Foundation stone for Amaravati start-up area to be laid today.

Posted by Avenue.in on May 15, 2017
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Amaravati Startup area foundation stone
Amaravati: Andhra Pradesh will be making another leap towards the capital city, Amaravati, as a foundation stone will be laid for the Amaravati start-up area at Mandadam village near here on Monday.

Performing of puja and unveiling of a plaque is scheduled at 2.35 p.m. Chief Minister N. Chandrababu Naidu and Singapore Minister for Trade and Industry S. Iswaran, and a host of delegates will participate. The process for the construction of Amaravati began with Mr. Naidu performing ‘bhumi puja’ at Tallayapalem village in June 2015. It was followed by a series of ceremonies. The first brick fro the ‘People’s Capital’ was symbolically put in place by Prime Minister Narendra Modi in October 2015.

Land acquisition under the Land Pooling Scheme (LPS) has almost been taken to its logical end. The master plan and city plan are being readied. The government has already approved the proposals submitted by the Singapore Consortium for the development of the start-up area of the capital city under the Swiss Challenge method. The consortium — Ascendas-Singbridge Private Limited and Sembcorp Design — will develop the area along with the Amaravati Development Corporation (ADC).

A special purpose vehicle will be floated by the ADC and the consortium for this. As a step in that direction, a Memorandum of Understanding will be signed by the government and the consortium here on Monday at 11.05 a.m. Later, Mr. Naidu and Mr. Iswaran will fly to Mandadam to lay the foundation stone. Senior representatives of the consortium and business delegates from Singapore will also take part in the event. The government is proposing to develop a total of 1,691 acre in three phases in the next 15 years – 656 acres in first phase, 514 acre in second phase and 521 acres in the third phase. The gross turnover and profits, and investments would be shared in 42:58 ratio by the government and the consortium.

The consortium will invest ₹3,068 crore and the State government will have to spend ₹222 crore. The total investment will be ₹4,468 crore. As many as 1.25 lakh families are expected to live in the core capital area.

Source: The Hindu
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