There is a saying in Telugu which goes ‘Karuvu lo Amavasya’ which implies that as it is the time is bad and worse incidents join the spate of bad luck. Currently, this seems to be the case of the real estate companies as well, especially the big boys of the market who came up with luxurious projects.
Thanks to the recession, no enquiries have been coming to them and so they came up with schemes to lure the middle class people. So, the money locked by middle class families were unraveled with a plan of ‘investing about a lumpsum of Rs 10 lakhs in first instalment and own the duplex houses @ Rs 30 lakhs. The remaining amount could be paid through the bank loans’. Many middle class families did that but still the projects didn’t take off. The complaint of real estate companies is that the project cannot be started at this confused political scenario and the expenses are also shooting high although they planned to take off with initial payment of Rs 10 lakhs for duplex house gated communities. This problem is surrounding the big projects of big realty companies near Turkapalli, Tellapur, Nizampet etc.
However, with the Telangana issue cropping up, things have gone from bad to worse and the money of the investors has got stuck. At the same time, the realtors are in a fix as they are not sure where to head from here on. These are some real bad times folks.
