According to an unofficial estimate, investments worth 10000 Crore were struck with prospective buyers and realtors of the upcoming Andhra Pradesh Capital with the speculations of real boom. However all these continue to hang in air as there no progress in plans announced by the government.
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Some of sellers are in even pitiable conditions, they have sold their lands based on White Paper agreements or oral agreements during the initial days of capital announcements and now buyers are not coming forward to buy lands at that rates and are quoting much lesser now than agreed prices.
Unconfirmed reports say people have invested Rs. 5,000 crore to Rs. 7,000 crore in areas such as Gannavaram. And, another Rs.3,500 crore on the Thullur side. Realtors are finding it extremely tough to sit on those lands with government being very slow in its plans. Experts say the bubble will burst big time when the Capital Master Plan is released to public.
