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Capital move: Why IAS officers are selling their lands
By: Tupaki Desk | 27 Dec 2019 6:32 AM GMT
With YS Jagan deciding to have the executive capital in Visakhapatnam, there is confusion among the civil servants. Most of these servants have just bought plots of land in and around Amaravati to construct their homes. But, now that the executive is likely to be in Vizag, these plots have little use for them. They may have to spend a large part of their time in Vizag.
When the capital has shifted to Amaravati, most of these officers bought land from the Government by paying up to Rs 25 lakh for 500 sq ft plot. Some have already started constructing their houses. A few are almost nearing completion. With the capital moving to Vizag, these lands and homes would be largely useless. They now need house plots in Vizag. So, most of these IAS officers are said to be busy looking for customers to buy these plots. Unfortunately for them, with the realty nosediving in Amaravati, there aren't many buyers. The officials are now planning to approach the Government to buy these lands so that they can pay back the loans they have secured for these lands.
Most of these officers have disposed off their property in Hyderabad to shift to Amaravati. Now, they are forced to dispose these lands to look for fresh lands in Vizag.
When the capital has shifted to Amaravati, most of these officers bought land from the Government by paying up to Rs 25 lakh for 500 sq ft plot. Some have already started constructing their houses. A few are almost nearing completion. With the capital moving to Vizag, these lands and homes would be largely useless. They now need house plots in Vizag. So, most of these IAS officers are said to be busy looking for customers to buy these plots. Unfortunately for them, with the realty nosediving in Amaravati, there aren't many buyers. The officials are now planning to approach the Government to buy these lands so that they can pay back the loans they have secured for these lands.
Most of these officers have disposed off their property in Hyderabad to shift to Amaravati. Now, they are forced to dispose these lands to look for fresh lands in Vizag.
