funny
09-15 04:27 PM
People, most of us here are just afraid that they will get red dots, be ridiculed for their beliefs. But the things is; If we don't fight for our rights, who will. We have to defend our place in the queue, which at the moment is at substantial risk.
I want everybody to get their GCs. but now interfiling/porting is hurting out position in the queue.
If you are not aware, a good bunch of EB3s are now trying to interfile & port their PDs which are between 2001 - 2005 to EB2.
This will potentially put tens of thousands of people in the EB2 queue before most people in EB2 who are waiting.
These people were not eligible for EB2 when they filed their own labor.. so they should NOT BE ALLOWED TO PORT THEIR OLD PDs. Sure EB3 can Interfile .. but you will get a new PD ... the date you interfile.
If we just keep looking... there will be a huge retrogression in EB2. And its not like these EB3 people will get through with the interfiling/porting. Most of them will be issued RFEs. Their labor apps will be audited and their primary EB3 apps will be cancelled. Infact, 85% of interfiling will never successfully make it through. And its not like it will help the EB3 brothers. That queue will still be long... because they are not going to withdraw their EB3 apps.
Also, while they will not succeed in interfiling/porting, they still will have their apps with USCIS and USCIS will sit on them before eventually issuing NOID. Sad part is they will count these when giving numbers to DOS for setting visa bulletins.
This PD porting is the last "not so ethical & legal" thing after labor substitution.. that we need to Put a cork on.
If we don't act now... then we can all expect to stay in AOS for the next 5 years. This holds for both EB2 and EB3.
I want everybody to get their GCs. I also am OK with the wait.
But anything that threatens my position in the queue is not acceptable.
My dear friend "GCtest"
There are two really important threads going on on IV.
1.IV call campaign HR 5882
2. Give me a HIGH FIVE.
Before using IV's resoruces and knowledge available from all the members available on IV, did it ever occur to you to contribute "+vly" on these 2 threads...I am asking +ve contribution here... because u are really good at contributing -vely on the forum.
I want everybody to get their GCs. but now interfiling/porting is hurting out position in the queue.
If you are not aware, a good bunch of EB3s are now trying to interfile & port their PDs which are between 2001 - 2005 to EB2.
This will potentially put tens of thousands of people in the EB2 queue before most people in EB2 who are waiting.
These people were not eligible for EB2 when they filed their own labor.. so they should NOT BE ALLOWED TO PORT THEIR OLD PDs. Sure EB3 can Interfile .. but you will get a new PD ... the date you interfile.
If we just keep looking... there will be a huge retrogression in EB2. And its not like these EB3 people will get through with the interfiling/porting. Most of them will be issued RFEs. Their labor apps will be audited and their primary EB3 apps will be cancelled. Infact, 85% of interfiling will never successfully make it through. And its not like it will help the EB3 brothers. That queue will still be long... because they are not going to withdraw their EB3 apps.
Also, while they will not succeed in interfiling/porting, they still will have their apps with USCIS and USCIS will sit on them before eventually issuing NOID. Sad part is they will count these when giving numbers to DOS for setting visa bulletins.
This PD porting is the last "not so ethical & legal" thing after labor substitution.. that we need to Put a cork on.
If we don't act now... then we can all expect to stay in AOS for the next 5 years. This holds for both EB2 and EB3.
I want everybody to get their GCs. I also am OK with the wait.
But anything that threatens my position in the queue is not acceptable.
My dear friend "GCtest"
There are two really important threads going on on IV.
1.IV call campaign HR 5882
2. Give me a HIGH FIVE.
Before using IV's resoruces and knowledge available from all the members available on IV, did it ever occur to you to contribute "+vly" on these 2 threads...I am asking +ve contribution here... because u are really good at contributing -vely on the forum.
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mbartosik
03-26 04:34 PM
PD Dec 2002
45 day letter around July 2006
replied to 45 day letter within a couple of days
RIR EB3
Region NY
Currently on 7th year of H1B
45 day letter around July 2006
replied to 45 day letter within a couple of days
RIR EB3
Region NY
Currently on 7th year of H1B
sfcwtu
10-05 08:49 AM
I am pessimistic about it too. It won't attract congress's attention until news breaking out that, patients are dying due to lack of nurses.
