Customers withdrawing advances for lake view houses
Questioning the future of 25,000 lake view houses in Hyderabad
The Hyderabad real estate market is facing a significant impact from HYDRA. Until yesterday, there was a strong demand for lakeview houses in the metropolitan area. However, the situation has suddenly changed. Buyers are now stepping back from purchasing lake view properties. With fears of the HYDRA bulldozer potentially coming to their properties, lakeview homeowners are expressing concern. Builders constructing lake view houses near lakes are now in confusion about how to proceed.
The Hyderabad real estate sector is facing significant impacts from HYDRA. HYDRA is aggressively taking action against illegal constructions in Hyderabad. The authority is demolishing buildings constructed on encroached lakes and nalas. There is widespread concern as even houses built with government approvals from agencies like HMDA and GHMC are being razed to the ground. With HYDRA’s swift actions, both builders and residents in Hyderabad are experiencing a degree of anxiety. Homeowners in residential projects near lakes are particularly worried. Those who purchased flats in residential projects with attractive lake views are now apprehensive, fearing that the HYDRA bulldozer might come to their property at any moment.
Until yesterday, there was significant demand for residential and commercial construction projects near lakes. Flats and villas with good lake views commanded higher prices. In a concrete jungle like Hyderabad, people showed interest in lakeview homes for the clean air and natural light they offered. Buyers would often compete to purchase lakeview flats and villas even while they were still under construction. Prices for lakeview properties were generally higher compared to other homes. Despite this, Hyderabad residents had been eagerly buying lakeview properties until recently.
Now, suddenly, the situation has changed. Until yesterday, those who desired lake-view homes are now turning away from them. Purchasing new lake-view homes has become a distant thought, and even those who already own properties in lake-view residential and commercial projects are expressing concern. Despite having all the necessary approvals, there is a constant fear that a HYDRA bulldozer might arrive at any moment. It appears that many are trying to sell flats and villas in lake-view projects due to the impact of HYDRA. On the other hand, builders are lamenting that no one is coming forward to buy new lake-view properties. They are worried that while those who already own lake-view properties are trying to sell them, no new buyers are emerging.
In residential and commercial projects built near or facing lakes, lake-view flats generally cost more than other flats. According to real estate marketing experts, the price of lake-view flats can be higher by Rs 300 to Rs 1500 per square foot compared to flats facing other directions, depending on the project. However, now, due to the Hydra impact, the higher price is not the main issue—there is a severe shortage of buyers for lake-view properties. Builders are increasingly anxious about how to sell lake-view homes, and this concern is a hot topic in the market. With the demand for lake-view homes in Hyderabad declining due to HYDRA’s influence, builders are worried about the future of the approximately 25,000 homes being constructed near lakes with the lake-view concept.
