2,000 cr Amaravati bonds to be issued by month-end

Amaravati: Amaravati bonds worth Rs 2,000 crore will be released by the end of May. Capital Region Development Officials informed Chief Minister N Chandrababu Naidu that clearances will be obtained by May 23 and the final credit rating will be given on May 22.

CRDA commissioner Ch Sreedhar said, in a review meeting on Amaravati works participated by Chief Minister N Chandrababu Naidu and CRDA officials at the Secretariat on Friday, said Amaravati bonds are expected to get A or A+ credit rating and hoped that they could improve it to AA rating.

The money procured through bonds would help the government pay dues to the contractors who have already completed some works in the capital region, he added. 

The state government decided to mobilise at least Rs 2,000 crore initial capital from public through Amaravati bonds. The bonds will be released through Reserve Bank of India with surety from the state government.

Meanwhile, the Chief Minister directed the CRDA Officials to issue Special Amaravati Bonds for Non-Resident Telugus. He also directed that a dedicated organisation be set up to properly utilise the donations received from the public for construction of Amaravati.

He also instructed the officials to set up a separate entity to provide education, training, human resource development activities and other facilities for the families of farmers who gave their land to capital. “We should create opportunities for them, ensuring productive skill development and encouraging entrepreneurship,” the Chief Minister said.

The CRDA commissioner informed the Chief Minister that the tenders had been released for the Amaravati Government Complex infrastructure on May 16, and the due date for submission for contractors is June 16.

Work has begun on the construction of MLA MLC bungalows and officials are mobilising labour for the multi-storey apartments, he said. The Chief Minister asked Amaravati Development Corporation (ADC) chairperson Lakshmi Parthasarathy to ensure that shopping malls, 4 and 5 star hotels, the sculpture garden and other facilities should be given priority to increase tourism potential.

He also said that the social infrastructure is extremely important, and officials must focus on bringing in shopping malls, schools, colleges, hotels and futuristic developments. “Our progress must start becoming visible now. Create confidence among people by working on time-bound programmes,” he added.

CRDA chief Sreedhar said a real estate developers conclave would be organised in the first week of June to which national and international business organisations and persons will be invited. He said that they were expecting that more than 50,000 people would settle in Amaravati within a year and house construction was planned according to their needs. Special Chief Secretary Satish Chandra and Principal Secretary Ajay Jain were also present in the meeting.