Farmers of Karedu village in Nellore district were voluntarily offering land for the proposed industrial hub to be set up by Indosol Company, Revenue Minister Anagani Satya Prasad informed the Legislative Council on Thursday.
Responding to a question by YSRCP member Madhav Rao, the Minister said 500 acres had already been offered with the written consent, and compensation for 300 acres paid. “The government has planned to acquire 8,200 acres for the project, which will be linked to the Ramayapatnam port,” he said.
Initially, farmers had expressed concern over losing fertile land. However, after discussions with the District Collector and officials concerned, they agreed to part with the lands, the Minister said. While the market value was ₹5 lakh per acre, the government enhanced compensation to ₹12.5 lakh under the Land Acquisition Act. Considering the fertility of the land and the farmers’ appeal, compensation was further increased to ₹20 lakh per acre, he said.
The Minister assured that families losing livelihood due to acquisition would be provided jobs, with priority given to locals in employment opportunities. He added that the hub would spur regional growth, similar to how Kia Motors boosted development in Anantapur.