Ongoing Financial crisis to impact other sectors
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As per to the sources saying @ the www.propertykhazana.com, ruin in the global economic prospect is leaped to have its effects in the state economy too. NRIs, buy and sell based companies and realty segment might suffer if the international economic reduces continuously. NRIs will have to share the stress of measures of being realized by their countries to hold off the crisis. Result will be abridged in the payment from overseas which is expected to impact a range of activities in the state. The flourishing realty segment was moved by fund cater in the market. High rates in realty and increase in construction activity was backed by the stable onset of foreign payments.
Realty segment has grown highly in cities like Kochi which has started executing infrastructure ventures like Vallarpadom Transhipment terminal and LNG terminal. This was the NRI sector that supported this growth. A reduce in realty segment is meant that the auction of building materials will turn down resulting a drop in tax revenues to the Govt.
Vice Chairman of State Planning Board said to www.propertykhazana.com that, “The global crisis may impact on the lives of Keralites also.” Large number of refugee laborers employed by construction segment will become unnecessary and they will be forced to go back to their native states.
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