Hyderabad: In spite of the Covid pandemic adversely hitting thousands of businesses and robbed several people of their jobs, the property prices in Hyderabad increased unaffected by turbulence in the country.
“The increase in the prices of land and raw material has forced build-ers to pass on the impact to the buyers,” said Mur-ali Krishna Reddy, president of Credai Telangana. Steel prices have risen by 35 per cent since the pandemic struck in March, while cement prices went up by 25 per cent.
While builders alleged cartelisation, steel manufacturers blame higher cost of iron ore across the world because of the artificial scarcity created by China’s decision to reduce steel production and higher fuel prices.
The political polarisation in Andhra Pradesh is also affecting the real estate demand and supply scenario in Hyderabad.
According to analysts, many rich businessmen, bureaucrats and politicians from Andhra Pradesh, who consider the current regime in the state to be hostile, are investing in Hyderabad real estate, which is leading to an increase in property prices....