The impact of the HYDRAA effect on the Hyderabad real estate market is significant, with many builders incurring substantial losses. Statistics from various departments are reflecting the same trend.
There is widespread concern that any property purchased in Hyderabad is potential enough to be affected by HYDRAA.
Compared to last month, income on registrations has decreased by Rs.320 crore. The impact of the HYDRA demolitions is evident in all the registrar offices. Registrations have drastically decreased compared to July.
In Hyderabad, Rangareddy, Medchal-Malkajgiri and Sangareddy under GHMC, there were 58,000 registrations in July. In August, this number dropped to 41,200.
Income from registrations was Rs.1,105 crore in July. In August, it decreased by Rs.320 crore to Rs.785 crore. There could be further downfall of this number in September as per sources.
As the awareness of HYDRAA demolitions is widespread, the affect on the downfall of real estate business will be significant in coming months, say realtors.
