HYDRA Operation Sparks Panic: Property Registrations Plummet, Revenue Drops by ₹320 Crore
The recent wave of demolitions under the HYDRA operation has sparked widespread panic, leading to a significant drop in property registrations across key districts in Hyderabad.
Hyderabad: The recent wave of demolitions under the HYDRA operation has sparked widespread panic, leading to a significant drop in property registrations across key districts in Hyderabad. The impact is starkly visible in the August figures, with a drastic reduction in both the number of registrations and the revenue generated.
According to official reports, 58,000 registrations were recorded in July across Hyderabad, Rangareddy, Medchal-Malkajgiri, and Sangareddy districts under the Greater Hyderabad Municipal Corporation (GHMC). However, in August, this number plummeted to just 41,200—a reduction of nearly 17,000 registrations.
The financial implications of this decline are substantial. In July, the revenue from these registrations was ₹1,105 crore. By August, it had dropped by ₹320 crore, bringing the total income to just ₹785 crore.
Officials are attributing this sharp decline to the HYDRA demolitions, which have created a sense of uncertainty and fear among property buyers and sellers alike. The registration department is feeling the strain, with the trend likely to continue if the panic persists.
As the situation unfolds, the authorities are closely monitoring the impact of the HYDRA operation on the real estate market and the overall economic health of the region. The full extent of the consequences remains to be seen, but the current figures paint a concerning picture for the future.
