Reddy unveils pylon for Singapore project

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Mangalagiri, Oct 13 (UNI) Andhra Pradesh Chief Minister Y S Rajasekhara Reddy today unveiled pylon for the upcoming Singapore model township project at Navuluru village near here.

The Vijayawada-Guntur-Tenali-Mangalagiri Urban Development Authority (VGTM-UDA) signed an agreement with the Indo-African Industries Private Limited, a Hyderabad-based firm for construction of the apartments in the township.

The total cost of the project was Rs 975 crore under which UDA would get a revenue of Rs 48 crore. It would be taken up under Public-Private Partership in 53 acres of total site area and completed in a period of 42 months.

The developer Indo-African Industries paid Rs nine crore during the agreement period in August this year and the remaining cost would be released during the time of construction of apartments.

A Special Purpose Vehicle (SPV) would be created to supervise the execution of the project.

UNI

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