At a board meeting in Mumbai on Wednesday, the Housing and Urban Development Corporation Ltd. approved a loan of Rs 11,000 crore to the AP Capital Region Development Corporation Authority (CRDA) for the construction of Amaravati, the state capital, and housing for underprivileged groups under the Township and Infrastructure Development Corporation (Tidco).

P Narayana, the minister of municipal administration and urban development, and representatives from the municipal administration department met with Hudco chairman and managing director Sanjay Kulshreshtha on multiple occasions in New Delhi. They explained the government’s plans to develop the state capital, Amaravati, and asked for loan approval. The loan was approved by Sanjay Kulshreshtha. The loan has now been approved at the completion of the processing process.

Minister Narayana said that Hudco had approved the financing and expressed the hope that this decision would speed up the capital’s construction.

The World Bank, Asian Development Bank, Hudco, and KFW Bank are prepared to approve a loan of Rs 31,000 crore for the building of Amaravati, the state capital.

In light of this, the AP State Capital Region Construction Authority has so far asked for bids for the construction of the state capital Amaravati at a cost of Rs 20,000 crore.

In addition to inviting bids for the construction of Happy Nest, APCRDA chose to hire project management consultants to call for bids for the construction of the High Court, permanent assembly buildings, and the Integrated Secretariat. Roads, potable water, utility ducts, and avenue plantings are among the infrastructure projects being developed by CRDA. For the Neerukonda balancing flood mitigation project, bids were requested.