APCRDA signs land sale agreement with LIC for Amaravati office complex
In Short
The land has been allotted on a freehold basis in accordance with the Amaravati Land Allotment Rules and Regulations, 2017.
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APCRDA Joint Director, Estates Wing, Jubin Cheeran Roy and LIC Machilipatnam Senior Divisional Manager Nunna Nageswara Rao exchanging documents in Amaravati on Friday
Amaravati: The Andhra Pradesh Capital Region Development Authority (APCRDA) has allotted 0.40 acres of land at Uddandarayunipalem village in Amaravati to Life Insurance Corporation of India (LIC) for the development of an office complex and officers’ quarters.
The land has been allotted on a freehold basis in accordance with the Amaravati Land Allotment Rules and Regulations, 2017. The project falls under the Economic Development objective and is aimed at strengthening Amaravati’s institutional and commercial infrastructure.
As part of the allotment process, the APCRDA and LIC executed an Agreement for Sale. The relevant land allotment documents were handed over by APCRDA Joint Director, Estates Wing, Jubin Cheeran Roy, to LIC Machilipatnam Senior Divisional Manager Nunna Nageswara Rao.
LIC has proposed to construct an office complex along with officers’ quarters on the allotted site, with a planned carpet area of approximately 11,000 square metres. The project is expected to generate employment for around 1,250 people, thereby contributing to economic activity and job creation in the Capital Region. The proposed LIC complex is expected to strengthen Amaravati’s institutional and economic ecosystem while contributing to the development of quality infrastructure in the Capital City.
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