Andhra Pradesh Chief Minister N Chandrababu Naidu is pushing the residuary state into deep crisis by mortgaging the precious assets owned by the state. After raising Rs 2000 crore funds through bonds in the name of CRDA ( Capital Region Development Authority ) , from the India's biggest Bombay stock exchange with high Interest rate, Chandrababu has come out with another plan to double debt burden on Andhra Pradesh people.
Under Chandrababu's new plan, the costly lands given by the farmers in the CRDA are being mortgaged to get Rs 10,000 crore from different financial resources.
Government already issued a government order to this effect. Officials were already instructed to secure all the title deeds of all the lands in the Amaravati capital region to raise the funds. The Authority will be held responsible to pay back the loans. If it failed government will have to clear the debts. Else, the banks will take all the mortgaged lands into their possession.
Chandrababu already spent crores of rupees for the construction of new capital but not a single permanent structure came up in the capital so far. All the temporary buildings constructed were sub standard in the quality . Some buildings are not even rain water resistant .
The chief minister boasted the capital city will be one of the advanced and world class integrated city with all facilities like luxury hotels, residential complexes, business and entertainment hubs. Practically, not a single structure to Chandrababu's imagination came up in the last four years.
The TDP government is also getting ready to hand over the costly farmers lands to realtors for commissions. Analysts said that Chandrababu is making Andhra Pradesh a ' Runandhra Pradesh ' before losing elections