The fear of HYDRA, a controversial urban expansion project, has caused a sharp decline in land and plot registrations.
People are hesitant to buy property, uncertain about the future implications of the project on real estate. As a result, registration revenue in September dropped by 30%.
Compared to last year’s September, which saw one lakh transactions and generated Rs. 955 crores, this year witnessed only 80,000 transactions, bringing in just Rs. 650 crores.
The significant decrease in both transactions and revenue highlights growing public apprehension.
The last two months have seen a steep decline in registrations as potential buyers remain wary of investing in land.
"This drop could have long term effects on the real estate market and government revenues if confidence is not restored soon", say realtors.
Moreover the beautification of Musi project is going to burn lot of expenditure. How the state would earn, to make the ends meet, with downfall in real estate market is a big concern.