margao from super profits to distress sales to a semblance of stability the real estate economy in south goas mining belt has been a barometer of the fluid rural economy of region before during and post the 2012 mining banwhen the iron ore trade was at its peak the twin cities of curchorem and sanvordem witnessed rising levels of prosperity leading to a spurt in trade and commerce given rise to a class of nouveau rich the huge demand for residential spaces and investment needs led to an unprecedented surge in real estate prices at the time the mining belt was riding on a crest of newly acquired disposable money generated through the mining trade much of which was through hawala channels as mining is a labourintensive industry there was a huge influx of migrant population which worked as mine labourers locals who owned lands or agricultural fields in the mining belt sold them off to builders and bought apartments which they rented out at exorbitant costs for providing accommodation to migrant mining workers or truck drivers the labourers wouldnt mind paying high rents as their income was pretty handsome during the mining boom a business analyst from curchorem told toi sources pointed out that altogether around a lakh of migrant labourers were absorbed in the mining industry directly or indirectly the number reduced to less than 40000 now after the ban was lifted in 2014 sources estimated secondly the mining trade generated a lot of black money industry watchers said that as real estate was the major source that could absorb a lot of black money the increased demand for investment in real estate had led to a situation where there was an almost 500 rise in property prices during the period from 2004 to 2012business analysts toi spoke to concurred that the mining windfall contributed to affluence in the mining belt and resulted in spiralling land prices and was more evident in other parts of the state in the tourism belt of north goa land prices rose by 10 times while those in the mining belt went up fourfoldfor instance in the pontemol area of curchorem land prices have spiked from rs 2000 per sqm in 2005 to over rs 12000 now the chequered pattern of the real estate trade is evident from the fact that an office space in a centrally located place in curchorem that was priced at rs 8000 per sqm in 2004 came to be sold at a preconstruction rate of a whopping rs 45000 per sqm during 201112 months before the mining ban post the ban real estate economy slumped and the same space was available at rs 25000 per sqm still there were no takers another industry watcher said now a 100 sqm 2bhk flat in curchorem which cost an upward of rs 34 lakh in 201112 is being offered at less that rs 25 lakh financial analysts are of the view that the reduced demand for apartments has led to