VIJAYAWADA: The Andhra Pradesh Capital Region Development Authority (APCRDA) signed an agreement with the Housing and Urban Development Corporation (HUDCO) for Rs 11,000 crore loan for the development of Capital Amaravati at the residence of Chief Minister N Chandrababu Naidu in Undavalli on Sunday.
HUDCO CMD Sanjay Kulshrestha, Director (Corporate Planning) M Nagaraj, Finance Director Daljit Singh Khatri, Vijayawada Regional Chief BSA Murthy, APCRDA Commissioner K Kannababu, Additional Commissioner M Naveen, and Principal Secretary (Municipal Administration and Urban Development) S Suresh Kumar were present.
According to Municipal Administration and Urban Development Minister P Narayana, the first phase of Amaravati development is estimated to cost Rs 26,000 crore, and the total project cost is likely to be Rs 50,000 crore. The World Bank and the Asian Development Bank have already committed Rs 15,000 crore to the capital development. HUDCO has also sanctioned Rs 4,400 crore for housing projects in the State. APCRDA officials exuded confidence that the HUDCO aid will accelerate the development of Capital Amaravati.