COIMBATORE: More than 1000 members of the real estate sector, including key promoters, have sought divine intervention to bail them out of the crisis they were in, caused by decreasing demand and prices. They thronged the famous Vella Muneeswaran temple at Kavundampalayam on the outskirts of the city and attempted to appease the presiding deity, offering her 130 kg of chicken meat, 100 kg of goat meat and 1200 eggs.
The present economic slowdown has drastically affected the real estate sector and most companies are struggling to find buyers even for luxury villas. The gathering offered special prayers to facilitate another real estate boom in the city. The ancient temple is famous for 'Kadavettu,' a practice of sacrificing goats to press for divine intervention in a crisis. A total of Rs 3 lakh was spent on the ritual and feast for devotees.
Considered to be a form of Siva, Vella Muneeswaran is known to fulfill the wishes of devotees. "We firmly believe that our prayers would help us improve business prospects. Humans are limited in their capabilities so we seek God's help," M Mohan Raj, a real estate promoter and one of the organisers of the ritual told Times News Network.
"This is the second time that such a ‘pooja’ has been conducted. Last year, when we were in a similar situation, our prayers helped us revive our business. The response has been massive this year due to the severe business losses many of us are suffering," Mohan added. On invitation, developers, builders and mediators from Edayarpalayam, Vadavalli, Thudiyalur, Vellandipalayam, Venketapuram, TVS Nagar and Kavundampalayam attended the pooja which began on Wednesday morning and ended by noon, a Times of India report said.
The real estate business is going from bad to worse. More than 100 projects in Edayarpalayam and Kavundampalayam areas remain static, said Kallimuthu, a builder from Edayarpalayam. "Increase in guideline value along with the government's tough stand in regulating the sector has also contributed to the crisis created by the economic slowdown,'' he said. "I was able to sell 70 houses last year. This year, selling even 10 houses has become a Herculean task," he said. The increase in prices of raw material and labour charges have jacked up the overall cost, he added.
Middle-class families have been affected the most, said S S Shivakumar, a property dealer. Property prices have increased by 100 per cent compared to last year. We are planning to take up the issue with Coimbatore collector," he said.
R Krishnaswamy, chairman, Builders Association of India, Coimbatore chapter, said that most buyers invest in land for resale. Consequently, they are finding it difficult to provide houses at affordable cost. In addition, people prefer to buy land in the suburbs rather than the city. This has also slowed down the business, he added.
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