Realty in trouble with Hydraa..
No sales for 4-5 months..
Government provides clarity..
Positive trend from the last 2 weeks..
Increased site visits to projects..
“The real estate sector is just beginning to breathe again. A positive atmosphere is returning to the market. Buyers are coming to the sites to purchase flats, discussing prices, and seeing how much the rates will drop. Compared to the festival season, there has been some movement in the past two weeks. In this process, some builders are agreeing to reduce prices by 10-15%. Builders are just now emerging from the mental pressure they have faced over the past four or five months.”
“The damage that had to happen in the Hyderabad real estate sector has already occurred. A terrible destruction took place under the name of Hydraa. Home sales have drastically dropped. For the past four to five months, most builders have spent sleepless nights. Even though they weren’t in the buffer zone or within the FTL limits, some developers were disheartened after observing the market’s direction. Many developers are complaining that such a distorted situation has never occurred in Hyderabad’s real estate market before. The government, which engaged in destructive actions with Hydraa, has caused a loss of confidence among buyers, despite repeatedly talking about Future City, RRR, and the Metro Second Phase. Because of this, the majority of people didn’t focus on buying homes at all. However, thanks to the corrective measures taken by the state government, the real estate market is gradually becoming more positive, albeit slowly. In the first year of the new government, the market will adopt a wait-and-watch approach. Sales in the real estate market will increase after that,” said G. Haribabu, National President of NAREDCO, in a program titled Real Talks with King Johnson.
* Even during the subprime crisis in 2008, the Satyam scam, and special movements, the real estate sector was never hit this badly. One could say that the market has completely collapsed since last year, thanks to the Congress government. The state government, which opened its eyes late, announced that Hydraa would target projects with approvals. However, by then, the damage that needed to happen had already occurred. Now, even if some patchwork is done, it seems unlikely that the real estate sector will recover. However, most builders are saying that a positive atmosphere has developed in the city’s real estate market over the past two weeks. They say buyers are visiting sites now, but the final decisions are still not being made.
* Many developers are saying that some buyers are showing interest in setting up permanent residences in ready-to-occupy as well as projects that will be completed within a year in Hyderabad. Recently, it has been reported that some buyers have booked flats in the pre-launches started by builders in Kokapet. Buyers have also purchased properties under the ‘Expression of Interest’ scheme with companies like Godrej and Brigade. Some companies are selling flats under 100% payment in projects that are in the final stages of construction. These companies are attempting to sell some flats to overcome the cash shortage issue.
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