The future of many constructions by the AP government in Amaravati is in dilemma at this moment. The heat due to delay and suspense has now spread to NRIs.
Many Non-resident Telugus across the world invested in NRT ICON high rise constructions by booking the flats in advance and now, they are demanding their money back.
ICON is a prestigious construction proposal in Amaravati in the area of 6 acres with state of the art features including the globe-shaped high rise tower and a revolving restaurant on the 33rd floor. It is expected to become the hub for IT, business and resident needs until the huge delays in construction worried the NRI investors.
While it was proposed that Non-resident Telugus can avail of the investment in ICON for establishing IT companies along with best-living facilities and also it is in the capital city Amaravati, it attracted a large number of NRT investment.
Even when the booking price was at Rs 5500 per square feet, 104 flats were booked on launch date and each one of them paid Rs 32 lakhs in advance. Just with these advance bookings, APNRT society got Rs 33 Cr and the inauguration ceremony was held almost a year back.
It was planned to start the project construction in February, elections delayed it further. With the lack of clarity even after the new government took charge and many other under-construction buildings in Amaravati too had to stop until further notice, worried NRTs started demanding their advances back and building pressure to cancel their flats.
It is heard that APNRT society is asking NRTs to pay another installment to begin the construction.
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