Hyderabad: Hyderabad’s real estate market has seen a sharp decline, with property registrations plummeting by 25 percent in September 2024, compared to the same period last year amid demolitions by the Hyderabad Disaster Response and Asset Monitoring and Protection Agency (HYDRA).
Realtors are pointing fingers at the HYDRA for this downturn, claiming that its ongoing demolitions have scared off potential buyers.
Dip in property registrations in Hyderabad to affect state’s revenue
In September 2023, 51,144 properties were registered in and around the city, but this number dropped to just 38,464 in September 2024. The fall in registrations has also affected the state’s revenue from property deals, which has plunged from Rs 955 crore last year to Rs 650 crore this year.
A realtor in Langar Houz, Naveen Kumar, criticized HYDRA’s demolition drives, arguing that they have created uncertainty in the real estate market. “People are now hesitant to buy properties, fearing that their land may later be identified as falling within the boundaries of lakes or nalas,” said Kumar. He added that the state government must take immediate steps to resolve the issue by clearly marking Full Tank Levels (FTL) and buffer zones to reassure buyers.
Rebuild trust among buyers: Realtors to Govt
The fear surrounding property purchases comes despite some areas, like Banjara Hills, maintaining steady registration numbers compared to last year. However, the broader decline in registrations has deeply impacted Hyderabad’s once-thriving real estate market, with many urging the government to balance its environmental protection efforts with the need to sustain the real estate sector.
Realtors are now calling for urgent government intervention to promote the sector and rebuild trust among buyers while continuing efforts to protect the city’s natural resources.
