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The other reason is that there were no takers for the project as most of the contractors have little experience in RCC construction.
The Andhra Pradesh Capital Region Development Authority (APCRDA), which has decided to install ‘futuristic’, multipurpose poles in Amaravati, has decided to roll out the project on a pilot basis.
The CTTS, aimed at developing a long-term transportation strategy, is being done by the APCRDA, with technical assistance from Japan International Cooperation Agency (JICA).
Even though the authority has proposed to denotify over 13,000 hectares of forest land, the Union ministry, in September last year, had given a green signal to denotify about 2,090 hectares.
While the face value of the bonds is yet to be finalised, officials said, it is expected to be between Rs 100 and Rs 500.
The AP Capital Region Development Authority issued bonds worth Rs 2,000 crore, with a face value of Rs 10 lakh each, at a fixed coupon rate of 10.32 percent for a period of 10 years.
Sreedhar said that in normal circumstances, the year-on-year economic growth due to such massive projects like the capital city construction tends to be anywhere between 15 to 20 per cent.
The AP Capital Region Development Authority (APCRDA) will list the Amaravati Bonds to mobilise funds for capital construction, in the Bombay Stock Exchange (BSE) by the end of this month.
Plots for two five-star, one four-star, five three-star hotels to be given on freehold basis.
Once the bonds, titled Amaravati Bonds, are released into the market, the authority is likely to get the funds by the end of the month.
Speaking at an open forum held in Navuluru, Naga Sundari said preliminary approvals would be given instantly to the applicants who submitted requisite documents.
This is expected to take at least a month-and-a-half and APCRDA officials are trying to complete the process as soon as possible.
20 acres to be given to investors after minimum infrastructure is created.
The AP Capital Region Development Authority has decided to carry out a special drive to verify whether the buildings under construction in the capital region are being built as per the approved plans.
AP Capital Region Development Authority invites EOI for capital mall to test preparedness of investors
To test the private players' interest to participate in the creation of entertainment infrastructure in the capital, the APCRDA has set its eyes on developing a commercial mall in Amaravati.