Real estate crippled in Telangana

The scrapping of Rs 1000 and Rs 500 currency notes by the Centre seem to be having a severe impact on Telangana economy with a worried Chief Minister K Chandrasekhar Rao rushing to the Governor for his assessment.

The Chief Minister accompanied by the Chief Secretary Rajiv Sharma briefed the Governor of the impact of the sudden development and told him that the State was likely to suffer a loss of Rs.2000 crore revenue a month. The demonetisation has brought the revenue through registration of properties to a drastic low as real estate sector was delivered a crippling blow. The sector had recently started reviving after remaining moribund for many years and was generating much needed revenue of Rs 320 crore per month. But officials fear that the cancellation of high denomination notes is likely to bring it down by 90 per cent.

“There is no question of any buyer or seller entering into a property deal when neither  have access to big amount of money,” said Abdul Qayyum a real estate dealer. In Nirmal town a buyer and seller had to fight it out over the fate of the big currency paid by the former. “Finally I had to cancel the deal and take my money back,” said Ravinder Goud who was buying a piece of land. “I had paid money in Rs 1000 denomination but the seller was afraid he will not be able to get it converted”.

Similar stories were abound from all over the State the most tragic being that of 55 year old Vinoda hanging herself in Mehbubabad district in panic. The lady had sold her agriculture land for Rs 54 lakh. Having spent two lakh on treatment of her paralysed husband she had kept the remaining amount at home for the daughter’s marriage and buying another land.

Credits The Pioneer

One thought on “Real estate crippled in Telangana

Leave a Reply

Your email address will not be published. Required fields are marked *