Hyderabad: The real estate sector in Hyderabad is currently facing challenges due to ongoing demolitions by the Hyderabad Disaster Response and Assets Protection Agency (HYDRAA). HYDRAA has been targeting illegal constructions, particularly those in restricted areas like lake full tank levels (FTL) and buffer zones. Social media posts have fueled concerns, leading to a slowdown in property inquiries and sales. Buyers are becoming increasingly wary, especially when projects are alleged to be illegal or encroaching on protected land.

Some real estate developers, like Urbanrise, which is building a 42-floor apartment complex at Miyapur, have felt the need to issue public clarifications. Urbanrise, for example, publicly refuted claims that its project encroached on the Ameenpur lake FTL, stating that the allegations were false and misleading.

Builders and real estate professionals, particularly members of the Confederation of Real Estate Developers’ Associations of India (CREDAI) Hyderabad, have acknowledged the negative impact of these demolitions. There is concern that misinformation spreading via social media could continue to affect the market for several more months. Some developers are taking steps to reassure buyers by displaying project details and clarifying proximity to protected areas, such as lakes and buffer zones, at their sales offices.

Despite the current uncertainty, CREDAI members believe this is a temporary situation and expect the market to recover once the ambiguity around the demolitions subsides.

Key Points:

HYDRAA Demolitions: Hyderabad Disaster Response and Assets Protection Agency (HYDRAA) has begun demolishing illegal structures in the city, targeting those in restricted areas like lake full tank levels (FTL) and buffer zones.

Impact on Real Estate: Property inquiries and sales have declined as buyers become apprehensive, fearing potential encroachments and legal issues with real estate projects.

Public Clarifications: Developers like Urbanrise have been forced to issue public notices to clarify that their projects are not violating FTL or buffer zone regulations, countering misinformation spread on social media.

Social Media Misinformation: Posts on social media are leading to multiple interpretations, fueling fears about illegal construction, and affecting buyer confidence.

Temporary Ambiguity: Members of CREDAI Hyderabad acknowledge the current market slowdown but believe the situation is temporary and will stabilize in the coming months.

Proactive Measures by Developers: Some developers are displaying detailed project information, including FTL and buffer zone proximity, at their sales offices to reassure potential buyers.

Potential Long-Term Effect: Apprehensions among buyers may persist for another four to five months as the situation continues to evolve.

---

City Development Updates…

---

Daily Quote

More Hyderabad News

More National, Global News

You can get instant news and articles from Hyderabad Post

Click to Like/Follow/Subscribe us on Facebook – Twitter – Telegram – Instagram – WhatsApp – YouTube