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PVV Infra Ltd enters into MOU with Goverment of Andhra Pradesh

2/26/2018

Agencies, Mumbai PVV Infra Ltd said that it has entered a Memorandum of Understanding (MOU) with Government of Andhra Pradesh on February 25, 2018 in the presence of Honorable Chief Minister of AP Shri. N. Chandrababu Naidu for development of self-sustaining Eco-city with a walk-to-work environment that provide affordable housing to EWS (Economically Weaker Sections) and LIG (Lower Income Group), create jobs under both direct and indirect employment with specified MSME activities, caters to social, educational, medical and recreational and other needs resulting in ultimate overall economic growth. Accordingly PVV Infra Ltd will get AP State Govt. support by way of number of fiscal, tax and quantitative incentives like exemption from building license fee, Infrastructure deposit, Land Use Conversion Charges, NALA charges for land use modification, City Level Impact Fee and certain infrastructure facilities, company said in afiling with BSE. The EWS and LIG beneficiaries will benefit from affordable housing with excellent eco-friendly infrastructure facilities and fiscal incentive by way of Exemptions of Stamp Duty, Registration Charges, and additional subsidy from AP state government in addition to existing benefits of PMAY scheme. PVV Infra Limited is proposing to develop Economic City on 26 acres of land located in CRDA area, in Kanchikacharla (near Vijayawada City) in Krishna Dist, AP which includes construction of 3,840 affordable houses in 28 numbers of towers with a built-up area consisting of 15,42,265 SFT over a period of 3 years. With a revenue generation of Rs.387 Crores and income arising from this scheme is exempted from Income tax as per PMAY scheme., filing added.

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