APCRDA gets ₹7,500 crore loan for development of Amaravati LPS villages

The National Bank for Financing Infrastructure and Development (NaBFID) has released a loan of ₹7,500 crore to the Andhra Pradesh Capital Region Development Authority (APCRDA).  

Minister for Municipal Administration and Urban Development P. Narayana said that the APCRDA would utilise the money for developing infrastructure on the stretches acquired through Land Pooling Scheme (LPS), related to 29 villages.

The farmers in the region had parted with their agricultural lands to the APCRDA about a decade ago for the construction of the capital city and the government had promised to return the developed lands. Now, the infrastructure works would be commenced on these returnable LPS layouts, he said.  

“Infrastructure works related to basic amenities, development and others in the villages will commence on November 21. Roads, drains, drinking water pipeline networks, streetlights and other works will be undertaken,” Mr. Narayana said. 

This financial support will accelerate major construction and infrastructure projects in the capital city, said K. Kannababu, Commissioner, APCRDA, adding that it would be helpful to ensure the rapid progress of the development works in Amaravati. 

The representatives from the NaBFID handed over the release orders to Mr. Kannababu in the presence of Chief Minister N. Chandrababu Naidu and Mr. Narayana on Friday.  

“The financial assistance extended for Amaravati’s construction is expected to significantly speed up the development of the capital city. The support from NaBFID is considered crucial in transforming Amaravati into a world-class city with the state-of-the-art infrastructure,” the CRDA officials said.