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Urban outskirts go high

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As per the sources available to www.propertykhazana.com, the property rates are going down in Hyderabad city outskirts and it is the good news for buyers who desire to purchase the property and plots at incredible rates. Landlords of the localities like Moinabad, Maheshwaram and in Chevella have sold out their flats for less than a few Crore of rupees per acres in the realty boom and now it has gashed the rates by 70% to attract the purchasers. The properties which had risen up to Rs. 1.70 Crores per acre in 2007-08 has fallen down to a scanty Rs. 50 Lakhs per acre. If it is haggled then the landlords are ready to drop the rates to Rs. 35-40 Lakhs.
The President of Andhra Pradesh Realtors Association Sreedhar Reddy speaking to www.propertykhazana.com said that, “The property rates in the outer edge of Hyderabad are knowingly exaggerated by the shareholders when the division was at the crest. When the recession and political qualms hit the town the bazaar drooping started and the people realized that the prices were far too idealistic.” Some of the bazaar specialists gauge the costs of the lands in the strap at zero more than Rs. 20-25 Lakhs and in the borders of the city they say that it has failed to see the industrial and commercial growth which was anticipated to take place over the few years. CREDAI’s president C Shekar Reddy said that, “Such information’s in the market further overvalued by the shareholders here and had pushed the property rates during 2000. Barren farming land was rehabilitated into the residential lands and was sold at high prices.” Actually some spectators says that the farmers who had sold their properties had gained high incomes because the selling value was 50 times more than the actual rate and this made them to construct confidential dwellings and own new cars.
Source: NIMMA BENGALURU

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