GUNTUR, Dec. 30: Guntur-based builders are worried over the Telangana agitation.
The builders who are building apartments for the past 15 years in Hyderabad have already reduced the prices of the apartments. They are not in a position to take up any more new ventures in Hyderabad and fear that if T-agitation is continued they cannot sell the apartments.
The builders who had already started construction of apartments are fearing that they cannot sell them. Settlers in Hyderabad are not coming forward to purchase apartments due to the T-agitation and recession has already hit the apartment sales.
SVS homes managing director, Mr Kandula Subba Rao said, "I have been building apartments for the past 15 years in Hyderabad. If the T-agitation is continued we cannot build any more apartments." He said settlers are not coming forward to purchase apartments.
The builders who had invested crores of rupees on the apartments are worried that they if they complete the ventures, they cannot sell the apartments. Some of the settlers are selling their apartments at lower prices. "If the same situation prevails construction of apartments will come to a grinding halt in Hyderabad," he said. Another builder, Mr Yaganti Subba Rao said, recession hit the construction activity in Hyderabad. NRIs and software employees are not purchasing the luxurious apartments in Hyderabad due to recession. Settlers are feeling insecure.
Some of the Software employees who have purchased the apartments with bank loans are not paying their loan installments to the banks.
The banks are conducting auctions and selling the apartments. Some builders have reduced the profit margins and selling the apartments to come out of the financial crisis.
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