Andhra Pradesh: Capital Region Development Authority to raise funds through sale of plots

VIJAYAWADA: Vivek Yadav, commissioner of Capital Region Development Authority (CRDA), on Wednesday said the agency is initiating developmental works in a phased manner based on the high court verdict on capital Amaravati.
He said that the CRDA will honour all the agreements made with the farmers under Land Pooling Scheme (LPS).
The CRDA is in the process of pooling funds for initiating developmental works.Apart from raising loans from banks and financial institutions, the CRDA is going for sale of lands to raise funds. It has already auctioned some of the plots in Middle Income Group (MIG) layout in Amaravati township near Mangalagiri.
The CRDA is going for another round of plot sale in Amaravati township. It has identified 29 plots for sale through e-auction process. The registrations for the same have already been opened and the last date for registration will be May 27.

Out of the 29 plots, 23 plots are of 200 sq yards and 6 plots are 1,000 sq yards. The base price has been fixed at 17,800 per sq yard and the interested parties can bid in multiples of 100 over and above the base price said Vivek Yadav. The e-auction will take place on May 31.
Vivek Yadav said that they are looking to raise 300 crore which will be utilised in developing trunk infrastructure in the capital Amaravati. He said e-auction of 331 plots will take place in ten phases.
Vivek Yadav said that the proceeds of plot sale will be utilised on the ongoing works which include MLA and AIS quarters and development of roads. He said the registration of LPS plots is going on and about 900 farmers registered their plots.
Apart from the plot sale, the CRDA is looking to raise 3,000 crore loan. A meeting with the bankers has already been held and the bankers have in principle agreed to give the loan in two tranches of 1,500 crore subject to submission of detailed project reports on the works to be taken up. Sources said that the bankers have also put condition that the state government should give a guarantee that only Amaravati will remain as a capital.