Sometimes back, the realty segment was booming, later the business boulevard which was grounded by the global economic downturn and with the bemoaning of poor wanderer construction employees also increased. Many new apartments and deluxe residences are coming up for purchasers, some developers and builders are forced to stop their upcoming ventures.
President of the Confederation of Real Estate Developer’s Associations of India (CREDAI) said to www.propertykhazana.com that, “No scrutiny has been done till now to guess the correct number of unsold apartments, but booking at the impact of global economic slowdown in the city’s realty market the figures might be in hundreds. While there is no business, then there won’t be work and thousands of construction employees are unemployed.” Majority of the educated and uneducated employers in Bengaluru’s construction industry have come from Tamil Nadu, UP, Bihar, Rajasthan, and Orissa and from West Bengal.
In addition, thousands of people from the North Karnataka region comprising Raichur, Gulbarga district and Bidar have come to the city to work in the flourishing industry and this has led to the growing of employer’s colonies on the margin of construction localities in the city’s Northeastern, Eastern and Southeastern parts. One of the refugee worker said, we are unemployed, no one is ready to give us work because the realty business is sliding. A village in Orissa is known for sharp poverty and hunger deaths, person from that district said to www.propertykhazana.com that, “From past few months I’m without job, I have no money to take care of my house rent and food and I will go back to my residences shortly.” For more updates on real estate market browse www.propertykhazana.com.
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