The Andhra Pradesh Capital Region Development Authority (APCRDA), which was looking after the construction of capital city at Amaravati in Andhra Pradesh has landed in trouble, with several investors who had put in their money in its prestigious Happy Nest housing scheme in 2018 demanding their money back.
Happy Nest, the first-ever government residential project proposed by the then TDP government at Amaravati in 2018, received huge response from the people, especially those from software industry, business community and NRIs in a big way.
The 1200 flats that were proposed to be developed in 12 high-rise towers, each with (G+18) floors, in an area of 14.5 acres were booked within an hour of the APCRDA opening the online booking.
Those who had booked the flats paid 10 per cent of the flat cost as an advance payment.
The construction of the towers was entrusted to renowned builders Shaporji-Pallonji, which was supposed to complete the Happy Nest project and hand over the flats to the buyers by December 31, 2021.
However, the project took the backseat after YSR Congress party led by Y S Jagan Mohan Reddy came to power in May 2019. As there was no progress in the works, the buyers threatened to move the court in 2020.
The Jagan government, which was alleging a big scam in the Happy Nest project, called for reverse tendering in 2021 to take up the project, but there was no response from any builder.
As the deadline of handing over the project ended on December 31, the buyers served notices on the APCRDA asking it to return their advance amount along with 14 per cent interest thereon.
They also demanded a compensation of Rs 20 lakh for not taking up the project. They also threatened to move the court with a complaint against CRDA under RERA Act. The APCRDA is said to be looking for a direction from the court.