The sudden decision by Telangana CM KCR to demolish all illegal constructions on Gurukul trust land at Ayyappa society in Madhapur is reportedly a death blow to real estate sector in Hyderabad.
Although this move was expected, sources say KCR was advised to take it up once this sector picks up in one to two years but a sudden decision to demolish all the buildings is not being taken positively by the industry.
At a time when the political leaders and other bigshots in Telangana are gearing up to wait for the revival of real estate sector so that for the first time they can take the lead than Andhras, KCR’s move is being criticized by many of genuine real estate developers too.
They say that such things are common and it should have been done wisely. 650 acres of Gurukul trust was given away by trust members I 1982 by means of a GPA and all the colonies near Hitech city have come up and now KCR will be able to reclaim only 70 acres, which is in separate parcels.