Real estate business bites dust
Kurnool: With the real estate business biting the dust in the district, the realtors who invested fortunes in the land are in a dilemma as to what to...
Kurnool: With the real estate business biting the dust in the district, the realtors who invested fortunes in the land are in a dilemma as to what to do with the land they had purchased.A The realtors in the district, who used to invest in Hyderabad to reap profits, started purchasing land in the district after Telangana agitation got momentum in the hope if Telangana state was carved out, the lands in the district would become precious.
Particularly, Kurnool is in a vantage point from Hyderabad to Benguluru and Chennai giving hope to the realtors that it would fetch handsome returns if they invest in the land at Kurnool and Nandyala. A cent of land which used to be sold for a few thousands in the past is now being quoted at Rs. 5 lakh in the city. An acre land between Kurnool and Nandyala is being quoted at Rs. 50 lakh.
The poor and the middle class are not in a position to purchase land at the exorbitant prices quoted by these realtors. And the realtors are not in a position to compromise and bring down the price of land.A Seshu Yadav says that the main reason for the high land price in Kurnool is its proximity to the State capital of Hyderabad and its abundant water resources. A number of realtors started various ventures throughout the district.
There are hardly any buyer of these ventures which are being quoted at exorbitant rates.A Satya Raju, realtor, says that the State Government had enhanced the land registration value manifold discouraging people to buy land. "Who would buy the land under these circumstances," he added.A In effect, the real estate business is moving at a snail's pace.