AP to set up SPV to speed up Amaravati capital city development
Andhra Pradesh plans to set up a Special Purpose Vehicle (SPV) to accelerate the development of Amaravati as its capital city, aiming for faster infrastructure, urban planning, and investment execution.
AP to set up SPV to speed up Amaravati capital city development
With the Cabinet clearance to set up a Special Purpose Vehicle (SPV), the construction of Amaravati as a world-class capital with emphasis on green energy and other sustainable technologies, is expected to gather steam.
Touted as the dream project of TDP supremo and Chief Minister N. Chandrababu Naidu is keen on developing Amaravati, the riverside city as a people's capital with high happiness index.
The plan is to complete the first phase completed in next two and half years, Municipal Administration Minister P. Narayana told a Malaysian team, which is currently on visit to the capital city to partner with Andhra Pradesh Government for development of the capital city.
The recent Cabinet meeting cleared the proposal for land pooling and acquisition including acquisition of left over 3,500 acres under the Land Acquisition Act of 2013 and additional area under Land Pooling Scheme 2.0 for development of an international airport, sports city and a green industrial hub. So far, the government has acquired nearly 35,000 acres under LPS 1.0.
As part capital city works, the SPV is being constituted to expedite various works including the 10-lanr Outer Ring Road (ORR) project with a length of 190 km. The project is envisaged at an estimated cost of Rs 25,000 crore.
The project needs 1702 hectares. The government has promised to complete land acquisition by year-end and complete all mega infrastructure projects by 2028.
The government is in the process of permitting the district authorities to acquire land wherever required as per Land Acquisition, Rehabilitation & Resettlement Act, 2013.
India's first integrated quantum technology ecosystem is being developed at Amaravati Quantum Valley by tying up with Tata Consultancy Services (TCS), Larsen & Toubro and IBM. The project, aligned with National Quantum Mission, will be made ready by New Year with the building plans finalisation in an area spread over 50 acres.
Amaravati Restart with projects worth Rs.65,000 crore was launched by Prime Minister Narendra Modi on May 2. Chief Minister Naidu has also urged the Centre to further strengthen the highway connectivity to Amaravati and explore introducing high-speed train connecting Hyderabad, Bengaluru and Chennai.
