Vijayawada: The Andhra Pradesh Capital Region Development Authority (APCRDA) has signed an agreement with the Housing and Urban Development Corporation (HUDCO) for an Rs 11,000 crore loan to fund the development of Amaravati. The agreement was formalized on March 16 at the residence of Chief Minister N. Chandrababu Naidu in Undavalli.
Key Officials Present
The signing ceremony was attended by 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.
Funding and Development Plan
According to Municipal Administration and Urban Development Minister P. Narayana, the first phase of Amaravati’s development is expected to cost Rs 26,000 crore, while the total estimated project cost is around Rs 50,000 crore.
- The World Bank and Asian Development Bank have already committed Rs 15,000 crore for Amaravati.
- HUDCO has additionally sanctioned Rs 4,400 crore for housing projects in Andhra Pradesh.
Acceleration of Amaravati Development
APCRDA officials expressed confidence that HUDCO’s financial support will significantly boost infrastructure and urban planning efforts, accelerating Amaravati’s transformation into a world-class capital city.
