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Hyderabad: Land and property registrations in Telangana have witnessed a steep decline amid growing fears over ongoing demolition drives by the Hyderabad Disaster Response and Asset Protection Agency (HYDRA) which has reportedly been scaring away potential buyers.
Many prospective buyers are hesitant to invest in land or plots due to uncertainties about the legality of properties and the risk of future demolitions.
According to reports, there is a 30 percent drop in registration income for September compared to last year. In September 2023, around one lakh transactions generated Rs 955 crore, while this year, transactions fell to 80,000, bringing in Rs 650 crore.
Real estate experts warn that the trend may persist unless authorities provide clear communication about property regulations and demolition policies, leaving both buyers and developers wary in a stagnant market.
On October 4, The Telangana High Court refused to stay demolitions undertaken by the HYDRA during Dasara.
The High Court also sent a notice to the Telangana government directing them to respond within four weeks with reasons for going ahead with the demolition drive in Hyderabad, without adhering to legal provisions or issuing notices to the owners of the residential properties etc.
This post was last modified on October 7, 2024 5:24 pm