Hyderabad’s once-thriving real estate market is now facing a severe downturn, with investments drying up and property sales plummeting. Alarming data shared on social media and in reports reveal that investors are struggling to recoup their investments in the city.
Adding to the concerns, Akbaruddin Owaisi, leader of the AIMIM legislature party and an ally of the Congress government, acknowledged on the Assembly floor that ‘HYDRAA’ was responsible for the current crisis, which has deterred investments in Hyderabad. Former Minister Mallareddy echoed these sentiments, stating that real estate traders have been left sleepless, with no significant property sales occurring in the past year.
Under the previous BRS rule, Hyderabad saw robust growth in real estate and IT investments. However, the past year under Congress rule has marked a dramatic shift. Various reports indicate a steep decline in the residential real estate market.
Recent studies and surveys paint a grim picture. The Anarock annual report on residential sales across seven major metro cities reveals a 5% drop in home sales in Hyderabad compared to the previous year, with only 58,540 units sold.
The report also notes a lack of new projects entering the market. Similarly, Buyers Delight Real Estate Consultancy’s quarterly report for October to December shows a staggering 47% decline in sales year-on-year, with just 12,682 units sold compared to 24,044 the previous year. In contrast, Bengaluru’s sales fell by only 13%, highlighting the challenges Hyderabad is facing in Revanth Reddy’s rule.