Stink sinks realty prices

Hyderabad: The stink from Durgam Cheruvu and the menace of mosquitoes has hit property prices in the posh colonies around the lake.

The owners of villas and flats in Nectar Gardens, Amar Cooperative Society and Vasantha Gardens to name a few, say that they are not getting market prices, leave alone a premium price for their water front properties.

Due to the apathy of agencies like the Greater Hyderabad Municipal Corporation, AP Industrial and Infrastructure Corporation, the Water Board and AP Tourism, the lake has become a cesspool of drainage water.

Projects costing nearly Rs 100 crore to divert sewerage from the lake,  construction of sewerage treatment plants upstream as well as downstream, clean the lake water, and provide boating and other tourism facilities are pending since months now.

“It is like living next to the Musi that has gained notoriety as a big open drain. The prestige tag attached to Hitec City has gone for a toss. Recently, some of our neighbours wanted to sell their property and move to Bengaluru. We were all shocked because there was no demand for the lake view property. And those who came forward offered only Rs 2,500 per sft of built-up area against the market price of Rs 5,500 to Rs 6,000 per sft. All thanks to the smell from Durgam Cheruvu,” said a property owner of Nectar Gardens who did not want to be named.

Nectar Gardens Owners’ Society president Hari Vinnakota also confirmed that properties around the lake did not command premiums due to the lake. “It makes sense as you cannot stand outside due to the smell and mosquitoes. The lake’s condition is deteriorating daily. Only the execution of projects to divert the sewerage will bring back the premium prices of properties,” he said.

M. Padmanabha Reddy, of Amar Cooperative Society, admitted that property values were taking a beating. “One STP was constructed after our society gave an acre for the purpose, but that is not working now. The government has again sanctioned Rs 35 crore for two more STPs, and I think that money will also go down the drain. This lake can be saved only through the involvement of local residents,” he said.

Builder Ashwin Rao of Manbhum Constructions said that waterfront properties always command a premium price.

“Unfortunately, most of the lake view properties in Hyderabad don’t get market price as the water bodies have become cesspools. I would prefer to live at a distance from any water body,  i.e. having a view of the waterfront from a distance rather than taking up a project near the water body,” he said.

Pooja Mitra of Nectar Gardens, said, “Earlier, the water was clean, and a fresh breeze used to flow into our houses. Now, we don’t dare to open the windows at all. The government should divert the drainage water entering the lake. It will save the lake and also improve the health of local residents.”