“Do not believe the propaganda of the Andhra media. Brand Hyderabad is booming and along with it, the real estate sector,” said KCR on many occasions in response to the dip in housing prices in Hyderabad. Statistics however tell a different story.
According to a report presented by property consultants, ‘Cushman and Wakefield’, new residential unit launches in the top eight cities in Hyderabad dropped by 12% and Hyderabad with 5000 new residential unit launches is the worst hit with a drop of 46% compared to the previous year.
In other words, the market has dropped by nearly 50%. Despite developers trying to entice buyers with incentives in the form of free modular kitchens, free cars and discounts among other things to clear piled up inventory, the overall transaction activity remained subdued.
This is clearly an offshoot of the bifurcation coupled with KCR’s hostile statements and acts targeted at the Andhras. But builder Ravinder Reddy of Telangana has a different take on the issue. “After bifurcation, sentiments were really high.
But the wounds are now slowly healing. As far as the coastal people are concerned, in an alternative area to Hyderabad, they have to invest much more without infrastructure. Slowly people are feeling that Hyderabad is a better bet.
Nobody will spend lakhs of their money based on sentiments and feeling,” said Reddy. Wonder what Seemandhra people would have to say about Reddy’s opinion.
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