Maytas plan township in Kakinada

Maytas Ventures, a residential venture supported by Satyam Computers, has proposed to develop a mega township in Kakinada.

The firm has entered into a memorandum of understanding (MoU) with farmers of the Medaline area, where the township has been proposed.

The Medaline area is adjacent to Kakinada Uppeteru canal and has nearly 1,800 acres of land. There are around 300 farmers here, who cultivate paddy crop twice a year.

The township will come up on 600 acres of land and will have all amenities including parks, a school and shopping complexes. An information technology park will also be set up on 50 acres.

The company would spend nearly Rs 60 lakh per acre on developing this new township, which is expected to be completed within two years.

According to the MoU, the firm need not pay any amount to farmers except crop compensation till the entire development is over. Once the township comes up, farmers would be given 1,200 sq yard of land per acre by Maytas.

The crop compensation to farmers would be Rs 10,000 per acre in the first year, Rs 15,000 per acre in the second year and Rs 25,000 per acre in the third year.

"At present, we are processing the documents. Once we get the design and layout approval, can we reveal the funding details," said K Gopalakrishnam Raju, deputy general manager of Maytas.