BJP state executive committee member Gudur Narayana Reddy on Tuesday strongly urged Chief Minister A. Revanth Reddy to take immediate steps to revive the real estate market in and around Hyderabad and in the rural areas of Telangana. In a media statement, he said that the real estate market was in a slump and the developers and builders were in a state of agitation.
He claimed that Hyderabad had recorded the most significant decline in new residential launches among India’s major cities for the April-June quarter. Reddy said that new launches plummeted from 15,095 residential units in the first quarter of 2024 to just 6,365 units in the second quarter. “In the stretch between Uppal and Alair, on the Warangal highway, the developers were unable to sell a single acre of land in the past eight months which was seen a beehive of activity in the past.
” The BJP leader pointed out that the present Congress government has not taken any steps to encourage the stakeholders of the real estate market – the developers, the builders and the buyers..