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Real Estate in CoimbatoreBY: chitracs | Category: Others | Post Date: 2008-10-26
In the year 1998, due to bomb blast threat, many people left Coimbatore, closing their business. At that time, there was a sudden decline in the field of real estate in Coimbatore. Even the residents of Coimbatore had not shown interest in purchasing new properties. The condition prevailed for 3 years. Gradually, the situation improved. After the year 2002, small mushroom IT companies started their business in Coimbatore. There was a talk of opening IT park in Coimbatore. Suddenly the real estate started skyrocketing in Coimbatore. What is the necessity for raising the price 4 to 5 times? God only knows. When there was a boom in real estate field in Chennai, the Coimbatore started overheating with price of vacant land and building going up, day by day. If the Tidel park starts functioning, the big companies like TCS, Wipro and others may open their branches in Coimbatore. Cognizant Technologies have already landed here and established well. Many IT companies who were having the plan to enter Coimbatore are fearing now due to sudden increase in the cost of land. But, for how many people they could give employment. The labor cost is already much more in Coimbatore. If the cost of land and cost of construction also increase like this, Coimbatore would not be a pleasant place for residents. If the price is fixed with the motive of making NRIs to make investment on land and building at Coimbatore, what about other people. We require all sorts of people in Coimbatore. The natives of Coimbatore who are planning to purchase plot or building really got vexed and have a plan to switch over to other nearby cities. Some people do not want to move out of Coimbatore and make hefty investment for purchasing land or building in Coimbatore, cursing the real estate market. The interest for housing loan has also gone high and the cost of materials has increased a lot. The Coimbatorians could see their dream house only in dream. In Chennai, along with real estate price, the rent also has gone up but in Coimbatore there is slight increase of rent only. The Coimbatore city is known as -Cotton city- as the textile business flourish well. The small entrepreneurs do their business successfully here. So far, we have noticed gradual increase of price in real estate field. The talk about entry of IT companies has made the sellers to increase the price by 4 to 5 times of the original price. Many people are waiting for decrease of prices in real estate market and postponing the purchase. Actually since there are no buyers, nobody could sell their property. Only IT people and NRIs are making the purchase, without bothering about the price. When the transactions were many, people who are not real estate brokers acted as brokers and earned some money. But now, even the original real estate brokers could not perform their job as the number of transactions have come down. It is expected that the price may come down by 20%, due to less demand. Then, the people may start their purchase as usual. If the infrastructure and transportation facilities increase, many people are ready to move to outskirts of Coimbatore. The cool breeze and sweet water of Coimbatore may attract many people to come and settle there but the price of vacant land and building should be reasonable for middle class people to remain here. Live and let live should be our policy and we pray that the real estate in Coimbatore should not be a mirage but a real one. Article Source: http://www.saching.com About Author / Additional Info: I am a freelance writer writing articles, short stories, poems and tips for magazines and many of my works are published in magazines. I am getting appreciation from known and unknown people also. From my schooldays, I have got the passion in reading and writing. I have won many prizes while studying in school and college. I want to improve my writing talent. Hence, I wish to submit articles through this website. I get appreciation daily from many people on seeing my articles in this website. Additional Articles: * Learn the efficient methods to lower your blood pressure * Pamplona and what you can see there * The importance of SEO for a website * 10 Ways to Avoid Medical Debt: By Maya Jinwright * Cricket : Test matches to twenty twenty games. Where is the game headed? Does this article violate or infringe on your copyright ? It is a violation of our terms for authors to submit content which they did not write and claim it as their own. If this article infringes on your copyrights, then use our Contact us form with the detailed proof of infringement along with the offending article's title, URL and writer name. If you do not hear back from us then contact us again in another 10 days. Thank you. Comments on this article: (0 comments so far) * Additional comments are now closed for this article *
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