Real estate business flourishes in Hyderabad

June 17th, 2008 - 3:40 pm ICT by ANI  

Hyderabad, June 17 (ANI): With the rejection by Andhra voters of the Telengana Rashtra Samiti, real estate business is now picking up again in Hyderabad after the recent elections.

The non-residents of India (NRI)’s and the foreign direct investors have started taking interest in the real estate because the demand for a separate State does not seem to be on the cards.

Some believe that if the Telagana state was possible, then the prices would have gone down heavily but now the situation is different and people hope that the separation of the State is not on the cards.

“Some of the people in the coastal regions had withdrawn their investments but now they have come forward and want to invest further which will definitely give a boost to the real estate business,” said E. Peddi Reddy, TDP leader.

Since people are clear that Telangana would not be formed, a number of new ventures has risen in the city. Some builders believe that the Telangana factor was not the reason for the rise in investing. The reduction in the rate of interest by banks and the increasing value of dollar are some of the reasons for boom in the city.

“Two months after the by polls there was a little lull and it was a wait and watch situation. After by polls a lot of NRIs, foreign direct investors are showing interest. The ‘T’ factor impact should not have been there in the first place but for the past few days, we are getting a lot of calls and there is a lot of prospect to buy property,” said Y.Kiron, Suchir India Private Limited.

A far-fetched assumption was that if Telangana got separated, there would be an exodus of people of Andhra region from Hyderabad. (ANI)

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