CRDA Approves Rs 37,702.15 Crore for Amaravati Development Works
The Capital Region Development Authority (CRDA) has approved a massive Rs 37,702.15 crore worth of development works in Amaravati, the capital city of Andhra Pradesh. The decision, made during a CRDA meeting chaired by Chief Minister N. Chandrababu Naidu, cleared 59 tenders for various essential projects.
Minister for Municipal Administration and Urban Development (MAUD), Ponguru Narayana, confirmed that the works would commence after the Cabinet’s approval on March 17. He also mentioned that over 20,000 workers would be involved in these projects from next month.
The CRDA had earlier approved 73 projects worth Rs 48,012 crore, which have already been tendered. Out of the newly approved 59 projects, 22 works worth Rs 22,607.11 crore fall within the CRDA limits, while the remaining 37 projects, totaling Rs 15,095.04 crore, are under the Amaravati Development Corporation.
Additionally, the CRDA cleared land allocation for 31 organizations, with proposals to modify land locations for 11 other units and accept new allocations for two more. This move is aimed at boosting the capital city’s development, which is expected to cost an estimated Rs 64,000 crore. However, Narayana emphasized that taxes from the public would not fund this development.
To finance the capital city’s growth, the CRDA plans to leverage surplus land acquired from farmers, estimated at 6,203 acres, with 1,900 acres earmarked for allocation to various organizations. Funds will be generated through the sale or mortgage of this land, as well as through loans raised from multiple sources.
Already, Rs 15,000 crore has been secured from the World Bank, while Rs 11,000 crore will be raised from HUDCO and Rs 5,000 crore from various banks. This will total Rs 31,000 crore in mobilized funds for the development of Amaravati.
The capital region covers 53,500 acres, of which 30 percent is designated for green and blue spaces, making the ongoing development efforts critical to shaping the future of the city.
