The real estate boom, which once limited to towns and cities, has now spread to small villages now. It has become common practice for the realtors to promise false real boom in villages and develop ventures and later dupe customers. Taking advantage of reconstruction of Yadadri temple, the realtors jacked up the prices of real estate in the adjoining areas.
The vicinity of Sri Parvati Jadala Ramalingeswara Swamy temple has been subjected to false real boom by builders, who spread rumours that the CM is going to develop this temple after Yadadri temple and gathered attention of the public. They are trying to convince customers saying that constitution of Neelagiri Urban Development Authority as the proof of this. Plots have been developed around the temple and selling them at Rs 8000 a sft. One year ago, an sft in the area was sold at Rs 4000.
At least 20 realty ventures surfaced all around the tank. The people are not able to distinguish between legal and illegal ventures. In this backdrop, several have been appealing to the officials to subject them to scrutiny and take remedial action
