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The future of Happy Nest doesn’t seem happy anymore

by Staff
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Another prestigious project in Capital Amaravati falls in limbo with decions of the new government in Andhra Pradesh. The Happy Nest is a residential project in Amaravati, launched in 2018 by the then TDP government. It had received an overwhelming response, primarily from the NRI Telugu community. The project is located in the heart of the capital Amaravati, minutes away from all major sites in the city, such as universities, state offices and Amaravati thematic towns. 

It was launched in 2 phases, and to everyone’s surprise, all the 1200 apartments were sold-out in a jiffy, Phase 1 booking for 300 flats started on November 9, 2018; Phase 2 with 900 flats began on December 9, 2018. In fact, the servers of the APCRDA initially went down due to the enormous traffic. The entire second lot of 900 flats were booked in just about 2 hours due to an impressive public response. 

People had firm convictions for “Mana Amaravati, Mana Rajdhani,” everyone wanted a place for future in the capital city. From the investment point of view, 3,492 Rs per sqft. is a very reasonable price as compared to the prices in Guntur-Vijayawada prices as an average 4000-5000 Rs per sqft. Many buyers expressed their disappointment over missing this opportunity.

The groundbreaking ceremony happened in March 2019, when its contract was allotted to Shapoorji-Pallonji. But two months later, the complete scenario changed when the new government came to power. The reverse tendering and three capital statements were called for from the YSRCP government in May 2019. 

The previous government started this project to build people’s capital, Amaravati; boost construction activities in the capital region, hoping a major construction activity would help in the development of that region. It could create employability; business activity and migration will take place. Keeping all in this view, the government announced the Happy Nest project.

But cancelling the tender to a giant like Shapoorji-Pallonji gives the industries and businesses in the country the wrong signals. Andhra Pradesh will all start looking like no good investment destination.

By reverse tenders, YSRCP notes that we can save money and that benefit can be passed to buyers. 

When the first call was made, no developer submitted any bids. In May, therefore, the APCRDA made the second call with an estimated cost of Rs 656.44 Cr and had given time till June 8, 2019. 

With no response, the authority extended the time until the third week of June. “However, even after extension, no bids have been submitted,” said a senior official. The official added, “We shall notify the government of this. According to the response, we will take a call.” While officials are eager to complete the project, infrastructure developers thought another call would have the same outcome.

Another bummer for the buyers who invested in Happy Nest was the announcement of 3-capitals by the YSRCP government. This led to confusion amongst buyers. They are feeling betrayed for losing the exclusivity of getting a property in the Capital Region. They see uncertainty in the government’s decision. Some have also expressed the government that they are ready to take back the amount they have paid. 

Few of the owners formed a group and met APCRDA commissioner in December 2019 and said: “We have conducted an opinion poll amongst 350 buyers, 80% out of them are ready to take back the amount they have paid.” 

APCRDA commissioner replied “We’ve already spent around 9 Crores till date and ready to start the construction and deliver to you in time unless all the 1200 buyers are ready to opt for buy-back. In that case, APCRDA is ready to return the amount paid by buyers.”

Not only the buyers, even engineers and workers, who worked for Happy Nest also met APCRDA commissioner. Some of them have not received salaries & full and final settlement for those who were terminated in May 2019. Even after submitting applications to SPANDANA and meeting with APCRDA several times, they have not received any resolution to their query.

But now the situation looks grim, and people are not very sure if the project would come out the way it was projected.

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