CRDA to sell lands allotted to BR Shetty, King's College
The Capital Region Development Authority (CRDA) of Andhra Pradesh has decided to sell some land parcels in Amaravati Capital region to mobilise funds.
- Andhra Pradesh
NewsTAP Bureau- Updated On:26 Jun 2022 7:16 AM GMT
AMARAVATI: The Capital Region Development Authority (CRDA) of Andhra Pradesh has decided to sell some land parcels in Amaravati Capital region to mobilise funds.
Initially, 248.34 acres will be auctioned in the first installment. The government decided to mobilise Rs 2,480 crore at the rate of Rs 10 crore per acre.
The Government issued an order 389, allowing sale of lands through auction.
The CRDA wanted to dispose of 100 acres, which was given to BR Shetty Medicity, and 148 acres given to King's College, London. The two projects remained nonstarter and the investors were caught in controversies.
The decision was taken by the government at a recent review of Municipal Administration and Urban Development department conducted by Chief Minister Jaganmohan Reddy.
The government decided to mobilise funds by sell the CRDA lands with a view to raising funds on its own, as the banks did not agree to lend.
The government, in fact, planned to sell 600 acres, of which 50 acres would be auctioned next year.
