Property prices in city disobey recession to remain elevated

Despite the Covid pandemic unfavourably slamming thousands of businesses and depriving employment of people, the property prices in Hyderabad have heightened without being influenced by the unrest in the country. 

Murali Krishna Reddy, the president of Credai Telangana said that the rise in the prices of land and raw material has compelled builders to ratify the clash to the clients. He said that steel prices have soared by 35 percent since the pandemic emerged in March and that cement prices took off by 25 percent.  

Builders asserted cartelization and steel manufacturers accuse China's judgment to lessen steel production and elevate fuel prices that resulted in the higher cost of iron ore across the world because of the fictitious scarcity forged. The political polarization in Andhra Pradesh is also influencing the real estate demand and supply system in Hyderabad. 

Analysts have exclaimed that many rich businessmen, bureaucrats, and politicians from Andhra Pradesh who contemplate the existing administration in the state to be aggressive are capitalizing on Hyderabad real estate. These recent business deals are resulting in a growth in property prices.