism or not because i have not not read his book “The Great Indian Dream”.

Illusion and Exploitation:

While explaining the reason of current crash in the US financial system, Arindam says, this disaster is not 'an incident in isolation' and at the same time, 'it is not a cyclical trend that would soon get mitigated with time'. After reading the article, my impression was, "creating American illusion and exploiting the weak economies" is a well-rehearsed and successful strategy of Wall Street to milk the economies of their profits! Besides the latest name of US, the Arindam lists include Asian Tigers - like Indonesia, Malaysia, Thailand, and South Korea - along with Japan, and south American countries like Mexico and Argentina! All these economies were lured by the illusion created by Wall Street and exploited to such an extend that most of them took years to recover and many, like Japan, never recovered at all!

Indian Tragedy:

Like Arindam, i was not interested in theoretical discussion about good capitalism and bad capitalism. My interest was Pune real estate. Did the man from New Jersey mean that Blue Ridge is nothing more than American illusion? Then what about "Indian growth story", "Fastest growing economy in the world", "Beating China", "12% Growth Rate" "Foreign Direct Investment in Indian Real Estate" "Special Township Act and SEZ"? All these concepts were not more than just illusions to compel us to open the coffers of Indian economy to Wall Street Bosses? For me, it was difficult to accept that we all have been taken for a ride! But today when i see the falling sensex and the cash crunch, like every Indian, i wonder "So, where is the money?"

Living a Lie:

I do not want to regain my consciousness and face the reality. I do not want to accept that Pashan Baner link road in Pune Municipal Corporation is the reality. I do not want to give up the dream of becoming the world citizen without leaving Pune. I do not want to stop dreaming about changing the way i live. I want to keep on dreaming about going for kayaking!

What's your take on Indian Growth Story:

What do you think? Am i unreasonably pessimistic? Am i thinking irrationally and illogically? Did you ever think that, some day, we all are going to end up as victims of American illusion? Please, share your views in the comments. (Please, read the comments policy before you post!)

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Sunday, October 19, 2008

Paranjape Schemes' Crystal Garden on Baner-Pashan Link Road and the beginning of a new world, Blue Ridge at Hinjewadi!