With many new projects coming up in kochi, this hub of spice trade is trying to make it big in the business of skyscrapers too, says t. satisan
A couple of decades ago, real estate business was not everyone’s envy in Kerala. It was considered as yet another “broker’s job” and as such did not had much acceptability. Well, not to say the earnings were meagre and the job was tough as people didn’t really require expert’s advice to sell or buy properties. Cut to today, and the term “broker” has given way to “real estate player”. All thanks to the booming property prices, the business has turned into a money making machine. These brokers aka real estate players have not only taken up more roles, but are also constructing villas, malls, flats, et al. But then, the success hasn’t come easy to them.
In fact, early birds came from north cosmopolitan cities like Mumbai, Kolkata, Delhi and Bengaluru. They not only offered good packages to consumers, but also ventured into construction and raked in big moolah. This caught the attention of local players. They thought if they can win why can’t we? Naturally several local players jumped into the realm of construction and rest is a glorious part of the economic history of Kerala. The visiting builders were taken by surprise when they saw the modus operandi of the Kerala builders. So what is it that makes these local players a tough competition?
First of all, local builders have more credibility. Builders sitting in Delhi or Mumbai are looked at with suspicion. Buyers suspect that these people may disappear leaving incomplete buildings behind after collecting the amount. In fact, some buyers have had such bitter experiences. Secondly, initially, people used to buy properties for investments. Buyers of apartments and posh villas were sitting abroad. But today, the buyers are real users. They are eager to occupy the accommodation at the earliest. Moreover, unlike early days, today’s buyers have their own choice with respect to the prices. In fact, they like to go for apartments within a price range of Rs.2.5 million to Rs.3.5 million.
A couple of decades ago, real estate business was not everyone’s envy in Kerala. It was considered as yet another “broker’s job” and as such did not had much acceptability. Well, not to say the earnings were meagre and the job was tough as people didn’t really require expert’s advice to sell or buy properties. Cut to today, and the term “broker” has given way to “real estate player”. All thanks to the booming property prices, the business has turned into a money making machine. These brokers aka real estate players have not only taken up more roles, but are also constructing villas, malls, flats, et al. But then, the success hasn’t come easy to them.
In fact, early birds came from north cosmopolitan cities like Mumbai, Kolkata, Delhi and Bengaluru. They not only offered good packages to consumers, but also ventured into construction and raked in big moolah. This caught the attention of local players. They thought if they can win why can’t we? Naturally several local players jumped into the realm of construction and rest is a glorious part of the economic history of Kerala. The visiting builders were taken by surprise when they saw the modus operandi of the Kerala builders. So what is it that makes these local players a tough competition?
First of all, local builders have more credibility. Builders sitting in Delhi or Mumbai are looked at with suspicion. Buyers suspect that these people may disappear leaving incomplete buildings behind after collecting the amount. In fact, some buyers have had such bitter experiences. Secondly, initially, people used to buy properties for investments. Buyers of apartments and posh villas were sitting abroad. But today, the buyers are real users. They are eager to occupy the accommodation at the earliest. Moreover, unlike early days, today’s buyers have their own choice with respect to the prices. In fact, they like to go for apartments within a price range of Rs.2.5 million to Rs.3.5 million.
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