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Realty, infra set for turbulance
Real estate and Infra sectors in Amaravati capital is facing challenging times as the State government has stirred up hornets’ nest by putting forward three capital proposal.
Vijayawada: Real estate and Infra sectors in Amaravati capital is facing challenging times as the State government has stirred up hornets' nest by putting forward three capital proposal.
Realty and construction sector have already encountered adverse conditions. The talk of capital shifting has nearly demolished the sector.
According to those in reality sector, nearly 20,000 flats and 1,000 ventures remain unsold. The realtors launched the
projects in the belief that
the capital city in Amaravati would flourish.
Confusion on the fate of Amaravati hit the business. Sources said nearly the 15 realtors had already committed suicide. With the business deteriorating by the day, those in the business are in depression, the sources said.
Not less than Rs 20,000 crore investment in the sector is hanging in the balance. Recently MLA Alla Ramakrishna Reddy had also participated in the Bhoomi pooja on the occasion of launching nearly 10 new mega projects like construction of villas near Mangalagiri.
Besides, a Bengaluru- based international school also laid a foundation stone for the construction of its branch.
Now the people of the two districts and realty and infra companies are facing anxious movements. Already the downtrend began in the capital location after the defeat of
former Chief Minister N Chandrababu Naidu.
Previously the land cost had gone up to Rs 30,000 per square yard Amaravati region. Now there is no market for the same land and the land cost has gone down to Rs 7,500 per square yard.
The investors who bought lands by paying higher price are facing hardships. The real estate and construction activity may plunge deeper into crisis, said A Sivarami Reddy, Managing Director of Divya Prabhas Developers. He is a native of Tadepalli.
