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Will Hyderabad Realty Market Crash by March 2022?
After the much-hyped stories about Hyderabad’s realty being on top in terms of sales during the pandemic, now appears to be the time for downslide.
G
Guru Prasad
Hyderabad
Fri Dec 03 2021
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Will Hyderabad Realty Market Crash by March 2022?
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The Hyderabad is bound to crash by March 2022, says Dr. Y Kiron, the chief executive officer of SuchirIndia Group. After the much-hyped stories about Hyderabad’s realty being on top in terms of sales during the pandemic, now appears to be the time for downslide. The realtors are warning prospective buyers of the loopholes of the newly developed ULS (undivided land share) scheme by some realtors.


Today, Hyderabad is sitting on an inventory of 58,535 units, which is the largest in the country. The figure is in sync with the data released by Anarock Property Consultants as of September 30. During this time, the market was able to sell about 6735 units leading to an oversupply in the market.


According to Prashant Thakur, director of Anarock Property Consultants, Hyderabad happens to be the only city in India with the highest available inventory, and new supply over the past few quarters has increased the city’s available inventory by 113 percent as compared to the same period in the previous year.


Another development that is bound to hit the realty market hard is the ULS concept, through which a realtor will sell the undivided land share to prospective buyers, mostly locals flush with cash and NRIs. Without realizing the repercussions and legal outcome, the buyers of such land invest in it, only to realize that if the realtor does not build on the property, then they are legally liable to buyers of flats already sold on paper. While such developments lead to the correction of the market, C Sekhar Reddy, past national president of CREDAI, has his own reservations on the issue. He says while the past records show correction once in 10 years, in Hyderabad, nothing has happened since 2008.


Many established realtors warn investors in ULS that they would be in neck-deep trouble if, for any reason, the builder fails to construct the project completely. They give the example of Noida, where ULS was used to the hilt, and many suffered even when leading builders left projects uncompleted.


However, there are others like Vishal Srivastav of Mahavir Constructions who are optimistic about the prospects of the city’s realty market. However, they warn that investors must do their homework about the builder before putting their money in a flat or villa.


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Will Hyderabad Realty Market Crash by March 2022?
Will Hyderabad Realty Market Crash by March 2022?
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