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mirage
08-17 01:20 PM
Guys please send out these letters, It needs 20 minutes of your time & about $2 stamps. But it can really save us lot of time and anxiety, as, if it goes well with Rep. Zoe Lofgren or Senator Cornyn they can mandate USCIS to publish these statistics. Rep. Logfren has done this in the past(mandating USCIS & DOS) she may do it for us....
-----
To,
Charles Oppenheim / Visa Section
U.S. Department of State
2201 C Street NW
Washington, DC 20520
From,
Your Name/Your Address/EB-3 India Applicant
Priority Date: May 2003
Some City,
OK-2#####
Dear Sir/Madam,
Sub: Statistics on Employment Based AOS(Adjustment of Status) applications pending at USCIS under various categories
I am writing to you to express my sense of helplessness over the unpredictability of Visa Number allotment to various employment based category. I want to bring to your attention that it�s been nearly a �Decade� since we saw any meaningful Visa Date movement from year 2001 for EB-3 Green Card applicants from India.
It is important to know that despite of severe visa retrogression and random visa cutoff date movements, USICIS or DOS hasn�t released any official information on how many Adjustment of Status applications are pending at USCIS under various categories which leaves thousands of AOS(Adjustment of Status) applicants in complete darkness and dependent on guessing games by various Law firms.
A green card application requires enormous amount of efforts and money from the beneficiary and his/her employer. People who are waiting for 7-8 years now would have had already spent average $15,000-$20,000, in maintaining their statuses and keep the Green Card process going on. Being stuck in a green card process keeps us bonded with 1 employer, job type etc.
We need to know if there is any light at the end of the tunnel. We need to know for how long we have to live our life in limbo. If there is hope than we need to be patient and plan to live like that for another 1-2 years. But if there�s no light at the end of the tunnel than we need to move on with our careers and other family commitments. Only your office and USCIS can help us by releasing statistics on the number and categories of applications pending with USCIS people waiting in this category can plan their lives accordingly.
It will be a great help if DOS or USCIS could tell us about the number of AOS application pending at USCIS along with their Categories(EB-3, EB-2, EB-1) and chargeable country.
We have been waiting for a decade and continue to wait would it be reasonable to request you for some guidance with regards to the Visa allotment. I request your office to provide some statistics on home many Adjustment of Status applications are pending at USCIS.
We understand that you work with in the limits of the law as set by the Congress and are limited by various constraints that are beyond your agency realm of work. We appreciate your hard work and sincerely thank you for all the hard work.
God Bless America!
Thank you for you attention,
(Your Name OR EB-3 India Applicant )
Priority Date: April 02
Category: EB-3
Member ImmigrationVoice.Org
Copy Sent to
Honorable Secretary of State
Dr. Condoleezza Rice
U.S. Department of State
2201 C Street NW
Washington, DC 20520
Honorable Director, USCIS
U.S. Citizenship and Immigration Service
20 Massachusetts Avenue, NW
Washington, D.C. 20529
Citizenship and Immigration Services Ombudsman
Department of Homeland Security
Attention: Case Problems
Mail Stop 1225
Washington, D.C. 20528-1225
Senator John Cornyn
Chairman - United States Senate Judiciary subCommittee on
Immigration, Border Security and Citizenship
517 Hart Senate Office Bldg.
Washington, DC 20510
Main: 202-224-2934
Fax: 202-228-2856
Congresswoman Zoe Lofgren
Chairwoman - United States House Judiciary Subcommittee on Immigration, Citizenship,
Refugees, Border Security, and International Law
102 Cannon HOB
Washington, D.C. 20515
Telephone (202) 225-3072
-----
To,
Charles Oppenheim / Visa Section
U.S. Department of State
2201 C Street NW
Washington, DC 20520
From,
Your Name/Your Address/EB-3 India Applicant
Priority Date: May 2003
Some City,
OK-2#####
Dear Sir/Madam,
Sub: Statistics on Employment Based AOS(Adjustment of Status) applications pending at USCIS under various categories
I am writing to you to express my sense of helplessness over the unpredictability of Visa Number allotment to various employment based category. I want to bring to your attention that it�s been nearly a �Decade� since we saw any meaningful Visa Date movement from year 2001 for EB-3 Green Card applicants from India.
It is important to know that despite of severe visa retrogression and random visa cutoff date movements, USICIS or DOS hasn�t released any official information on how many Adjustment of Status applications are pending at USCIS under various categories which leaves thousands of AOS(Adjustment of Status) applicants in complete darkness and dependent on guessing games by various Law firms.
