A life line for many

Newbie Posts : 1 Join date : 2011-03-18

In
Kerala Property development
and the appreciation in land values has been a major contributor to
the government’s annual revenues. Not only that, a large
group of people eked out a living through real estate activities.
The skilled construction workers including masons, plumbers,
carpenters and electricians and other unskilled laborers are already
overloaded with work due to the building boom in the state.

The real estate
consultants and the small brokers earned their daily income by
assisting clients to sell or buy properties. In cities like
Cochin and Trivandrum, a broker has a prominent place in the
society. Most often, the prime properties put up for sale are
not properly advertised in the newspapers. The brokers take
care of the advertisement and management of the transaction.
Most often, the property is sold at a high price.

Small brokers charge
about 5 percent as service fee for a property transaction involving
one lakh rupees. When the value of the property goes up, the
service fee charged is about 2 percent of the total transaction
cost. However, the service fee charged varies from one real
estate consultancy to the other. It depends on the time taken
to assist a client to sell off his property and the expenses involved
from the part of the broker.

Since most of the real
estate transactions are taking place in the city limits, in the rural
areas of the state you can see very few brokers and real estate
consultancies. Not only that, people in the rural areas lack
the money needed to invest in real estate. Due to the recession
in the global market, the volume of real estate transactions have
come down, but things are not on the negative side yet. The
Kerala real estate market always threw up many surprises and many
more surprises are in store in the most literate state in India.

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