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Wednesday, September 26, 2007

Real Estate: Framers Turned Rich And Rich Turned Farmers

Time has played with people in recent times in Hyderabad. The poor farmers who were about to die by consuming pesticide, have turned rich all of a sudden with the influx of real boom. The farmers have thrown away the pesticide bottle and took a foreign scotch bottle to enjoy! They stopped worrying about rains and their wait was stooped permanently.

But what the boom left for realtors? They are now keeping away from their scotch for not making life so expensive! Like farmers the realtors are now awaiting the rain of 'boom'! Their struggle started.

As many sane experts foreseen, the Real boom has bitten the mud now. Many realtors are worried for losing lots of investment and also for not getting any cold calls for their business as well. The land that cost Rs 1.5 Cr per acre till a few months back is now costing Rs 50 lakhs. The Koka Pet lands those were sold out at Rs 14.5 Cr in government auction has no buyers now. When the government called for an auction at Miyapur, hardly people turned up. Even the collection is not the 50% of the expected.

The downfall started ever since the result of Karimnagar election and also the series of blasts at Koti and Lumbini Park. The announcement of outer ring road, FAB City and new IT parks boosted up the real boom last year. But now, everything has been very slow and nothing is helping the real boom. The prices of lands have fallen down at many places. The realtors are losing the deposits as well.

The lands in Shamshabad area were Rs 10 lakhs per acre in 2003. But in 2006 that was shot up to Rs 1.5 Cr. Bow again, it has fallen down to 50 lakhs. Many NRIs have invested crores on Hyderabad Real Estate business. Like farmers awaiting the rainfall, now the realtors are looking out for boom-be it natural or artificial. In fact, government plans for artificial rainfall to benefit the farmers. But can't they do the same for bringing 'artificial boom'!

1 comment:

Vykuntam said...

Those who bought land in and around Gucchibowli as per me are safe and don't need to worry. But people who bought in shamshabad or worse yet 15 km from there are going to repent. The land is surplus in that area and the growth is not as much as the hype that was created.

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