KARIMNAGAR: Newly constructed apartments and independent houses in areas like Alkapuri, Satavahana University, Bank Colony, and Theegalaguttapally in the erstwhile Karimnagar district remain unoccupied due to a lack of buyers. Builders are finding it difficult to repay bank loans amid the slowdown in the real estate market.
The slowdown has been posing serious challenges for realtors and builders. Customers are increasingly reluctant to invest in properties, including land and buildings. Land prices have remained stagnant, showing no increase and decrease in rates, with no substantial transactions.
R Sampath, a local realtor, said, “Since August, there have been no major transactions or land sales. The number of sale deed registrations has dropped to 10–15 per day, compared to 70–90 during the market’s peak at the Karimnagar sub-registrar office.”
Document writers are also struggling with reduced work. Speaking to TNIE, G Kumar, a document writer, noted: “I have been mostly idle over the past month, preparing only one or two documents a day.”
However some builders are thriving despite the slowdown. Krishna Chaitanya, a licensed builder, stated, “All flats in a recently constructed apartment near Reddy Function Hall area were sold out by ensuring quality and customer satisfaction.”
According to sources, many realtors and business owners in Karimnagar and Jagtial districts are shifting to alternative investments like cryptocurrency and Bitcoin. A large volume of transactions is now happening in these online markets, with agents encouraging others to explore this investment method.
A middleman, who previously facilitated land deals, expressed concern stating, "I have never experienced a downturn like this. If it persists for another six months, I will have to switch to a different business as my livelihood is at risk.”
Realtors and builders remain uncertain about the reasons behind the real estate market’s decline.