Hyderabad, Aug.6 (NSS): BJP State executive committee member Gudur Narayana Reddy on Tuesday urged Chief Minister A Revanth Reddy to take immediate steps to lift up the real estate market in and around Hyderabad and in rural areas of Telangana as well, as it has been nose diving.
In a media statement, he said the market has been facing a severe slump in the past few months and the developers and builders are in a state of agitation. The customers were not coming forward to purchase flats, lands and plots fearing the present condition of the market.
He informed that particularly Hyderabad has recorded the most significant decline in new residential launches among India’s major cities for the April-June quarter of 2024.
According to a report, the city experienced an overwhelming 58% drop in new housing units, making it the biggest loser among the top eight cities.
Reddy said that new launches plummeted from 15,095 residential units in the first quarter of 2024 to just 6,365 units in the second quarter in the city. He said, “In the stretch between Uppal and Alair on the Warangal Highway, the developers were unable to sell a single acre of land in the past eight months which has seen a bee hive of activity in the past (before Assembly polls).”
He stated that the market in the State has experienced a robust growth before the general elections to the Assembly and it has been experiencing a severe stress in the past eight months. He informed that transactions were not taking place as per the expectations of the builders and developers. The activities in the registration offices have come down drastically. The Chief Minister can ask the Stamps and Registration Department about the situation.
The BJP leader pointed out that the present Congress government has not taken any steps to encourage the stakeholders of the real estate market – the developers, the builders and the buyers. He said a mention has been made in the Assembly recently about the pathetic condition of the real estate market in Hyderabad and in its surroundings. He said it has been pointed out in the mention that permissions and occupancy certificates have been held back. He suggested to the Chief Minister to hold a meeting with the real estate developers and builders immediately to find the reasons for the slump in the market. The government should find out the causes that have been hindering the market.
He said customer and real estate developer friendly actions are need of the hour to improve the conditions of the market. There was a need to instil confidence among the stakeholders about guarantee to the investments.
Narayana Reddy said though the Congress has formed the government with good intentions in the State, it was not taking proactive measures for the growth of the real estate business which is the life line for lakhs of people.
