Amaravati Capital Development Works Approved for Rs 37,702 Crore

Amaravati Capital Development Works Worth Rs 37,702 Crore Approved

On March 11, the Capital Region Development Authority (CRDA) approved development projects for Amaravati worth Rs 37,702.15 crore. This decision was made during a meeting chaired by Chief Minister N. Chandrababu Naidu, where 59 tenders were approved for various construction and development works.

The projects are set to start immediately after the Cabinet's approval on March 17, according to Ponguru Narayana, the Minister for Municipal Administration and Urban Development (MAUD).

Over 20,000 workers will participate in these development activities next month, Narayana said.

In addition to the approved works, the CRDA has already called tenders for 73 projects worth Rs 48,012 crore, for which the Cabinet has already granted approval.

Out of the 59 projects approved, 22 projects within CRDA limits are valued at Rs 22,607.11 crore, while 37 projects under the Amaravati Development Corporation are worth Rs 15,095.04 crore.

The CRDA meeting also cleared land allocations for 31 organizations and extended deadlines for 11 other units to change their land locations. The proposal to change the land location for two more units was also accepted.

Narayana stated that the total cost of developing the Amaravati capital city is estimated at Rs 64,000 crore, but clarified that no taxes collected from the public will be spent on this development. The land acquired from farmers, including an excess of 6,203 acres, will help fund the project through land sales or mortgages.

So far, the government has raised Rs 15,000 crore in loans from the World Bank, with another Rs 11,000 crore set to be borrowed from HUDCO and Rs 5,000 crore from various other banks. This will total Rs 31,000 crore in funding for Amaravati's development.

As the city's development progresses, the value of land is expected to increase, allowing the government to use it to repay the loans. The Amaravati capital region spans a total of 53,500 acres, with 30% of the land designated for green and blue spaces.