Hyderabad Realty Sector Slumps After a Series of Land Scams
Hyderabad: After demonetization, realty sector slowly began to pick up in the last three months, but a series of land scams, involving crores of rupees, once again bought back the market into standstill in Hyderabad.
This is a major setback for Telangana government, which has failed miserably to curb illegal registrations. Realty sector was slowly on recovery path after April 2017, but land scams of Miyapur, Ibrahimpatnam, Banjara Hills left customers in dilemma once again whether to invest or not. This is clearly visible with the revenue generated in the month of June.
Last year in June, Revenue was 110 crores, but 2017 the revenue ended with 106 crores. Buyers who gave advance for apartments and open lands have begun to ask developers for the repayment of the initial amount that they paid.
Another reason for the downfall of registrations is the decision of cancellation of anywhere registrations by the government, reshuffling of Sub-registrars.
It may take time for realty sector to pick up once again in Hyderabad and Ranga Reddy District, as per the prominent project Developers of Hyderabad.