Homeowners and real estate experts blame entrenched interests for artificially inflating land prices. They point to the HMDA's decision on monday to revoke land allotments to winners of an online auction in Mokila, a neighborhood in the city's southwest, due to non-payment of expenses. A square yard might have sold for as much as Rs 1 lakh at the auction, but the winning bidder was later unable to make the initial payment.
According to experts, the auction enhanced the value of neighboring properties as well, which may have benefited a real estate cartel. Unnamed real estate expert: "Such significant land investments are for high-rise clusters. On the other hand, when high-rise clusters are developed, natural resource availability is reduced, and infrastructure is strained.
According to the expert, "Housing should always be affordable so that middle-class citizens can also aspire to own a house." The cost of real estate in hyderabad is so exorbitant that even after my retirement when I returned to the city, I am unable to buy a house in this city with all of my savings, according to Padmavathi Kotamraju, a retired Group 1 official of the Central government. The situation was good for the average person when I left the city ten years ago. Everyone wants to own a home, thus rising costs should be regulated, the speaker argued.