- A joint venture will be floated with the state-owned Amaravati Development Partner (ADP) and the Singaporean companies
- The seed capital will be built in an area of 6.84 sq km
In a Cabinet meet at the Velagapudi Secretariat, chief minister of Andhra Pradesh N Chandrababu Naidu said that the cabinet has approved the APCRDA Swiss Challenge
proposals to develop seed capital. A joint venture will be floated with the state-owned Amaravati Development Partner (ADP) and the Singaporean companies in the ratio
of 42:58 and is proposed to be named Consortium of Amaravati Develop-ment Partners. The resultant company will be overseeing the capital construction.
The minister also said that the Singaporean Consortium will also be allowed to build the seed capital in an area of 6.84 sq km. Out of this, 1,691 acres would be under
the control of the ADP. Close to 200 acres of land will be assigned for master developer in the first phase for Rs 4 crore per acre and the rest of the land released
in the next two phases.
The Swiss Challenge proposal came up with a considerable significance, but was mired with controversies. However, the state government had amended the AP infrastructure
Enabled Act and finally succeeded in Swiss Challenge. It, however, remains to be seen whether Chief Minister Chandrababu Naidu's dream of making Amaravati a better and bigger city than Hyderabad comes true. He had said, "I will build a bigger, better city than Hyderabad. Amaravati, the Andhra capital, will be the best city in India. A water grid, world class capital city Amaravati and human resource development are the three top priorities of my government. Rest all will fall in place."
Last Updated 31, Mar 2018, 6:37 PM IST