Whether anybody agrees or not, it is a fact that Amaravati, the hitherto capital region of Andhra Pradesh had virtually become a real estate venture during the Chandrababu Naidu regime.
Several farmers, who were allotted plots in lieu of their lands surrendered to the state government under land pooling scheme, had sold their plots for various needs.
Most of those who had bought their plots were Non-Resident Telugus, hoping that they would reap rich profits if the capital materialises.
In fact, some NRI has made this sale and purchase of plots a big business.
According to sources, a prominent Telugu NRI had bought a good number of plots at cheaper rates and sold them to his friends in the US at a rate three to four times of the original cost.
Some of the NRI who bought these plots also indulged in second-sales. But after the change of power in the state last year and the Jagan Mohan Reddy government dumped Amaravati, things changed drastically.
With Jagan deciding to shift the administrative capital to Visakhapatnam, the land rates in Amaravati have plummeted.
As a result, the Telugu NRIs who invested huge amounts in these plots business suffered huge losses. They are said to be questioning their friend who sold the plots to them as to why he had cheated.
Apparently, he tried to convince them that the capital would remain at Amaravati as TDP president N Chandrababu Naidu would go all out to stall the capital shift.
However, all their hopes are now shattered with the Jagan government reintroducing the three capitals bill in the state assembly last month. They have no option to silently suffer.
They can’t even complain to the police because it is a land business and price fluctuations are very common in real estate sector.
So, the Telugu NRIs have lost all their hard savings by betting on Amaravati real estate business. But they have none but to blame themselves!
