Amaravati Impact: Big Drop In House Sales In Hyderabad!
We have seen this when the lands were sold at Kokapet and other places.
When we talk about Telangana's capital city Hyderabad usually IT flashes in our mind given the numbers it has. Not just IT, Real Estate is also a big sector in the city and the sector has been blooming for some years. We have seen this when the lands were sold at Kokapet and other places.
However, the recent quarter failed to reach the expectations. As per the information gathered by the Real Estate analytics platform PropEquity house sales in Hyderabad dropped by as much as 36 percent, which is huge. In the second quarter of April-June, the sales dropped.
The observers say that due to Amaravati's impact, the sales in Hyderabad came down massively. Amaravati the proposed capital city of Andhra Pradesh in 2014 is seeing a big buzz now with change in government.
With Chandrababu Naidu in the Chief Minister's post, the fate of Amaravati changed. The site which was ignored for five years saw the works resuming. The beautification process started even before the government took charge.
Chandrababu Naidu recently chaired a meeting with the construction companies and the construction works are expected to pick up any time soon. Amaravati has all the potential to become the next big thing in the Real Estate market due to its resources and massive area.
Considering this, the buyers are said to be showing interest in buying properties in Amaravati rather than Hyderabad. Pearl City has some issues like traffic, water logging when rains, and others. This is not the case with Amaravati as it is being developed from scratch.
Keeping future needs, the city is being developed with all the facilities. Usually, the buyers pick properties that grow their value in the future. With this buyers are preferring Amaravati than Hyderabad which led to a massive drop in house sales in the second quarter.