The State government has sanctioned Rs. 57.47 crore to the Vijayawada Municipal Corporation (VMC) for completing 14,016 houses taken up under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) programme. The funds are being released with a rider: loan. The VMC will have to repay the loan in half-yearly instalment basis. The rate of interest is 10.15 per cent applicable for a period of 10 years.
The government in its GO 58 said that the Andhra Pradesh State Housing Corporation Limited (APSHCL) will release funds as requested by the VMC to meet its share in the cost of 14,016 units. The VMC has requested to sanction an amount of Rs. 57.47 crore for completion of 14,016 houses under the Urban Indiramma housing programme with the unit cost at the rate of Rs.41,000 in phase-I and II.
The VMC asked the government to sanction funds on lines of the Greater Visakhapatnam Municipal Corporation (GVMC).