HYDERABAD: The number of registrations of immovable property - the real estate sector - in the state capital region declined by around 25 per cent in the last month when compared to the corresponding period of the previous year.
While 51,144 properties were registered in and around Hyderabad in September 2023, the same was reduced to 38,464 in September 2024. Incidentally, there is a slight dip in the number of houses registered in the other registration offices of the state.
Among the registration offices handling Hyderabad’s rapidly expanding real estate market, there has been a sharp decline in registrations. However, the Banjara Hills RO registered nearly the same number of registrations in September 2023 and 2024.
However, the state’s revenue from registrations was Rs 955 crore in September 2023 and declined to Rs 650 crore in September this year.
Realtors are attributing the sharp decline to the demolitions undertaken by the Hyderabad Disaster Response and Asset Monitoring and Protection Agency (HYDRAA). They are demanding that the state government initiate steps to encourage the real estate sector while protecting lakes at the same time.
Telangana Realtors Association president Naragoni Praveen Kumar claimed that the real estate sector went further down due to the HYDRAA demolitions.
“The people are afraid that if they buy a property, the government might later claim it falls within the limits of a waterbody or nala,” he said, adding, “The state government needs to create awareness by clearly marking the Full Tank Level (FTL) and buffer zone boundaries.”