No festive joy in sales

As soon as the festival season begins, Hyderabad’s real estate sector witnesses an unprecedented buzz. Home sales, which start from Ganesh Chaturthi, pick up momentum around Dasara. This time, however, the Reserve Bank did not raise the repo rates, which should have kept the market in a happy state. But, Hyderabad’s real estate market tells a different story. There is no excitement in sales, no crowd at project viewings, and the market as a whole seems devoid of energy. Developers claim that such a poor market condition has never been seen before. Even during the peak of the Telangana movement, sales occurred at expected levels, but now the entire market seems to have collapsed, with real estate experts expressing their concerns.

Since the formation of the Congress government in Telangana, no policies have been announced to boost the real estate sector. There are suspicions that CM Revanth Reddy might have a personal grievance against the sector. It is unclear whether the government plans to demolish the market completely and then rebuild it slowly, but what was once a thriving real estate market in Hyderabad has now become stagnant. The city, which was once regarded as one of the top cities in the country, is no longer even in the top 10 rankings. Currently, Telangana’s real estate is operating in only one gear, and the construction sector is eagerly waiting to see when it will shift into second, third, and fourth gears, or even the top gear. It’s well known that if you keep applying brakes, the vehicle will eventually break down.

While Hyderabad’s real estate has the potential to shift into top gear, the problem is believed to lie with the “charioteer,” or the leadership. Both buyers and builders are hoping that the leadership will steer the market into high gear soon.