Realty buzz falls silent at 'Telangana Tirupati'

Realty buzz falls silent at ‘Telangana Tirupati’
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Realty buzz falls silent at ‘Telangana Tirupati’ 

Highlights

Yadagirigutta is being projected as Telangana’s Tirupati and the projection of lakhs of pilgrims visiting the temple in the future has been successful

About one lakh plots in a radius of 5-6 km of Yadagirigutta have been sold in the past few years.

• A majority of the plots come under gram panchayat layout

• On Sundays, prospective buyers are taken to site and lunch provided

• On an average, close to 100 cars from twin cities would make their way to Yadagirigutta. It has now come to a grinding halt.

Hyderabad: With the abolition of the Village Revenue Officer (VRO) system in the state, the real estate, especially in Yadagirigutta, has taken a hit. Just a couple of days ago, close to 100 cars carrying prospective buyers, would ply to the temple town. In the wake of the revolutionary changes in the revenue department, buyers are playing the waiting game.

K Satish, a realtor of SS Properties, says, "Such was the craze that close to one lakh plots in a radius of 5-6 km from the hillock were sold." Today, however, all that has changed. Gundu Harish who is associated with Incredible India Projects who ferries prospective buyers says, "Not so long ago, a dozen cars would take off simultaneously from different corners of the city, now it has come to a grinding halt."

The buying frenzy has taken a beating as people are wary. The reasons are many as a majority of the plots sold come under the gram panchayat layout. Harikrishna Reddy, a realtor, says, "In this business, the first purchaser usually refers to others in the family but now that has stopped and has affected business. No one is wanting to look at plots and are watching the developments."

Why did Yadagirigutta become such a hot spot? We asked Krishna K of SV Properties. He says, "Yadagirigutta is being projected as Telangana's Tirupati and the projection of lakhs of pilgrims visiting the temple in the future has been successful."

It is the lower and middle classes that have bought plots in and around the hillock. With the state government spending hundreds of crores in developing the temple and building VIP guest houses, it has made people hop onto the car get a piece of the promised land. Realtors, however, say that 75% of the people who bought plots are not in a condition to go in for LRS. They just do not have the money.

Satish says, "The government's decision to bring in reforms in the revenue department is welcome but the timing isn't. Owing to Covid-19, people do not have reserve funds."

Real estate agents are still trying hard and wooing customers by arguments that that the government would give an exemption. Manohar P, a marketing executive, says, "On a Sunday, hundreds of cars could be seen on the highway to Yadagirigutta.

People would be shown the plots and lunch was arranged. We are now waiting for the dust to settle down."

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