Realtors commit suicide in CRDA region

With the bifurcation of Andhra Pradesh, speculations were rife over crores of business in Capital establishment but the sudden burst of real estate bubble at AP Capital region brought down the hopes of several families leaving them in financial crunch.

Noted realtor Vijay Kumar from Ramavarappadu of Vijayawada who apparently took Rs 40 Lakh from financiers and invested in Nuziveedu expecting that it'd be the new capital of AP, unable to cope with the pressure from financiers, committed suicide. Even though every month Vijay had been paying over Rs 1.2 Lakh interests to money lenders, the pressure was too much for him to handle.

Realtors had cashed in on the bubble, laid layouts and sold them to Aam Admi at whopping prices hoping that Nuziveedu would be the Capital as most of the government lands are available in and around the famous town known for mangoes.

After bifurcation, the lands which had a cost of Rs 1 Crore to Rs 1.5 Crore per acre have now dipped to Rs 30 Lakh per acre pushing the investors into neck-deep trouble. The prices have come down severely ever since the announcement of Thullur being the capital. Even in Thullur, the lands which were at a cost of Rs 1.5 Crore then have now dipped to Rs 80 Lakh per acre.

Union Government is not so helpful to state with the facts that capital could take another 10 years has crashed the real estate boom in the region resulting in Aam Admi being caught between greed of realtors and policy makers.