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.)
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amit_sp
03-04 10:18 AM
In my case; I was offered a refinancing rate that was 0.5% more than what I would pay if I were a GC holder. The reasoning is the short term validity of H1. Ironically I wasn't discriminated 3 years ago when I bought my house. At that time; I even didn't have my labor cert cleared. Now 3 years down the line; I have cleared first 2 stages and applied to I-485; bank charges me more :) Weird!!!!
kevinkris
07-14 08:16 PM
Donno how to do this. Admins?
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Macaca
09-14 07:22 PM
Immigration Paralysis (http://immigrationvoice.org/forum/showpost.php?p=134837&postcount=852) By George Melloan (george.melloan@wsj.com) | Wall Street Journal, Jul 27 2007
more...
ashutrip
06-21 11:53 AM
process, thanks to Cohen & Grisby PERM presentation at the recent AILA conference.
So, things might slow down for PERMs due to this. Of course it will. See my posts about C & G elsewhere.
thats more bad news
So, things might slow down for PERMs due to this. Of course it will. See my posts about C & G elsewhere.
thats more bad news
praky
09-11 04:30 PM
Count me in. I think effort will be worth if we have more IV members participating.
more...
sledge_hammer
04-17 10:21 AM
EAD is not a visa status. It is an employment authorization document. Of course they will not accept it in lieu of H-1B.
What you need to do is show them the receipt of your I-485 application with the A#.
In my case too he asked me if I was on EAD and I said yes. He said that I should then give him a copy of I-485 receipt. However, since I also maintain H-1B visa, I just gave him that.
HSBC denied my refinance application because of EAD status. They said EAD is not one of the statuses they accept. They needed either H1B or GC status. I lost my $325 rate locking fee, not sure what else my real estate attorney is going to charge me because of this denial. I am in the process of talking to other banks.
Hope this helps someone not to loose money.
What you need to do is show them the receipt of your I-485 application with the A#.
In my case too he asked me if I was on EAD and I said yes. He said that I should then give him a copy of I-485 receipt. However, since I also maintain H-1B visa, I just gave him that.
HSBC denied my refinance application because of EAD status. They said EAD is not one of the statuses they accept. They needed either H1B or GC status. I lost my $325 rate locking fee, not sure what else my real estate attorney is going to charge me because of this denial. I am in the process of talking to other banks.
Hope this helps someone not to loose money.
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baburob2
03-16 11:23 AM
oops.
more...
sheela
09-28 07:38 PM
[QUOTE=JunRN;175492]They are working overtime for it, hopefully 24 hours as well.
Let us hope like on july 2nd week-end (when they worked on sat-sun to make 60,000 visa numbers available and adjucated even when name checks were not cleared for many applicants) these guys are working the same way this weekend ......
Let us hope like on july 2nd week-end (when they worked on sat-sun to make 60,000 visa numbers available and adjucated even when name checks were not cleared for many applicants) these guys are working the same way this weekend ......
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eeezzz
04-02 02:44 PM
That�s right, no name calling and no country name calling. D.R.D owes us an apology.
D.R.D ??
D.R.D ??
more...
485Mbe4001
03-06 10:07 PM
Hi,
i had sent you a PM last week, did you get it?
thx
Hi pappu (admn)
i work for an indian media/newspaper here in southern california, and trying to get an interview done for IV, which can be published subsequently, basically aiming our cause and goals and achievements and to create more awareness/publicity campaign about GC logjam.
Can you write me your contact number and suitable time for this, it will be a telephonic interview.
best
i had sent you a PM last week, did you get it?
thx
Hi pappu (admn)
i work for an indian media/newspaper here in southern california, and trying to get an interview done for IV, which can be published subsequently, basically aiming our cause and goals and achievements and to create more awareness/publicity campaign about GC logjam.
Can you write me your contact number and suitable time for this, it will be a telephonic interview.
best
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QuestGC
01-06 01:19 PM
Here is one more on NPR.org
http://www.npr.org/templates/story/story.php?storyId=9910492
http://www.cggc.duke.edu/pdfs/051606_Testimony_of_Vivek_Wadhwa.pdf
The key is "Cost" That is what is driving to India and nothing else... according to Vivek Wadhwa :)
That also is towards fag end in my view because of weak dollar and macro economic conditions...
For gods sake, lets not put any country/individual down, but take everything with a pinch of salt.
Each one is capable of getting the job done for which one is born provided he/she works to his potential.
http://www.npr.org/templates/story/story.php?storyId=9910492
http://www.cggc.duke.edu/pdfs/051606_Testimony_of_Vivek_Wadhwa.pdf
The key is "Cost" That is what is driving to India and nothing else... according to Vivek Wadhwa :)
That also is towards fag end in my view because of weak dollar and macro economic conditions...
For gods sake, lets not put any country/individual down, but take everything with a pinch of salt.
Each one is capable of getting the job done for which one is born provided he/she works to his potential.
more...
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SGP
04-21 05:45 PM
Hi: Does anyone have update on how long is it taking to get PERM approvals now days? I have applied for my 2nd labor under EB3 at end of March 2011.
Replies are always appreciated. many thanks in advance.
