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- Realtors in and around Amaravati receive the jolt
- Difficulties are in store for realtors as
Govt wishes to shift the capitalThe real estate in Amaravati, which is on the path of recovery, has received severe jolt. With the elders in the state government declaring the imminent transfer of the state capital to Visakhapatnam, uncertainty over the future of the Amaravati has set in. Those who have invested heavily in and around Amaravati are left in a state of anxiety over the future of their investments. The realty sector received several fluctuations following announcement of three-capital theory by the YSRCP Government in 2019.
Woes of the realty sector have been compounded with the government bringing the development of state capital at Amaravati to a grinding halt. Because of the phenomenon, thousands of flats remained unsold. On the other hand, protests by farmers who pooled their lands for the state capital to continue the state capital at Amaravati adversely impacted the real estate sector. However, the HC orders directing the state government to continue to have the state capital at Amaravati raised hopes among the realtors. Heaving a sigh of relief, several companies have resumed their projects.
The focus of realtors is to develop real estate in and around Vijayawada and areas close to the National Highway. The real estate is booming in Amaravati with construction of premium villas, flats and development of housing layouts. However, the recent declaration on relocation of the state capital to Visakhapatnam by government leaders has triggered confusion among them. Due to this, buyers who have paid advance for purchasing flats, villas and so on have been cancelling their bookings and mounting pressure on builders to return their amount. “Our future has become impossible. We got the permissions from APCRDA and made huge investments and made ventures. But the situation has changed now. We are in a situation of bankruptcy,’ said one of the agonized realtors
