“Hyderabad’s Real Estate Crisis: KTR Blames Revanth Reddy for 42% Market Crash”
Hyderabad, September 25, 2024:- In a stark critique of the current state administration, BRS Working President K.T. Rama Rao has expressed grave concerns over the sharp decline in Hyderabad’s real estate sector, blaming the policies of Chief Minister A. Revanth Reddy for the city’s economic downturn. KTR took to social media platform X, sharing two screenshots from the Times of India, and detailed how the city’s housing market experienced a staggering 42% crash in just the third quarter of the year.
KTR, the son of former Chief Minister K. Chandrashekar Rao (KCR), who once presided over Hyderabad’s rapid urban expansion, painted a dire picture of the current scenario. Once hailed as a “booming metropolis” and the “crown jewel of India,” Hyderabad now finds itself in a state of economic crisis. The steep decline in the housing sector, according to KTR, is a direct result of CM Revanth Reddy’s policies, which he referred to as both reckless and detrimental to the city’s long-term growth.
He highlighted two specific policy decisions that, in his view, have contributed significantly to this crisis. The first is what he termed the “Double R Tax,” an apparent reference to a set of new taxes introduced under Revanth Reddy’s leadership, which KTR argues have burdened the real estate sector and driven investors away. Secondly, he pointed to the administration’s aggressive demolition drives, which have reportedly destabilized many parts of the city, causing further anxiety among developers and investors.
Impact on Investors and Citizens:
KTR emphasized that the consequences of these policies extend beyond the real estate market, affecting the city’s overall economic environment. “Investors are backing off, and the people of Hyderabad are suffering,” he stated, underlining how the loss of investor confidence has triggered a broader economic slowdown, impacting employment, infrastructure development, and business activities across the city.
According to him, the situation has left many residents and businesses struggling, with homebuyers delaying their decisions and property developers halting or slowing down new projects. The downturn in real estate, traditionally a key driver of Hyderabad’s economy, could have long-term repercussions if corrective measures are not taken swiftly.
A Plea for Responsible Governance:
KTR’s social media post did not stop at criticism but also carried a strong message to the Chief Minister, urging more responsible and balanced governance. “The country is watching, Mr. CM, and Hyderabad is resisting your recklessness!” he exclaimed, expressing concerns that the city’s national and international reputation was at stake.
Once a magnet for global investors and major IT companies, Hyderabad now faces the challenge of restoring confidence amid policy uncertainty. KTR’s remarks serve as a call to action for the administration to reconsider its approach, particularly in relation to the housing sector, which he sees as a cornerstone for the city’s recovery.
In his concluding remarks, KTR reminded the Chief Minister that Hyderabad, once viewed as a symbol of progress and innovation, is now mired in chaos and disarray. With growing public discontent, KTR’s criticism has intensified political discussions around the future of Hyderabad’s development trajectory, putting the Revanth Reddy-led government under increasing pressure to address the issues at hand.
