Vijayawada, Feb 9 (IANS): The Andhra Pradesh government on Wednesday decided to float Rs 1,000 crore bonds for development of state capital Amaravati.

The Capital Region Development Authority (CRDA) led by Chief Minister N. Chandrababu Naidu took the decision to float the bonds.

Speaking at a review meeting, Naidu said the layouts in pooled land should be developed in three phases.

CRDA Commissioner Ch. Sridhar told the Chief Minister that tenders would be called soon for development of layouts as the HUDCO is coming forward to release Rs 7,500 crore for capital development.

He said utilisation certificate was submitted for Rs 1,050 crore released by the central government.

Naidu said that the state government would develop the layouts in pooled lands and hand over the plots to farmers. The state government will bear the cost of stamp duty and registration charges.

The meeting decided to develop 6.84 square km start-up area in Amaravati in Swiss challenge system.

The Chief Minister asked the officials to submit final designs of both inner and outer ring roads of Amaravati in three months.

The consultant appointed for riverfront development gave a presentation on development of 'ghats' and canals and the proposed entertainment centres on the banks of the Krishna river.