HappyNest project construction likely to begin by year-end

Construction of the much-touted HappyNest project, for which the bookings begin at 9 am on Friday in Amaravati, is likely to take off by the end of the year.

Published: 09th November 2018 03:19 AM  |   Last Updated: 09th November 2018 09:43 AM   |  A+A-

By Express News Service

VIJAYAWADA: Construction of the much-touted HappyNest project, for which the bookings begin at 9 am on Friday in Amaravati, is likely to take off by the end of the year. The Andhra Pradesh Capital Region Development Authority (APCRDA) is likely to handover the housing project, aimed at promoting residential activity in the new capital, for possession in around three years.

The APCRDA officials said the tenders for identifying the project developer will be floated shortly. “We expect to have the contractor on board by December and start the construction immediately,” an APCRDA official said.While the plan is to build 1,200 flats in total, the officials said 600 flats would be built in the first phase. Of them, 300 flats — of six sizes from 1,225 square feet to 2,750 sq ft of saleable — will be available for booking on Friday. The remaining 300 flats will also be open for booking soon, the officials added.

The authority has fixed the base price of the flats at `3,492 per sq ft. While the authority has been marketing the flats as an affordable housing, a buyer also has to pay at least six additional charges — parking, clubhouse cost, infrastructure, East-facing (if necessary), floor rise, corpus fund and others.

The authority has fixed the parking and clubhouse cost at `2 lakh per unit and `1.75 lakh per unit, respectively. The preferential location cost (PLC) for East-facing flats is fixed at `50 per sq ft. The infrastructure cost, for the development of sewage and drainage systems, electrical works, water supply, roads and others, will be `175 per sq ft. “Till G+4, the PLC for floor-rise will not be applicable. From floor five, `20 per sq ft will be charged,” the official said.

There will also be a corpus fund of `100 per sq ft, which will have to be paid by the buyers before occupying the flat. This apart, maintenance of `3 per sq ft (for 24 months) will also be charged. Besides 12 per cent GST, the 7.5 per cent of registration cost will also be applicable. The officials added that the flats will have smart facilities along with modern and sports amenities offered by commercial real estate developers.

However, the APCRDA stated the pricing was as per the market trends. “We are using the same model of pricing practised by any commercial developer, who charges extra for amenities such as parking, boathouse and others,” APCRDA Additional Commissioner S Shan Mohan told TNIE.

The project is coming up in Nelapadu village, close to the new capital’s administrative buildings, in a sprawling 14.4 acres of land. Of the earmarked area, around 20 per cent will be used for the buildings, while the remaining would be left open.

The officials also said the booking price has been fixed between `2.5 lakh and `7 lakh, based on the size of the flat. “The balance payment has to be made in eight installments. If there is any GST input subsidy, it will be deducted when the customer pays the final installment,” project manager Venkata Ramana said.

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