Investors to be allowed to raise money mortgaging lands
AP Chief Minister N. Chandrababu Naidu
Hyderabad: Land in Andhra Pradesh’s new capital, Amaravati, will be given to private parties or joint capital investors on 99-year lease. These institutions will be allowed to raise finance by mortgaging these lands. In a notification issued by the AP government, more powers, including collection of various charges, have been given to the newly constituted Capital City Development and Management Company (CCDMC).
The principal secretary of municipal administr-ation and urban develo-pment department will be the ex-officio chairman of the board of directors of the CCDMC, which is established under the Companies Act 2013 for the development of Amar-avati. AP Capital Regional Development Authority (APCRDA) has so far pooled around 32,000 acre of land for construction of the capital.
The CCDMC will prepare a detailed development plan for the capital based on the approved master plan and get it approved by the APCRDA. It will also design, develop, implement, operate and maintain the capital city, including providing various city services.
The CCDMC will select partners, including joint capital investor partners and agencies for the development of the city. It will allot developable spaces (floor space index – FSI) and land underlying to the joint capital partners or private parties on 99-year lease through lease agreements as per authorisation. CCDMC can also raise financial resources from the market, besides government funding, as required.
The other functions of CCDMC will be to provide infrastructure like transport, power distribution, water supply, solid waste management, information with communication technology or any other infrastructure in the common area other than in areas developed by the joint capital investor partners either or through Public Private Partnership (PPP) mode as per viability on smart city principals.
It will provide social infrastructure like healthcare, sports, education and entertainment in the capital city.
( Source : dc correspondent )
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