Real estate has come to a screeching halt in Amaravati capital city area. All communities in the area are now in a grip of fear over future impact. Even the YCP sympathisers are worried about the uncertainty and lack of clarity in their party government’s stand towards building the global city.
Most communities in the capital city area voted for YCP as they believed that Jagan would continue the capital in Amaravati only. But now different rumours are circulating that the CM wouldn’t construct iconic towers. The seat of administration would also be moved out of Amaravati capital area to buildings in Vijayawada and Guntur cities limits.
Presently, only one to two per cent distress sales are taking place. They are only trying to recover or minimise losses. There’s also a feeling of frustration on what happens if Jaganmohan Reddy doesn’t use even the temporary Secretariat buildings in Amaravati.
All projects including the Happinest gated community have been stopped, and no sales are taking place. The registrations department officials have lost all hopes on achieving their targets. The stamp duty revenue touched rock bottom. The prices already fell 20% to 40% from peak. The CRDA website also removed plot details that were there earlier for sale.
There are also enquiries from the buyers who already purchased flats to withdraw their memberships. The officials of the Capital Region Development Authority are in a total loss of ideas due to lack of any direction from above. CM Jagan was supposed to review CRDA two days ago but it didn’t happen which is raising concerns over the real intentions of the ruling party.
A realtor based out of Vijayawada says that the situation will further deteriorate if there’s no clarity on the government’s policy towards the capital city construction immediately. The uncertainty is hurting all communities regardless of their having lands or not.
The CRDA officials are also being changed. They are not having immediate plans to keep the project going. The general economic activity is badly hit in the area. It would be too late if public confidence is totally lost in the capital city project.
