Real estate traders in Andhra Pradesh are facing challenging times despite the change in government.
Many, including some YSR Congress Party (YSRCP) supporters, had expected the real estate sector to thrive under the new TDP-led alliance government. However, past policies implemented by YSRCP—such as the mandatory five percent cut for the government—had already frustrated traders.
Additionally, local YSRCP representatives allegedly demanded hefty sums from realtors, making business operations even more difficult. Delays in sand supply further slowed down apartment construction, leaving builders struggling to complete projects.
Hoping for better conditions, traders supported the new alliance, believing it would revive the sector. However, despite the political shift, real estate conditions have only worsened, with no visible improvements.
Land prices have plummeted, particularly in Kadapa, where a cent of land that once sold for ₹5 lakh has now dropped to ₹1-2 lakh. Builders are also struggling as apartment plots remain unsold.
Although the new government has eased construction regulations, traders continue to face issues with local representatives' greed.
Officials allegedly demand bribes before approving new ventures, discouraging realtors from investing further. Many traders now question the viability of staying in the business if they must constantly satisfy political leaders.
The only exception in the state is Tirupati, where the market remains somewhat stable due to the city's unique economic conditions. However, even there, growth has been minimal.
The statewide real estate slump highlights how political change alone does not guarantee economic progress, leaving traders increasingly frustrated and uncertain about the future.
