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HC shock to AP Govt @ Swiss Challenge Model
By: Tupaki Desk | 24 Aug 2016 8:38 AM GMT
Andhra Pradesh Government took the call to prefer Swiss Challenge Model for the development of new capital Amaravati. Even AP Cabinet approved the proposal in June this year. The Singapore consortium comprising of Ascendas-Singbridge and Sembcorp Development Limited submitted Swiss Challenge proposal offering 42 percent stake to Amaravati Development Company (ADC).
Hyderabad High Court found fault with AP Government for not calling up the tenders to pick up the Master Developer and maintaining a secrecy over the whole exercise. The Court didn't entertain the plea of AP Govt's Counsel to offer some time to file the counter. AP Government was asked to file the counter immediately.
Singapore Government have 74.5% stake in the Consortium. In Seed Capital, About 1,691 acres of land will be developed in three phases. While AP Govt offered to give 50 acres at a nominal price, The Consortium sought another 200 acres from AP Government and it is even willing to pay Rs 4 crore per acre.
Hyderabad High Court found fault with AP Government for not calling up the tenders to pick up the Master Developer and maintaining a secrecy over the whole exercise. The Court didn't entertain the plea of AP Govt's Counsel to offer some time to file the counter. AP Government was asked to file the counter immediately.
Singapore Government have 74.5% stake in the Consortium. In Seed Capital, About 1,691 acres of land will be developed in three phases. While AP Govt offered to give 50 acres at a nominal price, The Consortium sought another 200 acres from AP Government and it is even willing to pay Rs 4 crore per acre.
