When the second wave of Covid pandemic began , most house owners in Hyderabad did not expect that in the months to come their regular source of income would get disturbed.
Across Hyderabad, tolet boards have become a common feature. With offices announcing work from home for their employees and many people losing their jobs, many have chosen to wind up their lives in the city and move back to their villages and towns hoping to avoid the high rent and expenses in the city.
Fuel and travel expenses are on the high. A little of petrol is costing Rs 100. The grocery items are costing 25 per cent more than the last year.
The tenants who paid a lakh of rupees towards rent are not even paying Rs 25000 as they have no income. The rental brokers are also not making money these days.
The property dealers are also facing the brunt of Corona and also the lockdown in General. Until and until the work from office culture is revived the IT people will not return to Hyderabad. That makes all the difference.
“The maximum impact can be felt in the Western parts of Hyderabad. Areas like Hi- tech city, Madhapur, Gachibowli etc where a majority of the IT sector employees reside are worst-hit said one of the rental brokers.”
The rents have fallen by 50 percent. The owners come down on the rental side as they want some income or the other. Most of the rental homes in the basthis and slums are also vacant as the construction workers have left to their native villages. They don’t have any work here.
The IT people also have shifted the base from Hyderabad as it is work from home culture now. The rental will only look up when the IT people come back to Hyderabad.
