New policy for real estate development in Amaravati

To be akin to Singapore’s urban guidelines; expected to be formulated in a month

Published: 14th June 2018 05:40 AM  |   Last Updated: 14th June 2018 05:40 AM   |  A+A-

By Express News Service

VIJAYAWADA: The state government has decided to introduce an exclusive policy to promote construction of office spaces, private residential areas, and other real estate projects in capital Amaravati. Chief Minister N Chandrababu Naidu said that the policy would be formulated in a month’s time.  

At a Capital Region Development Authority (CRDA) weekly review meeting held on Wednesday, Naidu met representatives from various real estate firms and asked them to come up with plans to develop at least 100 projects initially. “We will share our existing guidelines with you. You should suggest changes which are creative and transparent. We will also examine the economic model that you suggest and take a decision in a month. Then, in another 30 days, we will call for tenders. Your target is to develop 100 projects -- small, medium and big -- so that the economic activity in the capital gets a start,” he said, adding that the construction work should begin in 90 days.

The new policy is expected to be adopted from Singapore’s urban guidelines, where developers are permitted to have their own guidelines which comply with the state’s norms. The CRDA and Amaravati Development Corporation Ltd. officials informed the CM that the State Urban Arts Commission can approve the independent guidelines. To this, Naidu told the officials to examine the possibility of adopting the model. “We can go for the same policy,” he said.

He further stressed that the objective of his government was to create jobs by developing office spaces. He said that the developers should ensure 1,000 jobs for every acre of office space developed.
On the occasion, the real estate developers suggested that instead of giving land and office spaces at a subsidised rates to the developers, the state government should offer it for free for five years to the IT firms. “This will help in attracting the IT companies. After five years, the firms will start paying the government and developers the rent,” a representative said. The CM agreed to examine the proposal.

Another representative informed Naidu that the real estate firms were ready to take up developmental projects if the farmers, who had got the returnable Land Pooling Scheme plots, come forward to partner with them.

Later, the CM explained the scope for development in Amaravati. He said that there were seven islands in the capital region, which cumulatively has 2,000 acres of land, where low-density development can be done. He also informed them that the state government was promoting tourism development.

The way forward

The Amaravati Development Corporation Ltd. (ADCL) officials said that the L&T firm has been identified the developer of the iconic bridge to be built across River Krishna. During the CRDA review meeting on Wednesday, the officials said that the firm will execute the 3.2-km-long bridge from Pavitra Sangamam in Ibrahimpatnam to N-10 road near Uddandarayunipalem in Amaravati in two years. Meanwhile, Chief Minister Chandrababu Naidu showered praises on Singapore, stating that the entire world looks up to the island nation. “Even the controversial USA and North Korea preferred Singapore. People think it is a safe place and the message that everybody should behave properly is working. Singapore is our partner in development of Amaravati. We are planning to have a better city than Singapore, which has several problems,” he said.

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