The Telangana government has recently decided to sell off government lands to raise funds for welfare schemes and development programmes.
The State Cabinet has approved e-auction of lands for the purpose to raise Rs 30,000 crore.
Accordingly, big advertisements were released in TRS own media today, namely Namasthe Telangana.
The HMDA has issued advertisement putting several land parcels, plots for sale.
However, officials doubt the response to land sale in these difficult Covid times when all sectors are reeling under crisis.
The booming Hyderabad real estate sector too is facing a crisis since Covid outbreak in March 2020.
When the situation started improving in New Year 2021, the outbreak of second-wave Coronavirus in March 2021 pushed real estate into further crisis.
With salary cuts and job losses since March 2020, people are in no mood to buy properties in these times. Whatever amount they had saved, they dried up due to Covid crisis. Whatever little savings they still hold. people want to set aside for emergency needs but not invest in properties till Covid situation improves.
At this critical juncture, KCR has decided to sell off government lands. But realtors see poor response to government land sale due to ‘bad timing’ now.
While this is the situation now in Hyderabad, the Telangana government has decided to sell at least 1,000 acres in each district.
This raises questions over who will invest in districts when there is not much demand in a booming city like Hyderabad.