The real estate scene in Khammam, India, has ground to a halt following the Election Commission of India's (ECI) announcement of the election schedule. Investors are avoiding real estate transactions due to the political uncertainty, unsure about which political party will assume control after the polls.
With the dip in demand, real estate professionals are grappling with declining sales, leaving around 20,000 people, including agents and labourers, concerned about their financial well-being. The families of these individuals are left in a state of uncertainty, uncertain about their support during this uncertain period.
Once a prime destination for real estate investments, drawing interest from NRIs and government/private employees, Khammam has seen a significant decline in sales since the announcement of the election. Its strategic location between Hyderabad and Vijayawada had previously boosted its appeal.
Prices of land and houses in Khammam have experienced a recent surge. An acre of land on the outskirts, previously priced at Rs 1 crore, has now escalated to Rs 2 crore. Likewise, the prices of apartment flats have risen from Rs 3,000 per sqft to Rs 5,000 per sqft.
Investors, exemplified by K. Raghava Rao, are adopting a cautious stance, preferring to wait until the elections conclude. The uncertainty about the post-election market is a significant factor behind their reserved approach.
The future of Khammam's real estate market after the election remains unclear. Investors and industry professionals are on edge, eagerly anticipating stabilisation in the political climate before making any decisive moves.
Definitions:
– Election Commission of India (ECI): An autonomous constitutional authority responsible for the conduct of elections in India.
– NRIs: Non-Resident Indians, referring to Indian citizens living abroad.
– Real estate agents: Individuals or businesses involved in the purchase, sale, and rental of properties.
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