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Start-up Area project within Amaravati city not found feasible: Minister

Start-up Area project within Amaravati city not found feasible: Minister

Amaravati, Nov 13 (UNI) The Start-up Area Project within Amaravati city was closed as it was not found feasible and the Singapore Consortium and the State Government had mutually agreed to call it off.

Andhra Pradesh Minister for Finance Buggana Rajendernath said it was not found feasible to take up such a huge project which involved huge investment which does not match the proposed development.

A Start-up Area Project within Amaravati city, was proposed to develop an area of about 16.91 acres by a company called Amaravati Development Partners Limited which in turn consisted of a few Singapore companies namely Ascendas Sinbridge and Sincorp and Amaravati Development Corporation belonging to the Andhra Pradesh Government,”, he informed.

The Minister said that the proposal was that the Singapore Consortium would have equity of 58 per cent of Singapore Consortium and 42 per cent of the Amaravati Development Corporation.

After deliberations and discussions between both the parties, it was decided to close this project. During the deliberations, it was realized that this 1700 acres is a small part of the big city was proposed to be developed, he added.

Mr Rajendernath said that the huge city along with the area around it which comprises the CRDA, is about 217 square kilometers which is roughly about two times size of Mumbai including Navi Mumbai and suburbs.

He said, “Within this CRDA, there again is a city called Amaravati, which again is roughly about one lakh acres. This area was proposed to be acquired by way of 35,000 acres of fertile land belonging to various owners by way of land pooling and about 10,000 acres of government land.

“During deliberations, it was realized that it requires about Rs 2 lakh crore to develop that one lakh acres which is the size of state annual budget. Unless that amount is spent and the whole area is developed there is no meaning of having a business district in it,” he said.

“One can understand that the project would take decades and decades to be completed and which cannot be done within a span of five years”, he explained.

The Minister said “In this scenario, it was realized that the development of 1700 acres alone is not as easy as was thought of by the previous TDP government. He it was decided to wind up the company which is in the best interests of the state.

UNI DP CS 1732

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