Cabinet allows MSRDC to raise Rs 35,629-cr loan for 3 major projects
As the Virar-Alibaug Multi-purpose corridor and Pune Ring Road will pass through cities like Mumbai, Navi Mumbai, Thane and Pune, MSRDC will have to spend a huge amount for land acquisition for these projects, said an official.
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The Corporation aims to raise a loan of Rs 35,629 crore for acquisition of lands for these three projects from institutions like Housing Urban Development Corporation (HUDCO) and others. The Maharashtra Cabinet on Thursday gave approval to the Maharashtra State Road Development Corporation (MSRDC) to raise a loan of Rs 35,629 crore to acquire land for three major road infrastructure projects in the state. The MSRDC has planned to construct 5,000-km of highways and expressway network in the future.
The approval to raise loans will help MSRDC complete the land acquisition process of these projects expeditiously. According to officials, the MSRDC has undertaken three major road infrastructure projects in Maharashtra: the Virar-Alibug Multi-purpose Corridor, Pune Ring Road and the Jalna-Nanded Expressway. Work on all these projects are expected to begin in the next few months. Currently, land surveying work of these projects are in the final stage.
As the Virar-Alibaug Multi-purpose corridor and Pune Ring Road will pass through cities like Mumbai, Navi Mumbai, Thane and Pune, MSRDC will have to spend a huge amount for land acquisition for these projects, said an official.
The Corporation aims to raise a loan of Rs 35,629 crore for acquisition of lands for these three projects from institutions like Housing Urban Development Corporation (HUDCO) and others. The proposal seeking permission to raise loan for land acquisition was earlier sent to the state government. Accordingly, the MSRDC has been given approval by the state government to raise a total amount of Rs 35,629 crore as a loan for all these three projects.
Of the approved amount, HUDCO was initially given approval to raise Rs 5,640 crore. “The guarantee required for this will be given by the government. For this, budgetary provisions will be made to repay the loan and the interest thereon… the tenure of this loan will be 15 years,” said the official.
Meanwhile, the state Cabinet also took a decision to cancel the order of penal action against contractors of Maharashtra Samriddhi Highway for not following due procedure while acquiring a mineral for the construction of the expressway.
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