Major change in Amaravati bidding?

The much publicised Swiss Challenge method to choose the developer of Amaravati went vain. The much touted method did not yield expected results. The recent infeasible proposal made by Singapore consortium led the CRDA officials to go for the open bidding method as per the latest information.

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Few days ago, the Singapore consortium comprising Ascendas and SembCorp came with unfeasible proposal which includes infusion of Rs.300 crore over a period of 20 years. A parcel of land comprising 4000 acres should be handed over to the consortium with complete rights on the ownership. They even disagreed to allot the proposed houses to be built inside the Seed Capital Region for farmers who had given the lands for the Amaravati.

AP government earlier planned to float Amaravati Development Corporation in which both the government and developers share the equity but Singapore denied that proposal. Several Chinese companies are also evincing interest in developing the Amravati to be a fortune city.