99,989 plots unsold in Hyderabad: Study

Hyderabad: The real estate sector in Hyderabad has been growing at a jet speed for the past few years. Especially the land prices have skyrocketed. The price of an acre in the city broke the record by one hundred crore rupees. On the other hand, a dream of owning a house for the common man remains to be miserable part.

The prices of flats in houses and apartments have also increased massively. Huge ventures are being set up and villas and apartments are being built all over the city. But, the demand for flats in apartments has decreased drastically. In the first quarter of this year (April-June), 5.26 lakh flats were not sold in 9 major cities of the country.

It is noteworthy that the share of Hyderabad is 99,989 plots. Hyderabad stands second in the country in terms of the number of flats left unsold in ready-to-build apartments.

Thane in Maharashtra topped the list with 1,07,179 unsold flats. Prop Equity, a leading website that studies real estate sales in major cities of the country, revealed these details. According to the report, the number of unsold flats in Hyderabad has increased by 5 per cent compared to the previous quarter.

The website analyzed that due to the ever increasing prices of flats in the city, the middle class people are moving away from their dream of owning a house. It has been revealed that the reduction of employees in IT and job insecurity have increased significantly in the recent past, so they are not interested in purchasing. The website analyzed that IT employees are also reluctant to buy flats due to rising prices and high EMIs.