Real Estate prices dropping heavily in Hyderabad.
Real Estate industry has experienced unexpected growth in past 5 years in hyderabad. People sold their land more costlier than gold. And above all there were those smart investors(so called) who bought the land in that very hiked price. IT company employees were the primary target for Agents/Builders. 60% of the Flats purchased in last 3 years have been bought using bank loan. IT industry is very unstable no body can assure a full repayment. For example, if one has purchased a 3BHK flat for 35 Lakhs with a loan amount of 30 Lakhs, the EMI would be nearly 35-40K. If the market fluctualtes, one has gone.
Now, all banks have increased their interest rates and this is leading to a silent in the purchaser’s lobby. Similarly for rented flats, the rents are also going down. While taking any house enquire about the basic facilities like water, electricity, lift etc. and bargain. If you don’t bargain, you will end up paying more. So, try to avoid purchasing any land or flat until you are very sure that you can repay the loan amount. In case of rented house, don’t pay because you can pay. Think of others as well.
It’s all about being aware and smart.