HUDCO sanctions Rs. 1,275 crore for Amaravati

The AP-Capital Region Development Authority (AP-CRDA)’s fund-raising plans for construction of Amaravati have got a big boost with the Housing and Urban Development Corporation (HUDCO) sanctioning Rs. 1,275 crore towards the first instalment of its committed loan of Rs.7,500 crore. HUDCO Regional Chief L.V.S. Sudhakar Babu handed over a letter to that effect to CRDA Commissioner Cherukuri Sreedhar at the CRDA head office here on recently. Thanking HUDCO for the speedy response to the CRDA’s proposals, Mr. Sreedhar said the amount would be utilised for development of infrastructure like roads and drains in the first phase. The Government of Andhra Pradesh and HUDCO had previously signed a Memorandum of Understanding for the loan tie-up. CRDA Directors K. Paleswara Rao (accounts) and R. Rama Krishna Rao (planning) and HUDCO Deputy General Manager (law) K.A. Raman were present.