The pandemic hit the realty market really badly. However, once the pandemic started subsiding, the realty scene in Hyderabad hit an all-time high. Not just the middle and upper middle class, but even the corporates were vying with each other, pumping in money and taking over prime properties.
It is known that during the pandemic, real estate was given many subsidies and people thought of property as the best investment. Thanks to the digitization of the real estate market, people and corporates from within the country and outside showed great interest in the market, and many sales were made in succession.
In fact, Hyderabad was seen as one market that did exceptionally well during the fag end of the pandemic. It also topped when it came to south Indian cities. However, the scene is totally different. Suddenly, the real estate prices have plummeted, and it seems as if saturation of sorts has hit the market.
In the past couple of years, people invested extensively on the outskirts as they saw growth prospects. But now, with the withdrawal of GO 111, many are awaiting what clauses this would have as there has been no clarity on the matter till now. So, many are not keen on selling their properties now. Even farmers who sold their lands and tried to invest along the development zone are in a frenzy as there are no buyers for their newly acquired land.
To add to all these factors, the biggies in the realty sector are in the election mood, and they are in no hurry to announce projects or take them forward.
So, in short, the glorious era of Hyderabad's realty has finally come to an end.