Recent reports from Bangalore real estate market show that the city is prone to unfair and unjust measures. Large numbers of unregistered real estate brokers are blamed for this.
There has never been any sluggishness in Bangalore real estate market. It could not be present even when the entire country was hit by this. Sadly the real estate boom has paved the way for many unjust means and ways to creep into the Bangalore real estate market. The presence of unregistered real estate brokers remain the main reason.
The way homes are rented, bought or sold tells us how the city is booming. The property prices have shot up by many folds mainly due to the higher flow of middle income group to the city.
It is estimated that property prices have gone three or four fold up in the just- passed decade. Despite the higher prices, people raise demand for Bangalore properties. Still anyone can see people running to grab a piece of property in Bangalore.
Let’s look at how the property sale takes place. Many people complain about the over trouble by the unregistered real estate brokers. The list of unregistered real estate brokers contain the security guards, cooks, taxi drivers and auto drivers, and the list goes on without an ending point.
Many of them have no office or no proper dealings. Once they smell out that a property is for sale, they all approach with the claim to bring takers for the property. Most of them remain fake promises which are meant only to grab 2 % of sale.
Some of them are to be paid initially and once they gain a crumb of money they never turn up again. Some bring ‘prospective takers’ without any prior information. The property sale does not happen in most of the cases. Many similar cases are reported. Advertising in newspapers becomes the final resort for them.
Yet there are many cases in which these unregistered real estate brokers claimed that the property sale was done through their mediation. They claim their share of 2 % as well. What the home- sellers can do than blame the fate. Interestingly there are many such “unregistered real estate brokers” who travel on luxury cars.