A green card application requires enormous amount of efforts and money from the beneficiary and his/her employer. People who are waiting for 7-8 years now would have had already spent average $15,000-$20,000, in maintaining their statuses and keep the Green Card process going on. Being stuck in a green card process keeps us bonded with 1 employer, job type etc.
We need to know if there is any light at the end of the tunnel. We need to know for how long we have to live our life in limbo. If there is hope than we need to be patient and plan to live like that for another 1-2 years. But if there�s no light at the end of the tunnel than we need to move on with our careers and other family commitments. Only your office and USCIS can help us by releasing statistics on the number and categories of applications pending with USCIS people waiting in this category can plan their lives accordingly.
It will be a great help if DOS or USCIS could tell us about the number of AOS application pending at USCIS along with their Categories(EB-3, EB-2, EB-1) and chargeable country.
We have been waiting for a decade and continue to wait would it be reasonable to request you for some guidance with regards to the Visa allotment. I request your office to provide some statistics on home many Adjustment of Status applications are pending at USCIS.
We understand that you work with in the limits of the law as set by the Congress and are limited by various constraints that are beyond your agency realm of work. We appreciate your hard work and sincerely thank you for all the hard work.
God Bless America!
Thank you for you attention,
(Your Name OR EB-3 India Applicant )
Priority Date: April 02
Category: EB-3
Member ImmigrationVoice.Org
Copy Sent to
Honorable Secretary of State
Dr. Condoleezza Rice
U.S. Department of State
2201 C Street NW
Washington, DC 20520
Honorable Director, USCIS
U.S. Citizenship and Immigration Service
20 Massachusetts Avenue, NW
Washington, D.C. 20529
Citizenship and Immigration Services Ombudsman
Department of Homeland Security
Attention: Case Problems
Mail Stop 1225
Washington, D.C. 20528-1225
Senator John Cornyn
Chairman - United States Senate Judiciary subCommittee on
Immigration, Border Security and Citizenship
517 Hart Senate Office Bldg.
Washington, DC 20510
Main: 202-224-2934
Fax: 202-228-2856
Congresswoman Zoe Lofgren
Chairwoman - United States House Judiciary Subcommittee on Immigration, Citizenship,
Refugees, Border Security, and International Law
102 Cannon HOB
Washington, D.C. 20515
Telephone (202) 225-3072
more...
skv
06-20 10:55 AM
may 11 was five weeks back......its third week of june right now!!!
Still no favorable movements...I do not wanna miss this July deadline....I am sure dates for EB3 will retrogress in August.....then ticket to India and UAE!!
Americas loss will be UAE's gain
I understand your concern. Hope for the best. Good luck friend!
Still no favorable movements...I do not wanna miss this July deadline....I am sure dates for EB3 will retrogress in August.....then ticket to India and UAE!!
Americas loss will be UAE's gain
I understand your concern. Hope for the best. Good luck friend!
caliducas
07-19 12:53 AM
dont worry, the above scenario would happen only if pd remaines current.This is highly unlikely. In the next few months PD would retrogress to for instance 2004 , then you'll get your GC first :) Cheer up buddy:)
I'm looking forward to getting my GC!!! Once I get my ead and ap, I can wait for my GC patiently :)
I'm looking forward to getting my GC!!! Once I get my ead and ap, I can wait for my GC patiently :)
more...
a1b2c3
12-11 09:47 PM
for the first time (in 5 years that I have been tracking them) the visa bulletin looks like it was "made in America". The america of old, the one that is so organized that every official form includes an estimated time on how long it takes to fill it up. The one where every street has a clear name marker, every intersection has multiple stop lights, multiple signs. Where the little cats-eyes on the road are color coded[1] Where lines form automagically when a bunch of people converge on anything. Where you can go to any .gov site and pick up whatever statistics you want on anything from agriculture, to factories, to healthcare.
This is a nation built on documentation and organization.
For the first time the visa bulletin does not look like some discarded bingo card or four monkeys getting excited on a typewriter. For the first time the numbers make sense, they explain why they are what they are. They even put our prediction threads out of business by coming out with their own set of predictions for the rest of the year.
USCIS has had data like this for eons (how many cases pending in which category and from which country). It took the usual american obsession with data and organizing data to come out with all this.
Kudos to them.
Things remain bleak, but just to see something so neatly organized and put out was heartening to me.