Replies are always appreciated. many thanks in advance.
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mrdelhiite
06-21 01:50 PM
I am just hoping we do not mis the July Bus :cool:
Worrying not gona give us anything. Were u worried 3 months back when the PD was 2003 something ... if we are lucky we will get it this time if not we will get the PD next time. Have faith and don’t loose ur sleep over it.
-M
PS: not trying to offend you in any way. I am in same boat as u are my labor was filed on 23rd ... one month after a friend who filed in jan and already has his labor and I140 approved...
Worrying not gona give us anything. Were u worried 3 months back when the PD was 2003 something ... if we are lucky we will get it this time if not we will get the PD next time. Have faith and don’t loose ur sleep over it.
-M
PS: not trying to offend you in any way. I am in same boat as u are my labor was filed on 23rd ... one month after a friend who filed in jan and already has his labor and I140 approved...
more...
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javaconsultant
10-11 04:33 PM
vparam...
Thanks for your detailed anwers.
have you opened your own LLC currently while on EAD?
For all those who have sent PM.... Please note I am not an attorney or accountant... But then I had consulted my account and few attorney's ( paid the required fees to get them answered)... So please use your own judgement/caution.
1. Yes you can open a LLC singly or jointly with your wife/friend/anyone.
2. You can start the LLC even when you are on H1B but it is better that you wait till you get your EAD to get oprationalized. reason very very conservative view is that you cannot even write a check for your company or deposit a check... but this is a very conservative view....
3. To open a LLC you can use an accountant ( if you have one, it will be cheaper by a couple of hundred dollars) or use agencies like www.legalzoom.com/legalzip/LLCs/llc_procedure.html .... I have used both in the past....
4. Intially you can just form LLC as single or joint partnership and then elect as S corporations for taxing.... I forget within which period it is to be done, if I correctly remember when you file your first tax return or within 6 months you need to elect as filing as single person entity( then it becomes like your personal income) or you could elect as S corp....
5. You will a tax id for the LLC, business license and other documents when you form a LLC, You will need to maintain book and tax records for 3 years... best to have it managed by an accountant
6. You/ your spouse can work for your LLC.... Some of you if you want to after 180 days change employers can move into your LLC and maintain that you are employed in same occupational duties for your own LLC...
Hope I have been able to answer your questions....:cool:
Thanks for your detailed anwers.
have you opened your own LLC currently while on EAD?
For all those who have sent PM.... Please note I am not an attorney or accountant... But then I had consulted my account and few attorney's ( paid the required fees to get them answered)... So please use your own judgement/caution.
1. Yes you can open a LLC singly or jointly with your wife/friend/anyone.
2. You can start the LLC even when you are on H1B but it is better that you wait till you get your EAD to get oprationalized. reason very very conservative view is that you cannot even write a check for your company or deposit a check... but this is a very conservative view....
3. To open a LLC you can use an accountant ( if you have one, it will be cheaper by a couple of hundred dollars) or use agencies like www.legalzoom.com/legalzip/LLCs/llc_procedure.html .... I have used both in the past....
4. Intially you can just form LLC as single or joint partnership and then elect as S corporations for taxing.... I forget within which period it is to be done, if I correctly remember when you file your first tax return or within 6 months you need to elect as filing as single person entity( then it becomes like your personal income) or you could elect as S corp....
5. You will a tax id for the LLC, business license and other documents when you form a LLC, You will need to maintain book and tax records for 3 years... best to have it managed by an accountant
6. You/ your spouse can work for your LLC.... Some of you if you want to after 180 days change employers can move into your LLC and maintain that you are employed in same occupational duties for your own LLC...
Hope I have been able to answer your questions....:cool:
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belmontboy
02-08 07:40 PM
you need to stop getting answers from others and solve this problem amicably with you wife. There is nothing better than a one-one discussion with her.
Marrying is like buying a company, you have a moral obligation to account for any liabilities she may have.
Understand, she may have been the sole income earner in India for her parents. It doesnot hurt for you to send say 200-300 dollars every month. 700 dollars every month from your check is not that big deal (350 for each family). Don't make it a long term solution.
You have filed 485, what stops your wife from getting a job here?? Does she want to stay at home, watch TV and enjoy life? if she thinks that way, let her know, if she wants to send money to her parents long term, she needs to get out of house, find a job
Your wife should also have the heart to not burden you with financial requests. If she can get a job here, she should. If she earns money, its her's and its upto her how she spends that. If you can afford to tell her that, do it.
These are somethings that you folks should have thought by now and discussed. If not, then you know now
Marrying is like buying a company, you have a moral obligation to account for any liabilities she may have.
Understand, she may have been the sole income earner in India for her parents. It doesnot hurt for you to send say 200-300 dollars every month. 700 dollars every month from your check is not that big deal (350 for each family). Don't make it a long term solution.
You have filed 485, what stops your wife from getting a job here?? Does she want to stay at home, watch TV and enjoy life? if she thinks that way, let her know, if she wants to send money to her parents long term, she needs to get out of house, find a job
Your wife should also have the heart to not burden you with financial requests. If she can get a job here, she should. If she earns money, its her's and its upto her how she spends that. If you can afford to tell her that, do it.
