Legacy created in 40 years destroyed in 4 months?

King Johnson Koyyada, 9030034591 : Every government struggled and worked hard for 40 years to make Hyderabad what it is today. With innovative and revolutionary decisions they’ve made, Hyderabad brand image has reached an international level. However, instead of rising further, suddenly, there’s been a drastic fall. There are no buyers for flats… There’s no one even asking about them…

NRIs are fleeing from investing in Hyderabad… An unprecedented zero sales in flats… If this situation continues… Instead of farmers’ suicides, we may see realtors’ suicides increase… We need to understand where things went wrong… Even now, the Revanth Reddy-led government must open its eyes… Set aside blaming the opposition… Focus on development… Plans must be made to enhance the brand image of Hyderabad and Telangana. Strict action should be taken against certain digital channels harassing construction companies and panicking their buyers… This is what realty developers in the city feel.

It seems that the Hyderabad brand image is currently under fire. In the past, when the Bengaluru brand image was damaged, it took at least 12 years to recover. For Delhi, it took nearly 15 years. Now, everyone is questioning how long it will take for Hyderabad to regain its former glory. Even now, the Telangana government needs to make efforts to restore the Hyderabad brand’s reputation, as the entire construction sector in Telangana is calling for it loudly. Recently, in a meeting with Deputy CM Bhatti Vikramarka and Minister Uttam Kumar Reddy, the real estate sector expressed its frustration and voiced its concerns.

Realty sector sees complete downfall

Is the construction sector an untouchable one? Are all builders fraudsters? Mistakes happen in every industry. But how terrible is it to generalise all builders based on a few issues? The construction sector plays an unparalleled role in state development. Is it correct to suddenly portray this sector negatively?

Builders expressed their frustration, noting that after the parliamentary elections, they hoped the construction sector would stabilise. However, with officials, the government and some digital news channels competing to spread false information under the name ‘Hydra,’ the entire construction industry collapsed overnight. Buyers were left in panic, and those who had already purchased flats became extremely anxious. Despite builders’ efforts to assure them, buyers who are in a panic state are demanding refunds, lamented builders.

After obtaining permissions from bodies like GHMC and HMDA and starting projects with RERA approval, builders expressed concern that the Hydra situation is making it difficult to proceed without facing issues. With cases filed against GHMC and HMDA officials, homebuyers are experiencing anxiety. All buyers are demanding refunds from builders, leaving them in a state of helplessness and despair.

Isn’t this harassment?

When private developers provide the housing that the government is supposed to offer, how is it justifiable to harass them instead of encouraging them? To start a project, numerous approvals are required, and fees must be paid to the government. Once construction begins, to lay the slab within a month, at least twenty flats must be sold. Even if the market isn’t doing well or sales are lacking, according to RERA, the apartment must be completed.

Even if only 10 flats are sold, builders will take loans from banks or raise funds from interest traders to complete the slab work. But if those sales do not happen on time, what situation will they be in to repay both the bankers and the interest traders? Moreover, since last December, there have been no flat sales. For the past three months, it’s been virtually zero sales. Not only that, but those who had already purchased are pressuring for refunds—what is the builders’ situation now?

All the money given by buyers has been deposited in escrow accounts and spent on concrete needed for constructing the apartments. Now, if they are asked to return the entire amount, where will the developers bring that from? Even if buyers are explained this situation, they seem to listen but come back the next day demanding their money back, leaving the construction sector in despair, unsure of what to do.

* Builders and developers have been struggling for years, overcoming various obstacles, and enhancing their reputation and prestige in society while fulfilling the dream of homeownership for thousands of people. The Rajiv Swagruha scheme, launched during the previous Congress government tenure, remains incomplete to this day. However, since then, private builders have completed thousands of homes for the public. Developers questioned how it is fair for the government and certain media channels to join forces and severely damage the construction sector without understanding this reality.

* When government agencies like GHMC and HMDA grant permissions after thorough scrutiny, how fair is it to now say those permissions are incorrect? How can their constructions fall within FTL and buffer zones? Moreover, local authorities have not issued a single notice. In this context, how correct is it for certain digital media channels to repeatedly portray their constructions as illegal (when they are not real estate experts)? They stated that if anyone among them makes a mistake, they are ready to receive notices. They questioned the fairness of certain private media channels disparaging builders, depicting them as fraudsters and illegal developers, and why the government does not take action against such portrayals. They expressed frustration that the government must understand how challenging it is to construct housing complexes.

 What the realty sector wants from the government:

Who asked to build that high?