Vellore-based VIT University handed over a check of Rupees 50 crore to CRDA (Capital Region Development Authority) for land to set up its university. This makes it the first official purchase of land by a private player and also the first by a private university.
The vice-president of the university, Sekar Viswanathan handed over the check to Cherukuri Sridhar, CRDA commissioner at a review meeting which was chaired by Chandrababu Naidu, AP Chief Minister.
The state cabinet had allotted 150 acres of land in Inavolu region of Amaravati. VIT Amaravati will receive the land in two phases. In the first phase, 100 acres will be given and should have 18,000 students within 5 years of operation commencement. The remaining land given is subject to the condition that the above mentioned are fulfilled in the first phase. VIT Amaravati paid Rupees 50 crore check for purchasing the 100-acres land in the first phase.
While handing over the check, the VIT University delegation gave the CM, an animated presentation on how the campus will look like. In the next ten years, the university plans to invest Rupees 3400 crores to make campus capable of accommodating 32,000 students.
At Inavolu, VIT Amaravati plans to hold the foundation stone-laying ceremony for starting the construction work. Union ministers along with CM are expected to take part in the ceremony.
The government also had decided to allot more than 300 acres of land in Amaravati to other private universities such as Amity and SRM.