Synopsis
The Capital Region Development Authority has approved a significant initiative worth Rs 37,702 crore for Amaravati's development, with 59 tenders cleared. Over 20,000 workers are expected to be involved, and a total of Rs 64,000 crore is projected for the city's overall development, funded through various loans and land sales.Key Takeaways
- CRDA approved Rs 37,702 crore for Amaravati development.
- 59 tenders have been cleared for various projects.
- Over 20,000 workers to participate in development.
- Projected development cost for Amaravati is Rs 64,000 crore.
- Funds will not come from public taxes.
Amaravati, March 11 (NationPress) The Capital Region Development Authority (CRDA) approved development projects totaling Rs 37,702.15 crore for Amaravati on Tuesday. The meeting, led by Chief Minister N. Chandrababu Naidu, sanctioned 59 tenders for various initiatives.
According to Ponguru Narayana, the Minister for Municipal Administration and Urban Development (MAUD), work will commence shortly after the Cabinet's upcoming meeting on March 17.
During a media briefing, Narayana mentioned that over 20,000 workers will engage in these development activities next month.
He also noted that tenders for 73 additional projects worth Rs 48,012 crore have already been issued, following prior Cabinet approval.
Out of the approved 59 projects, the estimated cost for 22 projects within CRDA limits stands at Rs 22,607.11 crore, while the 37 projects managed by the Amaravati Development Corporation are valued at Rs 15,095.04 crore.
Narayana indicated that land allocations to various organizations occurred between 2014 and 2019, with Tuesday's meeting clearing allocations for 31 organizations.
The deadline for relocating land designated for 11 units has been extended, and the CRDA approved changes for two units.
He emphasized that the capital city’s development is projected to cost approximately Rs 64,000 crore, clarifying that funds collected from the public will not be utilized for this purpose.
From the total land acquired from farmers, the CRDA possesses an excess of 6,203 acres, of which 1,900 acres will be allocated to various organizations, as disclosed by the Minister.
The capital city will be developed using funds generated from either mortgaging or selling this surplus land, he stated.
An existing loan of Rs 15,000 crore has already been secured from the World Bank, and an additional Rs 11,000 crore will be sourced from HUDCO, while Rs 5,000 crore will be borrowed from other banks, leading to a total mobilization of Rs 31,000 crore.
Narayana anticipates that land prices will rise as development progresses, enabling sales or mortgages to settle loans. The Amaravati capital region encompasses 53,500 acres of various land types, with plans for 30 percent to be designated for green and blue development, the Minister concluded.
