The real estate sector has been booming in Telangana State as people prefer to invest in property rather than deposit it in banks.
This trend of investing in property surged in the past three months, especially after the PNB scam which was followed by a series of other bank scams and now Jupally scam.
On the other hand, withdrawals from banks have increased significantly in the past few months, making cash scarce in all banks and ATMs across the state.
“We have never seen such a huge property boom in Telangana before. Huge property transactions are witnessed especially in Hyderabad, Ranga Reddy,
Karimnagar and Warangal districts. People vie to purchase lands in villages surrounding urban areas and plots in cities and towns. This trend is seen more in areas surrounding new district headquarters,” said C. Shekar Reddy, a builder and former national president CREDAI.
The mad rush for property investments in new district headquarters can be gauged by the fact that a plot in Peddapalli district headquarters fetched Rs 1.10 lakh per sq yard, which is significantly more than the IT corridor in Hyderabad.
Builders expect property prices to boom as elections approach and huge amounts of money circulate during election time.