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AP to set up Airport Development Fund
AP to set up Airport Development Fund. The Chandrababu Naidu government plans to set up an Andhra Pradesh Regional Airport Development Fund (APRADF) with an initial amount of Rs 100 crore to provide financial support for regional airport development.
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Hyderabad: The Chandrababu Naidu government plans to set up an Andhra Pradesh Regional Airport Development Fund (APRADF) with an initial amount of Rs 100 crore to provide financial support for regional airport development.
According to AP's draft civil aviation policy, the APRADF will be used to provide financial support to develop and operate airports as well as commercial airline operations wherever deemed necessary. "The initial corpus will be Rs 100 crore," the draft policy said.
The government proposes to 100 per cent exemption on stamp duty for land purchased or leased to develop and upgrade airports, as well as 100 per cent reimbursement on electricity duty and property tax, the draft policy said.
In order to expedite project related approvals and obtain land for key airport projects, the draft policy has proposed to create a project specific special purpose vehicle for speedy and smooth development of airports as well as other aviation infrastructure projects.
