Maharashtra Prosperity Corridor: Govt nod to loan interest of Rs 6000 crore

However, the completion of the project within 30 months will enable the MSRDC to begin toll collection from the fourth year.

Another decision taken was to build a 1,402-km wall three metres high along both sides of the eight-lane road. The wall will be raised to prevent encroachment and ensure that high-speed objective is achieved.

The Maharashtra Prosperity Corridor is a flagship project of the state government. At the meeting, Chief Minister Devendra Fadnavis indicated that the deadline of the project should be strictly adhered to once construction begins from October 2018. He added that the project will bring economic prosperity in 24 districts in Vidarbha, Marathwada, North Maharashtra, Western Maharashtra and Konkan regions.

The Maharashtra Prosperity Corridor has two phases. The first phase relates to the Nagpur-Mumbai eight-lane 701-km road. The second phase relates to development of the 24 nodes (townships) along the road. The total land required for the project is 8,604 hectares.

The total project cost will be Rs 41,830 crore. Apart from the loan component of Rs 28,000 crore, sources said the remaining Rs 13,830 crore relates to engineering, administrative and other expenditure, which would be borne by the MSRDC.

MSRDC Managing Director Radheshyam Mopalwar, who is steering the project, said, “We have already achieved 90 per cent land acquisition. In the remaining 10 per cent, the process is underway. The work will commence from October 2018. We have already tied up with multiple banks both domestic and overseas.”

The project will pass through Nagpur, Wardha, Amravati, Buldhana, Washim, Aurangabad, Jalna, Nashik, Ahmednagar and Thane. The completion of the project will bring down the travel time between Nagpur and Mumbai to six to eight hours. Currently, it takes 16 to 18 hours.

The 24 nodes will be spread in five divisions of Konkan (Thane), Nashik, Aurangabad, Amravati and Nagpur. The project will be designed complete with wayside amenities every 80 to 100 km. The average speed of vehicles is expected to be 120 to 150 kmph.