P.S: and no, this is not them just doing their job. Their job is to put out the dates every month (like they have been doing for atleast over a decade). To clearly spell out how many cases are pending (like their recent report), and now to predict how these dates will move, is IMO going beyond the minimum requirements of the job, and is much appreciated.
[1]: blue meaning a firehydrant, yellow as a separator of lanes in different directions, white in the same direction, red is dont enter. found the meaning of the blue one recently, and was impressed. atleast in CA this is what they are.
Nice observations.
This is a nation built on documentation and organization.
For the first time the visa bulletin does not look like some discarded bingo card or four monkeys getting excited on a typewriter. For the first time the numbers make sense, they explain why they are what they are. They even put our prediction threads out of business by coming out with their own set of predictions for the rest of the year.
USCIS has had data like this for eons (how many cases pending in which category and from which country). It took the usual american obsession with data and organizing data to come out with all this.
Kudos to them.
Things remain bleak, but just to see something so neatly organized and put out was heartening to me.
P.S: and no, this is not them just doing their job. Their job is to put out the dates every month (like they have been doing for atleast over a decade). To clearly spell out how many cases are pending (like their recent report), and now to predict how these dates will move, is IMO going beyond the minimum requirements of the job, and is much appreciated.
[1]: blue meaning a firehydrant, yellow as a separator of lanes in different directions, white in the same direction, red is dont enter. found the meaning of the blue one recently, and was impressed. atleast in CA this is what they are.
Nice observations.
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gc_dreamer_2010
03-19 05:12 AM
Myths About Homeownership - Freddie Mac (http://www.freddiemac.com/corporate/buyown/english/preparing/right_for_you/myths.html)
more...
pappu
09-12 10:25 AM
/\/\/\/
We need people to run this drive and devote some time to this action item. Please keep this thread alive
We need people to run this drive and devote some time to this action item. Please keep this thread alive
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Green.Tech
06-12 11:29 AM
got 1 friend to donate yest., he should be posting the receipt Id soon.. I have the ID but didn't wanna post myself to double count.
Guys, please persuade your friends and coworkers.
Thanks.
Good work, add78!
Guys, please persuade your friends and coworkers.
Thanks.
Good work, add78!
more...
kumar1
08-20 11:28 PM
Missouri story - I was sent home by DMV office, reason, I was not carrying my latest Pay stubs. I hate these Midwestern states...they were sleeping before 9/11 and suddenly woke up and squeezed their asses. Can you imagine, ignorant DMV in Missouri gave me DL on B1/B2 visa in 2000? I showed them Passport as proof#1 and US visa as proof#2 and ignorant officer said...you are good to go! Now 7 years later, it is written in bold over there....
ONLY US CITIZENS walk away with DMV, rest everyone go through USCIS.
Just like in a desi shop in arm pit state New Jersey I saw this..."IN GOD WE TRUST, REST EVERYONE PAY CASH"
I knew I will have issues with DMV so I paid extra 1000 to get H1B premium and retained my privilege to drive. Believe me guys....this is America.....spend more...save more!
ONLY US CITIZENS walk away with DMV, rest everyone go through USCIS.
Just like in a desi shop in arm pit state New Jersey I saw this..."IN GOD WE TRUST, REST EVERYONE PAY CASH"
I knew I will have issues with DMV so I paid extra 1000 to get H1B premium and retained my privilege to drive. Believe me guys....this is America.....spend more...save more!
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santb1975
07-09 06:18 PM
I live in Irvine. Count me in.
more...
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forgerator
05-25 01:40 PM
I just got a response today from my employer that my labor has been approved today :D under EB3. It was applied on March 29 & approved today (May 25) its just shy of 2 months.
Congrats! That is encouraging to hear. My EB2 was filed on Apr 19, so hopefully will take another month...
Congrats! That is encouraging to hear. My EB2 was filed on Apr 19, so hopefully will take another month...
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arunmohan
10-21 06:41 PM
We are referring the Michael Yates's memo in the letter but why we not referring the Donald Neufeld's Memo?
http://www.uscis.gov/files/nativedocuments/AC21_30May08.pdf
http://www.uscis.gov/files/nativedocuments/AC21_30May08.pdf
more...
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BECsufferer
03-04 12:55 PM
Not sure if anyone else has faced this so wanted to put this out: I own a home and have a loan on it since 2003 (I was on H1 when i took the loan), now that the ARM is about to adjust i am in the market for refinance.
