The state Budget for FY 2015-16 proposes allocation of Rs 3,168 crore for urban development, including development of the capital city.
"The total land required is being secured by obtaining consent from the land owners of capital city consisting of about 33,252 acres...87 per cent (of owners) have given consent for pooling land," the Budget, presented today in the Legislative Assembly, said.
Of this, 50 per cent land will be used for 'common infrastructure'. About 25 per cent will be returned to the land owners in the form of developed plots.
Bifurcation of Andhra Pradesh necessitated development of new capital; it would come up near Vijayawada.
"The new capital will be a place for creativity and innovation. Sustainability in terms of infrastructure, environment, equity and safety will make it an ever-green capital. Such a city will require meticulous planning for the very long term infrastructure needs of future generations," the Budget said.
The state government has formed Capital Region Development Authority which is entrusted with the task of paying the farmers compensation for the land.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
