Hyderabad: Uncertainty looms large over the fate of real estate projects with the ban imposed on Rs 500 and Rs 1,000 notes.
TS witnessed the launch of several realty projects on the outskirts in recent months. After the formation of new districts, all the district headquarters and surrounding areas witnessed a realty boom.
Since over 50 per cent of the payments made in this segment were in black, the owners are now refusing to accept amount in cash from realtors.
Second-hand sales of homes and flats remain the worst affected with buyers and owners, withholding deals.
“Only projects, which are being taken up as joint development projects between builders and land owners, have now become the safe bet with no cash transactions involved there. Builders have entered into agreement with land owners to share constructed flats/ homes in the ratio of 50:50 or 60:40. In cases, where realtors have purchased lands for higher costs, the pro-gress of projects would be difficult to to payment crisis,” said Mr C. Shekar Reddy, realtor and ex-president, Credai.
The immediate problem plaguing the realty projects is in new district headquarters, especially in Kothagudem, Mancherial, Siddipet, Nirmal, Sircilla and Bhongir, where realtors paid up to Rs 2 crore per acre.