There is however a question on all the loans underwritten by freddy/fanny asking for immigration status and if the answer is EAD the loan is denied. They even sent me an explanation of denial.....:confused:
A loan application can be denied for any reason and as amatter of fact due to current financial mess, lenders are very wary. So don't be surprised by denial. Try another place.
I secured loan after 2.5 months of constant battle. My lender tried all possible means to discourage me and only after I fired-back with technical arguments did they clear my loan. But than I was also asking for 5% down, which nowdays is no more entertained by lenders.
Try different sources and atleast you have the house in possesion. You will get a new lender, don't worry!
There is however a question on all the loans underwritten by freddy/fanny asking for immigration status and if the answer is EAD the loan is denied. They even sent me an explanation of denial.....:confused:
A loan application can be denied for any reason and as amatter of fact due to current financial mess, lenders are very wary. So don't be surprised by denial. Try another place.
I secured loan after 2.5 months of constant battle. My lender tried all possible means to discourage me and only after I fired-back with technical arguments did they clear my loan. But than I was also asking for 5% down, which nowdays is no more entertained by lenders.
Try different sources and atleast you have the house in possesion. You will get a new lender, don't worry!
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anilsal
03-06 08:43 AM
Me and my wife's 485s had LUDS on 2/18, 2/19 and 2/20. But no status change, and we know for sure we should be getting atleast one RFE. When we applied in July 07 we could not include my Wife's medical/vaccination reports with the application, but no RFE for that yet.
Usually an RFE or FP notice should arrive within 4-8 days after generation. There is no guarantee that the LUD change means anything until you see the notice in your hand.
Usually an RFE or FP notice should arrive within 4-8 days after generation. There is no guarantee that the LUD change means anything until you see the notice in your hand.
more...
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gc_on_demand
04-30 03:14 PM
Hahaha... Oppenheim just got caught in his words by that guy ... yoooooo!
can you share more detail on that incident ?
can you share more detail on that incident ?
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lazycis
11-20 10:26 PM
I am not 100% sure but if person has not completed 6 years, he can continue till he completes 6 years. If person has already crossed 6 years limit, H1 extension or transfer does not stand valid without any underlying pending AOS. This is what RG termed as opposite to conventional internet wisdom. Also, the law requires to provide a notice to cancel EAD, but not to cancel H1B. Correct me if I am wrong!
Ron is absolutely right regarding H1 extensions past 6 years! If I-485 is denied, the extension cannot be granted (we all know that USCIS may still approve it, but if they follow AC21 guidance, they should not). As for cancelling H1, the law does require USCIS to provide notice in one case: if it determines that H1 holder is no longer working for the sponsoring employer. We already discussed automatic revocation scenarios.
See also this explanation from Fragomen (I know, I know, they are bad, but read anyway):
http://pubweb.fdbl.com/news1.nsf/9abe5d703b986cff86256e310080943a/8cda1a2a9589440c8525746d00574cf9?OpenDocument
Ron is absolutely right regarding H1 extensions past 6 years! If I-485 is denied, the extension cannot be granted (we all know that USCIS may still approve it, but if they follow AC21 guidance, they should not). As for cancelling H1, the law does require USCIS to provide notice in one case: if it determines that H1 holder is no longer working for the sponsoring employer. We already discussed automatic revocation scenarios.
See also this explanation from Fragomen (I know, I know, they are bad, but read anyway):
http://pubweb.fdbl.com/news1.nsf/9abe5d703b986cff86256e310080943a/8cda1a2a9589440c8525746d00574cf9?OpenDocument
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bpratap
05-28 06:34 PM
Fha
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.)
rennieallen
09-28 08:51 PM
They are working overtime for it, hopefully 24 hours as well. This is my fear even before this announcement that visa numbers be wasted again.
Maybe we can volunteer to adjudicate each of our own case...lol!
When I was a kid in school the teacher solved the bottleneck (of him/her doing the correction of tests) by having the students mark each others tests.
I'd be happy to adjudicate your case JunRN, if you'd adjudicate mine; heck, I'd even let you use your "current" Bank of America visa in place of a DOS visa :-)
Maybe we can volunteer to adjudicate each of our own case...lol!
When I was a kid in school the teacher solved the bottleneck (of him/her doing the correction of tests) by having the students mark each others tests.
I'd be happy to adjudicate your case JunRN, if you'd adjudicate mine; heck, I'd even let you use your "current" Bank of America visa in place of a DOS visa :-)
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