KHAMMAM: Ever since the Election Commission of India (ECI) announced the poll schedule, the real estate activities have come to a standstill in Khammam. The investors are believed to be wary of fluctuations in the market as they are not sure of which political party would form the government after the polls.
While the realtors are worried by the sudden fall in demand, around 20,000 people, including agents and workers, are concerned about their future. They don’t know how to look after their families.Bandi Vishnuvardhan Rao, a real estate developer with ventures comprising a total of 200 plots in and around Khammam, said that sales have dropped considerably since the poll notification was issued.
Investors, including NRIs, government and private employees, are keen to buy at least one plot or a flat in Khammam, which is centrally located between Hyderabad and Vijayawada. The land and house prices have gone up in Khammam in recent times. Till 2019, an acre of land in Khammam town outskirts used to cost Rs 1 crore but it has gone up to Rs 2 crore.
Similarly, prices of apartment flats increased from Rs 3,000 per sqft to Rs 5,000 per sqft.K Raghava Rao, an investor, said: “We want to wait till the elections are over because don’t know the market will be like after the polls.”