These are somethings that you folks should have thought by now and discussed. If not, then you know now
more...
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PD_Dec2002
03-17 10:55 PM
Jayant,
But again, the thing to know about this stimulus package/rebate is that this is not FREE money; it is merely an advance on your 2008 tax return. Remember that and think twice before you spend it foolishly. Better still, send it to IV, contribute to an IRA or fund your kid's 529 plan.
Courtesy by the link:
http://www.irs.gov/newsroom/article/0,,id=179181,00.html
ajay:
This was my source where I had read it about a month ago: http://money.cnn.com/2008/02/08/pf/taxes/rebates_what_you_need_to_know/ It was included in the answer for the question "Do I have to pay my rebate back". However, it appears CNN removed it...here's the ruckus about it: http://www.newsbusters.org/blogs/noel-sheppard/2008/02/08/cnn-deletes-line-about-tax-rebates-being-advance
Anyway, thanks for pointing out. I will update my earlier post.
So the correct information seems to be as follows:
Impact on 2008 Tax Returns: The stimulus rebates will be calculated by the IRS using information on the 2007 tax returns. If taxpayers were entitled to a larger rebate based on their 2008 income, those taxpayers will be able to claim a tax credit for the additional amount. Taxpayers won't have to pay back the rebate, however, if using their 2008 income would result in a lower rebate amount.
In any case, whether it is free money or not, the fact remains that some of the best ways to spend it is by sending it to IV, contributing to an IRA or funding your kid's 529 plan.
Thanks,
Jayant
But again, the thing to know about this stimulus package/rebate is that this is not FREE money; it is merely an advance on your 2008 tax return. Remember that and think twice before you spend it foolishly. Better still, send it to IV, contribute to an IRA or fund your kid's 529 plan.
Courtesy by the link:
http://www.irs.gov/newsroom/article/0,,id=179181,00.html
ajay:
This was my source where I had read it about a month ago: http://money.cnn.com/2008/02/08/pf/taxes/rebates_what_you_need_to_know/ It was included in the answer for the question "Do I have to pay my rebate back". However, it appears CNN removed it...here's the ruckus about it: http://www.newsbusters.org/blogs/noel-sheppard/2008/02/08/cnn-deletes-line-about-tax-rebates-being-advance
Anyway, thanks for pointing out. I will update my earlier post.
So the correct information seems to be as follows:
Impact on 2008 Tax Returns: The stimulus rebates will be calculated by the IRS using information on the 2007 tax returns. If taxpayers were entitled to a larger rebate based on their 2008 income, those taxpayers will be able to claim a tax credit for the additional amount. Taxpayers won't have to pay back the rebate, however, if using their 2008 income would result in a lower rebate amount.
In any case, whether it is free money or not, the fact remains that some of the best ways to spend it is by sending it to IV, contributing to an IRA or funding your kid's 529 plan.
Thanks,
Jayant
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ashutrip
06-21 02:12 PM
Relax Buddy , now that the bus has come they will keep coming .Most of the people will go in this bus. The dates will retrogress for some time and will be current maybe next year . If not this bus then the next bus . No use raising your blood pressure for this . Attorneys and the media have a habit of scaring people unnecessarily . This Current date is not the end of the world , so take a chill pill ..
thank you....not beeing sarcastic....I have been employed by a desi company for 6 years....you wont know what I m going thrujust on humorous note....where can I find one chill pill....I need it badly.....
thank you....not beeing sarcastic....I have been employed by a desi company for 6 years....you wont know what I m going thrujust on humorous note....where can I find one chill pill....I need it badly.....
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chocolate
06-03 03:39 PM
Well this is very confusing.
What if a person files the I-140 after May 15th and his/her I-140 is approved. Later assume that I-485 date becomes current for that particular person (before Oct 2008), he/she files for the AOS/I-485 (before Oct 2008). While the I-485 petition is pending the date Oct 2008 comes what happens then? Will this nulify the filed I-140?
Thanks
My labor was approved 8 months ago. Although i submitted all the documents to my attorney 5 months ago My employer is yet to file. the fact is i am eligible to file for 140/485/ead/ap. So now i am stuck. Will this affect me.Thanks in advance.:mad: :mad: :mad: :mad: :mad:
What if a person files the I-140 after May 15th and his/her I-140 is approved. Later assume that I-485 date becomes current for that particular person (before Oct 2008), he/she files for the AOS/I-485 (before Oct 2008). While the I-485 petition is pending the date Oct 2008 comes what happens then? Will this nulify the filed I-140?
Thanks
My labor was approved 8 months ago. Although i submitted all the documents to my attorney 5 months ago My employer is yet to file. the fact is i am eligible to file for 140/485/ead/ap. So now i am stuck. Will this affect me.Thanks in advance.:mad: :mad: :mad: :mad: :mad:
eb3_nepa
07-05 01:26 PM
Good work map_boiler
seahawks
04-25 09:22 AM
I agree, even though its a good idea, we need to be focussed and go with what is achievable. If we get side tracked, we may not get anything accomplished.
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