Mumbai: The state government on Tuesday decided to provide as equity Rs 6,000 crore for chief minister Devendra Fadnavis’ dream project, the Mumbai-Nagpur Samruddhi Mahamarg. Prime Minister Narendra Modi will perform bhumi poojan of the project in October mostly during the Navratri festival and construction work will start from October 1. A compound wall will be constructed on both sides of the 1,420km-long Mahamarg. The MSRDC (Maharashtra State Road Development Corporation) has made the presentation of 710km of the Mahamarg to the cabinet. The project cost has increased by Rs 3,000 crore, reaching up to Rs 49,000 crore after the DPR (detailed project report). Indian bankers are providing loans worth Rs 28,000 crore at the rate of 9.5 per cent. The remaining amount will be adjusted in the later stages by MSRDC.
The issue was about interest payment during the construction period of three-and-a-half years which would be Rs 6,500 cr. MSRDC could not raise this amount, so the state government took responsibility of interests during the construction period. After completion of the project, MSRDC will pay the interest and loan EMI to the bankers. Until such time, the government will pay the interest, a senior officer told The Asian Age.
Mr Fadnavis is planning a grand bhumi poojan in October at the hands of Mr Modi considering the upcoming Lok Sabha and Assembly elections. He is trying for a date during the Navratri festival, said sources.
An about 3m high compound wall will be constructed on both sides of the 1,420km Mahamarg to prevent cattle, dogs and local vehicles on it.
Controversy erupted initially on account of land acquisition for the project and BJP’s carping ally Shiv Sena raised objection to it. But later on, PWD minister Eknath Shinde resolved the issue and paid compensation immediately to the farmers for their lands. Land acquisition is 95 per cent completed.
Loans acquired
The cost of the project has reached up to Rs 49,000 crore and more than 34 bankers have sanctioned loans of Rs 28,000 crore, said a senior official. The MSRDC (Maharashtra State Road Development Corporation) has made the presentation of 710km of the Mahamarg to the cabinet. The project cost has increased by Rs 3,000 crore, reaching up to Rs 49,000 crore after the DPR (detailed project report).
