Deccan Chronicle 03.12.2009

Plots sale may be halted for T-stir

Hyderabad, Dec. 2: The Hyderabad Metropolitan Development Authority (HMDA) might stall the sale of some residential and commercial plots due to the ongoing Telangana agitation that is likely to have an effect on the real estate market in Greater Hyderabad.

A majority of these plots are on the outskirts of the city in areas like Uppal, LB Nagar, Kukattpally, Gachhibowli, Ghatkesar and Shamshabad, where new residential and commercial complexes are expected to come up.

“I have invested Rs 1 lakh as my registration fee for a residential plot in Uppal, but with this agitation, if the HMDA decides to delay the possession of the plots, it will affect the overall value of my property,” said Mr Veeranga Swamy, an investor.

There is also a fear that the value of these HMDA-developed properties would fall if a separate Telangana state is formed.

According to a senior HMDA official, ongoing projects will not be affected but notification of new plots and the acquisition process by investors might be postponed for about two to three months if the agitation doesn’t cool down.

“If the protests carry on for a long period we might even have to stall the HMDA’s land acquisition for new residential and commercial complexes in upcoming parts of the city,” said the official.