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APNRTS gets Andhra Pradesh government nod to complete NRT Icon project, Real Estate News, ET RealEstate

APNRTS gets Andhra Pradesh government nod to complete NRT Icon project, Real Estate News, ET RealEstate
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VIJAYAWADA: AP non-resident Telugu society (APNRTS) has announced that it has got the consent of the government to continue with the construction of NRT Icon tower project, which is a gated community funded by non-resident Telugus in the Amaravati capital city area.

APNRTS said it showed interest in the execution of the project and communication in this regard was sent on June and November 2019 explaining the project’s progress as on date, like obtaining approvals and pre-grounding works. Initially, allottees were willing to continue with the project after the government’s nod. However, in due course, over 85% expressed their desire to withdraw from the project.

The 33-floor tower proposed by the erstwhile TDP government was to be constructed in Amaravati.

Over 100 NRTs invested in the project but after the change of government in the state in May 2019, many of them approached the high court seeking full refund of their investments along with interest and penalties.

The 500 crore project saw a lot of interest during its launch phase.

However, due to the uncertainty over the development of Amaravati, most of investors wanted to pull out of the project. The foundation for NRT Icon tower was laid by former chief minister N Chandrababu Naidu at Rayapudi, close to the Krishna riverbank, in June 2018. It was expected to house several multinational companies, mostly software firms, and could provide jobs to over 5,000 people.


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