HYDRAA demolitions hit real estate sector in Hyderabad; Property buyers apprehensive
A few managements are even being forced to issue public statements stating that their properties were not in such encroached or illegal areas
Hyderabad: There are apprehensions among property buyers the city ever since the Hyderabad Disaster Response and Assets Protection Agency (HYDRAA) began demolition of illegal structures and with social media users sharing details of structures allegedly located in lake full tank level or buffer zone areas.
As a result, enquiries and property sales have been affected. A few managements are even being forced to issue public statements stating that their properties were not in such encroached or illegal areas.
In a public notice issued in newspapers on Monday, property developer Urbanrise, which is constructing ‘The World of Joy’ G plus 42 floor apartment at Miyapur, clarified that the project was not being developed in the FTL of the Ameenpur lake, nor in the buffer zone of the lake. This was after a video alleging that the project was illegal was posted on social media. The notice from Urbanrise said the publisher of the video had not confirmed any of its contents with Urbanrise. “The content of the video is completely malicious, misinformative, misleading and without any material facts,” the public notice issued by the group said.
Amidst these situations, builders and realtors are admitting that there were apprehensions among property buyers. Any small post on social media was leading to different interpretations and accordingly enquiries and sales were affected, a CREDAI Hyderabad member said.
Reminding about a HYDRAA visit to a project recently at Patancheru, the CREDAI member said despite officials clearly presenting all the permission copies, locals were complaining that the project was coming up on industrial land.
“Many posts are being circulated about different projects on social media and naturally, there are apprehensions among buyers. This apprehensive mode could continue for another four to five months,” he said.
Another CREDAI Hyderabad member said quite a few managements were displaying their project details and lake areas, if any nearby, at their sales offices. The posters indicating the FTL and buffer zone details were being displayed promptly at the offices, he said.
Admitting that there was an impact of the HYDRAA demolition on enquiries and sales, the CREDAI member however said the ambiguity was temporary and things would settle down shortly.
