Buyers have been evincing no interest to buy re-sale villas in Tellapur, Kolluru and Mokila areas of Hyderabad. The prices of the villas escalated to Rs 3 to 4 crore each, irrespective of the Covid-19 situation, from Rs 1 to 1.5 crore four years ago. God alone knows the reason for the price escalation of the villas. When these villas are brought on to the market for re-sale, there are no takers for such projects as they find the price as highly prohibitive.
Another reason for lack of interest among the buyers in re-sale villas is some developers are selling the brand new villas in and around Kollur at a price of Rs 1 to Rs 1.5 crore. These projects would be ready in all respects in one to two years. Hence, the buyers are not willing to shell down more for the re-sale villas. They are ready to buy the villa project where the prices are less. Because of the reason, the high-end villas are not in demand in Hyderabad. The re-sale of the high-end villas came to a standstill. The buyers are not prepared to buy these villas in areas which are not fit for living.
In fact, those who brought villas in Manchirevula are facing many difficulties, especially to commute to hospitals during emergencies. They have to reach Gachibowli whether to eat in a good restaurant or to watch films. The situation is more or less the same for those who have bought their villas in Velimala. That is why many people are not coming forward to buy re-sale villas.
The popular perception among the people is that if they were to buy a new villa in outskirts, there is probability for development of infrastructure like roads in the next two years, when the villas would be ready for taking possession. Therefore, the customers are heavily in favour of buying new villas at fewer prices compared to acquiring the old villas at exorbitant prices in re-sale.
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