The state Cabinet has decided to allot about 700 acre more to Vanpic (Vadarevu and Nizampatnam Port & Industrial Corridor) for development of the shipyard project, which includes a ship-building unit. This is in addition to the 2,000 acre already earmarked for the Vadarevu port.
Information and public relations minister Anam Ramnarayana Reddy said the Cabinet had ratified the MoUs the government had signed with the Ras Al Khaimah Investment Authority and Maharashtra Airports Development Company for setting up airports at Ongole and Nellore respectively.
The developers would give the government one percent of the gross revenues after a moratorium of 10 years. They would pay one per cent of the fair market value with a moratorium of 20 years. Some portion of the land would be given for non-aero purposes to make the airports viable. These would be completed in three years after financial closure.
The Cabinet also decided to reduce the stamp duty on flats and apartments with a built-up area of up to 1,200 sft by 5 per cent from the present 7.5 per cent. The new rates will come into effect from January 1 for two years.
The government would also collect the impact fee for buildings over 15 m high in four installments spread over two years. These concessions would be applicable to constructions starting within six months from now and completed in two years and are expected to boost the sagging real estate sector, the minister said.
