Hyderabad's housing market crashed due to Congress' policies: KTR

BRS working president KT Rama Rao took potshots at the Congress-led Telangana government for the sharp decline in Hyderabad's real estate market. He blamed the Chief Minister Revanth Reddy's policies for the steep fall in the home sales in the city.

Taking to X, the former minister KTR said the housing market in Hyderabad witnessed a staggering 42 per cent crash in the July-September quarter. He criticized the chief minister for allegedly turning the Hyderabad metropolis into a city in crisis.

"A 42% crash in Hyderabad's housing market in just Q3! From a booming metropolis to a city in crisis, thanks to CM Revanth Reddy's disastrous administration; RR Tax and mad demolition drives. Investors are backing off, and the people of Hyderabad are suffering. What was once India’s crown jewel is now mired in chaos. The country is watching, Mr. CM, and Hyderabad is resisting your recklessness!," KTR tweeted.

In its report, a real estate data and analytics platform PropEquity said that the housing market has registered a decline of 42 percent in Hyderabad which is steepest among other major Indian cities like Bengaluru (26%) and Kolkata (23%).

Highlighting that the so-called 'RR Tax' ( an oblique reference to Rahul Gandhi and Revanth Reddy) and the uncontrolled demolition drives are turning away the investors from the city. He alleged the people of Hyderabad are suffering due to the policies of the current regime.

While addressing the 'Real Estate Summit' in November 2023, the then BRS minister KTR had pointed out Karnataka witnessed a 28 percent decline in construction and real estate industry after Congress returned to power in the state.