Property transactions, values and rentals have taken a beating ever since the Secunderabad Cantonment Board (SCB) began its demolition drive against unauthorised structures and now the army’s plans to restrict civilian traffic on roads passing through the AOC.
While, commercial structures and complex owners are finding it hard to dispose of their properties, house and flat owners are looking at the ‘To-let’ boards hanging at their premises with disappointment. The restrictions are presently off due to A.P. High Court orders.
In December last, the SCB had launched a special drive against unauthorised constructions. Over 50 illegal structures, including portions of 10 old grant bungalows were demolished for different violations.
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Ever since the demolitions were taken up, buyers are not willing to buy properties and the few prospective ones turning up for the deals are very cautious in checking the titles, approvals and other clearances.
“They are demanding a no objection certificate from SCB even when proper documents are shown. All this has affected property values badly and eventually deals are either getting delayed or cancelled,” laments Hanmanth Yadav, a resident of Bowenpally.
On the other hand, the army’s bid to halt civilian traffic on the AOC roads has made rental values to nosedive. More than anybody it is the retired persons, who are worst affected as house rents are their main source of income after pensions.
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For the last few days, many ‘To-let’ boards are greeting visitors in Devinagar, Sitaram Nagar, Balram Nagar, Picket and other areas surrounding AOC. If a two-bedroom flat rent is anywhere between Rs.7,000 to Rs.7,500 per month and these have come down to considerably by a couple of thousand rupees.
“The very thought of taking long detours via Malkajgiri-Mettuguda-Lalapet to reach their respective workplaces due to the restrictions is forcing many to avoid these localities,” bemoans K. Nageswara Rao, general secretary of Sainik Welfare Association.