Amaravati ••It has the potential to support the Centre’s 5 trillion dollar economy target
••New business and employment hub for youth
Capital can give funds for welfare schemes
Patibandla Srinivas
Amaravati: Though the capital of Andhra Pradesh Amaravati faced several hurdles including its capital status, as per ground realities it still is a goldmine to the State. The future projections reveal Amaravati can be developed as not only a sustainable project but it will generate huge wealth for the development of the entire State and lakhs of jobs for youth. The capital city has the strength to provide funds for implementing the welfare schemes and repaying the whole debts of the State.
It can play an important role in reaching the 5 trillion dollar economy of the Centre government’s dream plan.
As per the views of experts, history, and ongoing developments, the capital of Andhra Pradesh will play a bigger role in future in various aspects.
It may be recalled that the 29 villages under the purview of the Amaravati in the Guntur district area have been selected for the new capital of Andhra Pradesh after the State bifurcation.
Then the state government also identified the 217 square kilometers as capital region. It is the highest capital region anywhere in the country. The entire core capital area was given to the Singapore consortium for the development and promotion of the entire capital to make it an international business hub.
The state government acquired 33000 acres of land for capital purposes under land pooling. Out of which the government holds nearly 10000 acres of land after allotting lands for the creation of roads and infrastructure and giving back to landowners as part of their share under the land pooling system.
Several lands were given to various government and non-government organisations at a cost of from Rs 2 crore to Rs 4 crore for setting up their establishments in the capital city.
During the period several lands were sold out by landowners for Rs 35,000 per square yard. It had been estimated that price of each acre will reach up to Rs 10 crore. The whole land value was estimated at Rs 100,000 crore. The land value was estimated to be from Rs 5 lakh crore to Rs 10 lakh crore after converting into commercial and construction format.
Similarly, the inner ring road and the outer ring were proposed around the capital while an eight-lane express highway was planned by the State government from Rayalaseema districts to Amaravati.
The assets of the area were expected to get appreciation following the proposed developments and projects. Apart from this several residential and business projects were designed and some of them were sold out with huge demand across the globe. The Non-Resident Indians (NRIs) across the globe joined hands with each other and they planned to construct the first 33 floors of the iconic building. It will act as an investment hub for NRIs and an employment center for youth.
Interestingly the debts of AP were Rs 1 lakh crore after the State bifurcation. The lands pooled by Amaravati’s capital area are more valuable than the total loan of Andhra Pradesh State.
However, all the projects were halted midway after the YSR Congress government came to power. All the agreements were cancelled and the majority of the investors stopped their plans. Even the Central government organisations did not start their offices even though they purchased lands in the capital area.
The capital project was designed as a self-sustainable project. The present government made the statement that it needs lakhs of crores of money for capital construction. Following the developments, the land prices dropped abnormally and several investors lost their previous earnings too.
When the elections are very near, the fate of Amaravati is a hot topic in various circles across the globe.
The analysts say still the capital of Andhra Pradesh is a goldmine. Especially the capital has nearly 10000 acres of surplus land after allotting lands for all infra purposes and land owners share. The capital area has abundant water, sufficient lands, and good rail-road connectivity.
The people of the area are settled across the globe and they are financially in a good position. Even though the present government changed its capital plan and the brand value of Amaravati was damaged, it will have huge investment attraction strength.
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The people of the state have aspirations that former Chief Minister N Chandrababu Naidu will come to power in the forthcoming elections. He will reinitiate the work at a fast pace for next time without any concerns, said the majority of experts and leaders to The Capital Newspaper.
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