VIJAYAWADA: As part of the State government’s vision to develop Amaravati as a world-class capital city with strong institutional infrastructure, the Andhra Pradesh Capital Region Development Authority (APCRDA) has executed an Agreement for Sale with the Reserve Bank of India (RBI) for the establishment of residential premises for the RBI Andhra Pradesh Regional Office in Amaravati.
The agreement was executed on June 18 between APCRDA and the Reserve Bank of India. The Agreement for Sale was signed by Jubin Cheeran Roy, Joint Director (Estates), APCRDA, on behalf of APCRDA and VC Roopa, Assistant General Manager, Reserve Bank of India, on behalf of RBI.
Under the agreement, APCRDA has allotted an extent of Ac. 4.04 Cts. of land situated in Survey Nos. 132(P), 133(P), 134(P) and 137(P) of Inavolu Village, Thullur Mandal, Amaravati Capital City Area. The land has been allotted under the Social Development category in accordance with the Amaravati Land Allotment Rules and Regulations, 2017.
The Reserve Bank of India proposes to establish residential premises for the officials and staff of its Andhra Pradesh Regional Office. The proposed residential campus will support operational requirements of the institution and strengthen the presence of one of India’s premier fiscal institutions in Amaravati.
As per the approved Detailed Project Report (DPR) and the terms of the agreement, RBI shall obtain all necessary statutory approvals within the stipulated timeframe, commence construction within six months from the date of execution of the agreement, complete the project and commence operations by March 2029.
The project will be implemented in accordance with APCRDA regulations and the approved development framework. The establishment of RBI residential infrastructure in Amaravati is a significant milestone in the capital city’s institutional development. The project reflects the growing confidence of national institutions in Amaravati and will contribute to the creation of a vibrant administrative and financial ecosystem in the capital region.
APCRDA is actively facilitating investments and institutional development across various sectors to accelerate the growth of Amaravati and create a world-class capital city with quality infrastructure, institutions, healthcare facilities, employment opportunities and public services.