Hydraa demolitions create panic among homebuyers

If the State government removes encroachments from all lakes, Hyderabad will turn into a lake city. Hyderabad will definitely be a better place - A real estate developer

Hyderabad: Have the ongoing demolitions of encroachments into lakes by Hyderabad Disaster Response and Asset Protection Agency (Hydraa) created a kind of panic among some homebuyers in the city? It looks like so with some homebuyers calling up developers and expressing concerns over whether the projects they purchased apartments and properties in, would also land in trouble. There are also some instances of homebuyers seeking refunds from developers.

“There is panic among a section of homebuyers in Hyderabad following the recent demolitions and their associated media coverage. Some of them are asking developers to refund the amount they have paid for their flats,” a representative of a developers body told Bizz Buzz on the condition of anonymity.

Citing an example, he said a developer in the Miyapur area started receiving enquiries from purchasers about the genuineness of his gated-community project as there is a waterbody close-by. “This project is outside the restrictive zones and the developer has all requisite permissions. Still, he is worried now as his customers are getting panicky”. Arani Sumanth Reddy, Chairman, National Association of Realtors- India (NAR-India), a national body of real estate consultants, also pointed out about the prevailing confusion about ongoing real estate projects near water bodies in Hyderabad. “There is a lot of confusion among homebuyers about those projects which are in the vicinity of water bodies. Protecting waterbodies is a laudable step, but the State government should give clarity on such projects”. It is the responsibility of the government to protect genuine real estate projects and the realty sector in the city, he added.

Another developer, however, said customers would not cancel their bookings without checking the details properly. “I don’t think customers will ask for refunds if the project is outside the restricted zones,” he maintained.

According to him, any revolutionary reform tends to generate a panicky atmosphere. “But if the government removes encroachments from all lakes, Hyderabad will turn into a lake city, ground water level will improve, and people will enjoy pleasant ambience at every lake. Hyderabad will definitely be a better city,” he said. I think it’s a great step from the government, he added.

The developer also said that the State government should support all the real estate projects for which permissions had already been given. “It is the responsibility of the government officials to check whether a project violates restricted zone norms near lakes or not. Officials should be punished if there are any violations. But people who bought properties in such projects should not

suffer”, he added.