AP CRDA to lease out flats built for govt employees
Keen to mobilise funds for the development of Amaravati in accordance with the High Court order, the Andhra Pradesh Capital Region Development Authority (CRDA) has now decided to lease out the residential towers it actually built for the government employees in the state capital city.
“The VIT-AP University has come forward to take the tower on lease. Our negotiations are going on. We are awaiting a formal order from the government to complete the deal,” a senior official of the Municipal Administration and Urban Development Department told PTI.
The D1 Tower is located in close proximity to the VIT-AP campus in Amaravati.
Chief Minister Y S Jagan Mohan Reddy gave the green signal for leasing out the flats, which lay abandoned ever since he came to power.
In all, the CRDA has taken up construction of six towers in an area of 7.72 acres for Group-D employees of the state government. Between 2017 and 2019, 65 per cent of the works were completed, but the YSRC government stalled all development projects in Amaravati since June 2019.
With the High Court delivering a judgment on March 3 this year, directing the state government to complete all development works in Amaravati capital city and region within six months, the CRDA has been scampering for funds to fulfil the obligation.
On one hand, the CRDA is putting up huge tracts of lands, acquired from farmers, for sale and on the other exploring alternative avenues to raise resources.
Accordingly, the proposal to lease out the flats built for employees was mooted and the Chief Minister approved it, official sources said.
“In the first round, one tower will be leased out on as-is-where-is basis. The others will follow, depending on the response,” the sources added.
The total super built-up area of the six towers is 10,22,149 sqft and the CRDA expects to garner at least Rs 50-60 crore as lease rental per year.
The residential towers, with several hundred flats for Gazetted Officers and Non-Gazetted Officers, built in the vicinity are also half complete.
Officials say these structures too could be leased out “if there are takers”.
Three banks have so far released a sum of Rs 1,862 crore for these residential towers and agreed to release the balance Rs 198 crore in “due course of time”.
Now that it has to take up other major development works and also repay the loans already taken, the CRDA finds itself stifled.
That the banks are not keen on extending more credit is only making matters worse for the CRDA.
On a priority basis, though, it has decided to complete the residential towers for legislators and All India Services officers and set November 30, 2022 as the deadline.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)