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Real Estate Unable to Come Out of Tough Time in Hyderabad!

By:  Tupaki Desk   |   21 April 2022 6:11 AM GMT
Real Estate Unable to Come Out of Tough Time in Hyderabad!
Excise, Information Technology, and Real Estate are the key sectors of Pearl city Hyderabad. These sectors make up a massive share of income and revenue generated in the state. While the first two areas are seeing new heights, Real Estate is not having a good run, is what experts say.

Despite the Covid impact being normal, the Real Estate could not see much growth and as a result, flats and other properties are remaining unsold. A recent report had shed light on how bad the Real Estate sector is now at present in the capital city.

Looking at the reasons for this, the Covid impact remains at the top of the list. Due to the Covid impact, many people have spent their savings for treatment, it might be for them or their loved ones. No matter whom they have spent the money on, they have lost the majority of their savings.

Earlier we have heard stories that private hospitals have charged lakhs of money for Covid treatment. In one instance, a victim had appealed to IT Minister KCR that a hospital is not allowing him to take the bodies of his parents who died to Covid as there is a balance in payment.

As another big concern, the materials that go into the construction like steel and cement saw a big hike. With the Pandemic and the hike hitting the Real Estate sector at once, it had become difficult for it to take the tough time.

All these factors had resulted in the prices of the properties soaring up. On top of this, the registration charges also played their part in creating a problematic situation. Irrespective of the areas, the prices went up and in a few areas, the price increased by many folds keeping it out of the reach of the common man.

To show how tough the situation is, around one lakh flats went unsold in the city limits alone, reports say. While the prices are going up, the demand is coming down with people preferring making investments that give good income rather than buying properties. Even after buying the apartments, the owners have to pay some amount as maintenance every month, this might also be a reason.