Andhra Pradesh govt plans to repeal Amaravati Capital Region Law
The proposed Act that seeks to repeal the CRDA Act will assure lenders about the loans sanctioned
The government of Andhra Pradesh is planning to repeal the Andhra Pradesh Capital Region Development Authority (CRDA) Act 2014. All the rules, notifications and government orders issued under the CRDA Act 2014 which sought to develop some 33,000 acre in the capital region of Amaravati, will cease to exist.
The areas covered under CRDA will be vested with Vijaywada-Guntur-Tenali-Mangalagiri Urban Development Authority (VGTM). Farmers who contributed land to the Pooling Scheme will get annuity benefits for another three years beyond the period promised. Additionally, they will get 200 sq yards for every acre contributed.
All the farmers and others who surrendered their land for the Pooling Scheme will be entitled to all rights including but not limited to right of guaranteed developed or reconstituted plot.
All the loans sanctioned to the Capital Region Development Authority and employees working for it will be transferred to VGTM Urban Development Authority. Some of the employees may be moved to other local bodies or government agencies. All the loans taken by CRDA will be transferred to VGMTUDA and the government will inform lenders about the change.
The proposed Act that seeks to repeal the CRDA Act will assure lenders about the loans sanctioned. It will continue to act as the guarantor. According to the draft Act, subscriptions to bonds and financial instruments will be redeemed in accordance with terms of the instruments. It will be open to the government to provide for consensual premature termination of the obligations arising from the instruments.