Epaper
The city of Hyderabad that was often known for its diverse culture and the various creed of people living together went through a complete transformation over the past few years and in no time, it came to be known as the IT hub and then the most lucrative place for the real estate market to make its presence felt strongly.
After having made millionaires out of poor people in just few months, the city of Hyderabad also became a haven for those aspiring middle and higher middle sections to have a luxurious life style. Today, it has become the place to be for many non locals who want to make Hyderabad their home due to the warmth and the comfort this city has to offer.
However, all that seems to have become a thing of the past as the global recession and the current financial slowdown has plundered the city into oblivion and it now looks to have gone back about 8-10 years in the past. Apparently, it was during that time of the year 2000 and a little around that period when the dot com bubble burst and folks were seen scampering for jobs with a pay of fifteen thousand rupees and willing to compromise on anything.
Then, it was the 2001 terror attacks that hit the nail on the coffin. However, right now it looks like a much worse condition with the financial meltdown and there are stories of layoffs in thousands and many getting stuck with huge home loans and multiple investments on lands that were high while buying and have fallen drastically. Even the share markets are stuttering, the economics has gone off guard and everything has come to a major standstill of sorts.
In all this, it has been revealed that the rich and the affluent such as the high profile business communities and other key personalities in the city have not been affected in any way and their regular life style along with the partying is going just like before. What one fails to realize is that the development we have seen in Hyderabad is due to the higher middle and the neo-rich communities and not these rich boys in town.
Now that they have been affected, the entire system has collapsed and now the damage control and repair is happening. And with the new form of jolts like the terror attacks and the bomb blasts happening, it is not just Hyderabad but the entire nation that is at the risk of going back about ten years from today and restarting a new phase of development.