Some managements are even being forced to issue public statements that their properties are not in such encroached or illegal areas
Published Date – 16 Sep 2024, 07:56 PM
Hyderabad: There are apprehensions among property buyers in the city after the Hyderabad Disaster Response and Property Protection Agency (HYDRAA) started demolishing illegal structures and social media users are sharing details of structures allegedly located at full tank level or buffer zone areas of the lake.
As a result, enquiries and property sales have been affected. Some managements are even being forced to issue public statements that their properties are not in such encroached or illegal areas.
In a public notice issued in newspapers on Monday, property developer UrbanRise, which is building ‘The World of Joy’ G+ 42 floor apartments in Miyapur, clarified that the project is not being developed in the FTL of Aminpur lake or in the buffer zone of the lake. This came after a video was posted on social media alleging that the project is illegal. The notice issued by UrbanRise said that the publisher of the video has not confirmed any of its contents with UrbanRise. “The contents of the video are completely malicious, misinformative, misleading and without any facts,” the public notice issued by the group said.
Amid these conditions, builders and real estate agents are admitting that there were apprehensions among property buyers. A member of CREDAI Hyderabad said that any small post on social media was giving rise to different interpretations and accordingly enquiries and sales were getting affected.
Recalling a recent visit by Hydra to a project in Patancheru, the CREDAI member said that despite all permission copies being clearly submitted by the officials, locals were complaining that the project was being built on industrial land.
“There are many posts being circulated on social media about various projects and naturally, there are apprehensions among buyers. This apprehension may continue for the next four to five months,” he said.
Another member of CREDAI Hyderabad said that many managements are displaying details of their projects and the lake area, if any, in their sales offices. He said that posters showing FTL and buffer zone details are being displayed immediately in the offices.
The CREDAI member admitted that the demolition of the building by Hydra has impacted enquiries and sales, however, he said the uncertainty is temporary and things will get better soon.