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on 2007/4/16 22:24:25
There has been a marked slump in the real estate market in and around Hyderabad. The reasons are two-fold. The first is the hike in interest rates on housing loans. The second is the announcement of low-costing housing by the state government.
The over heated marketed fueled by speculation is now slowly cooling down. The real estate dealers who pushed up prices to unrealistic levels are now paying the price. The average fall in market prices is in the range of 30 to 50 per cent.
A small example – The price of one acre of land in Shamshabad and Maheswaram area which was 2 crore is now down to about 60-70 lakhs. The buyers are in the wait and watch mode ant the realtors are in deep trouble.
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