There was a time when the real estate market was the goldmine for one out of three people in Andhra Pradesh and this also instigated the greed in them so much that land prices were being quoted without the slightest hesitation of whether it was really worth it or not. That way, the tales of rags to riches overnight were heard in plenty and those who owned barren lands became millionaires in no time.
However, all that has become a thing of the past and as justice would have it, the greed and lust for money has taken a hard beating and that too in such a way that it will take a long while for folks to recover from the jolt that they have received. On the other hand, there have been many MNCs that came in with their ventures and they were equally expensive in the name of gated communities and what not.
But given the lure for quick money and more profits, many of them had pumped in their money and purchased lands. Little did they realize that the tsunami of recession will take over and now all of them are left in the lurch trying to figure out ways to meet the monthly EMIs and at the same time even the builders are left sitting on their constructions with no takers coming in.
The worst hit they say are the big companies who have pumped crores of rupees to buy lands and came up with sprawling ventures. Though they have been able to sell some of them for lavish amounts, getting the monthly dues is said to have become a problem. On the other hand, the recession has brought a cash crunch situation to own funds and this has delayed their constructions half way.
Some of the biggest ventures have now slowed down and analysts are saying that it will be a real long time before the activity will pick up. To add to the woes, the 'Satyam' episode hit the final nail on the head with employees losing out on their opportunity to make up for the installments wherever they have made purchases and the company itself getting into real estate with the name of 'Maytas' hill county.
The time ahead looks quite stormy for many real estate tycoons and all those who have come up with some ambitious ventures and some say that if there are any smart and careful individuals who might have done some savings for a property then it could well be that this is the time they get to invest and get something at a lesser price.
The project named 'Commune' of Golden Gate at Tellpur Outer Ring road area is expected to take off on large scale with 3500 deluxe flats. But the walking in crowd is very less. Grapevine says that even such high end projects are subject to halt or delay.
