In light of increasing discontent among residents of Hyderabad regarding the State administration’s policies, BRS working president KT Rama Rao expressed his concerns on Wednesday about a significant downturn in the city’s real estate market.
Utilizing the social media platform X, Rao revealed that the housing market has experienced a staggering 42% decline during the third quarter of 2024, attributing this downturn to the controversial measures implemented by Chief Minister A. Revanth Reddy’s administration.
Rao characterized the dramatic drop in Hyderabad’s once-vibrant real estate sector as a shift “from a booming metropolis to a city in crisis.” He placed responsibility for this decline on the “RR Tax” introduced by Reddy’s government, along with aggressive demolition drives that he argued have alienated both residents and investors.
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The BRS leader criticized these policies as reckless and harmful, leading to a sharp decline in investor confidence in the city. “What was once India’s crown jewel is now mired in chaos due to poor administrative decisions,” stated Rao.
He emphasized that the withdrawal of investor interest has exacerbated the economic difficulties faced by the people of Hyderabad, with many expressing concerns about further declines in the housing market and the city’s overall economic growth.
This situation has fueled growing unrest among Hyderabadis, who have increasingly voiced their opposition to the State’s policies. Many residents accuse the administration of mismanagement and hold it responsible for the city’s current economic challenges.
As Hyderabad navigates this downturn in the real estate sector, discussions surrounding governance, economic stability, and urban development are intensifying. KTR’s remarks have added to the concerns about the long-term implications of the current policies on the city’s status as a prime investment destination.
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