Hyderabad: Property owners in twin cities of Hyderabad and Secunderabad, who had invested their savings to acquire properties as source of income, are unable to get proper rents for their properties for the last one and a half years due to COVID-19 pandemic.
The property owners are suffering from economic crisis as they are either unable to get full rent for their leased properties or the amount they are getting is insufficient to meet their expenses.
Earlier, in twin cities where IT companies are located, the flats and houses were in high demand which however is not the case today.
The demand for flats and houses has decreased for the past one and a half years and the situation is turning for these flat investors from bad to worse due to imposition of the lockdown.
Owing to the “Work from Home” trend the IT employees from other cities who were staying in Hyderabad to work in their offices have gone back to their native places leading to a sharp decrese in the occupancy of the flats.
At the onset of the current year, it was hoped that the IT companies will resume their work from their offices and the employees shall come back to the city. But the second wave of coronavirus has put paid to these hopes since the last three months.
The flat rents in twin cities areas such as Gachibowli, Madhavpur, Sheikhpet, Madinaguda, Nacharam, Uppal, AS Raonagar and other such areas where the IT employees were staying earlier have witnessed a sharp decrease.
It is said that property owners are trying to attract flat seekers by reducing the rent. They are also agreed to rent out their flats to the locals which they were reluctant to do earlier.