1 week ago
SBI Plans ₹214-Crore Residential Complex For Staff In Amaravati
State Bank of India plans to build homes for its employees in Amaravati.
The bank signed an agreement with the capital region development authority for the project.
The housing complex will be built at Ainavolu.
It will cover 2.05 acres and have 4.46 lakh square feet of built-up space.
The project is expected to cost ₹214 crore.
Construction is planned to start in June 2027.
The homes are expected to be ready by 2028.
SBI is also building a regional office nearby, which shows the bank is expanding its work in Amaravati.
State Bank of India and the Andhra Pradesh Capital Region Development Authority signed an agreement for staff housing in Amaravati.
The residential complex will be built on 2.05 acres at Ainavolu and provide accommodation for SBI employees posted in Amaravati.
The project is estimated to cost ₹214 crore and will have a built-up area of 4.46 lakh square feet.
Construction is scheduled to begin in June 2027, with completion targeted for 2028.
SBI is also constructing a regional office on three acres in the Lingayapalem-Uddandarayanipalem area.
- Who
- State Bank of India and the Andhra Pradesh Capital Region Development Authority.
- What
- They signed an agreement for a residential complex for SBI employees posted in Amaravati.
- Where
- The complex will be built on 2.05 acres at Ainavolu in Amaravati.
- When
- The agreement was signed on Thursday evening; construction is scheduled to start in June 2027 and finish in 2028.
- Why
- To provide accommodation for SBI staff and support the growing administrative and institutional ecosystem in the capital region.
Key facts
- Project cost
- ₹214 crore
- Site
- 2.05 acres at Ainavolu
- Built-up area
- 4.46 lakh square feet
- Construction start
- June 2027
- Target completion
- 2028
- Related SBI project
- A regional office under construction on three acres in the Lingayapalem-Uddandarayanipalem area
- Agreement documents
- Handed over at the Sub-Registrar’s Office by APCRDA Estates joint director Zubin Roy to SBI AGM G. Ramakrishna
Sources
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