Amaravati To Include A Residential Complex For SBI Staff
SBI and APCRDA signed an agreement for a ₹214-crore residential complex for bank employees in Amaravati, with construction planned to begin in June 2027.
A residential complex for State Bank of India (SBI) employees is set to come up in Amaravati, marking another step towards strengthening the capital region as a major administrative and financial hub.
An agreement in this regard had been signed between SBI and the Andhra Pradesh Capital Region Development Authority (APCRDA) on Thursday evening. The relevant documents have been handed over at the Sub-Registrar’s Office by APCRDA Estates joint director Zubin Roy to SBI AGM G. Ramakrishna.
The residential complex of the SBI will come up over 2.05 acres at Ainavolu. It will provide accommodation to the bank staff posted in Amaravati. The project is estimated to cost ₹214 crore and will have a built-up area of 4.46 lakh square feet.
According to SBI officials, construction of the residential complex is scheduled to commence in June 2027. It is targeted for completion by 2028.
The project is part of SBI’s expanding presence in Amaravati. The bank is already constructing its Regional Office on three acres in the Lingayapalem-Uddandarayanipalem area. The foundation stone for the regional office building had been laid last November by union Finance minister Nirmala Sitharaman.
The proposed staff housing project is expected to support the growing institutional and administrative ecosystem in the capital region by providing residential facilities for SBI personnel working in Amaravati.
