In the third phase, a total of 783 acres of land needed be to be acquired and for this Rs 310 crore was required, he told reporters here.
Already, 1,200 acres has been made available to the airport.
Babu said all steps had been taken to avail loan at a lesser interest for acquiring the land.
The aim was to complete all process with regard to the airport before September 30 and begin the runway construction work in October, he said adding the airport would become operational in December 2015.