Despite the formation of a new government in Telangana, sales of plots in many real estate ventures have not increased. The situation has become worse as there have been no sales in the market for about three months. Due to the cancellation of the Pharma City and Airport Metro Corridor, an adverse environment has been created in the market. However, as the elections are approaching in Andhra Pradesh, if there is a change in the government, some investors feel that the demand for real estate will increase again. That’s why many investors have adopted the attitude of waiting for some time, say real estate experts.
Just like how the government changed from BRS to Congress in Telangana, if a new government is formed in Andhra too, there will be a demand for the real estate sector, and the prices of plots and flats there will increase. As a result, the number of plot buyers in Hyderabad ventures has reduced significantly. Due to the lack of sales, the realtors are also depressed. Not knowing how long this situation will continue, some promoters are facing severe difficulties. Some realtors told Real Estate Guru that since the election in Telangana, no one has shown much enthusiasm for buying plots here.
In the last three years, some realtors have started developing ventures far away from Hyderabad. Ten years ago, there were only ventures to the south beyond Shadnagar. Now, they have crossed Vikarabad and Shankarpally. If Sangareddy is considered far away, the number of realtors who ventured beyond Sadashivapet and Zaheerabad has increased. When it comes to the matter of East Hyderabad, ventures have come up in Aleru and Janagaon. They reached Narkatpally, which is located towards Vijayawada.
Plots are being sold in areas to be developed in the next 10 years. Hence, many are not showing interest in buying there. Even if a plot is bought, it is not possible to build a house immediately. The yard rate in the area where a house can be built has crossed Rs 20,000 for one square yard. That is, to buy a plot of two hundred yards and build a house, it will cost Rs. 60 lakh. And, rather than going that far and living in uninhabitable areas, there are more buyers who think it is better to buy double-bedroom flats near Hyderabad. It can be said that this is one of the reasons for the plot rates to decrease.
