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In the Medchal-Malkajigiri district spread around the outskirts of the city, people from other districts of the state are doing large scale land transactions. In the background of HYDRA demolitions, people started to wonder what kind of problem will arise if they buy land.
The sub-registrar’s offices, which were always buzzing with sellers, now look tired due to the lack of land sales. In the past, if land was available anywhere in the district at a low price, people would show interest in buying there. They used to buy lands even within FTL and buffer zones. Since a month, HYDRA has been demolishing the commercial facilities and villas built within the FTL of ponds and water tanks in Hyderabad.
Awareness is being raised by knowing what is FTL and buffer zone. A discussion started among the people that if you buy land near ponds and canals, you will always lose. On the other hand.. in Medchal-Malkajigiri district, both the buyers and the venture managers are facing serious difficulties as the ventures which are already in various stages are not getting permission from HMDA.
Usually, there was an opportunity to sell the plots in the venture at the LP number stage itself. As in the past, permits are not being received quickly, it is having a severe impact on sales.
11,659 documents were registered in August this year
The real sector will bounce back
As Medchal-Malkajigiri district is spread around Hyderabad, the city was affected by the HYDRA demolitions. People are buying lands that have all the permits and are far from water sources. Even real estate traders are not venturing to set up ventures at FTL and buffer zones.
There is a possibility that the real estate sector will pick up again in a few days. In August this year, 11,659 documents were registered in 12 sub-registrar offices across the district and the government spent about Rs. 23 crores in revenue. In August last year, 14,270 documents were registered in the district and the revenue was Rs 22 crore.
