Mumbai: The Chief Minister of Maharashtra, Devendra Fadnavis is set to begin the construction of Nagpur-Mumbai Super Communication Way, popularly known as ‘Samruddhi Corridor,’ his ambitious project at any time in an election year. The public sector banks have agreed to lend RS 26,000 crore loan. The Maharashtra State Road Development Corporation (MSRDC), the implementing agency, has got in possession of more than 90 percent land that will require for the project.
Fadnavis has recently held a meeting of bankers and urged them to give finance for the Samruddhi corridor project worth Rs 55,000 crore. Bhushan Gagrani, the principal secretary to Fadnavis confirmed, public sector banks have shown interest to finance the project. “In a meeting with CM, banks have agreed to finance this project. The State Bank of India has sanctioned the highest amount of Rs 8500 crore finance and emerged as highest lender,” said Gagrani.
The other banks include Punjab National Bank, Bank of Baroda and Bank of Maharashtra. Apart from these, the Life Insurance Corporation (LIC) will also extend financial support the project. Out of Rs 55000 crore, Rs 26,000 crore will be required for the construction of this corridor. “We were falling short of Rs 3000-4000 crore to reach the target of Rs 26,000 crore. However, the consortium of banks has agreed to share this backlog too. This has helped us solve a major issue of financial burden for this project,” said Gagrani.
Officials said, since most of the land acquisition for this project is almost completed which has been a motivating factor for the banks agreeing to finance it. “We will need 8211 hectares land for the Right-of-way (RoW) of this corridor. Over 90 percent land is in our possession and the remaining land also has been acquired and we are in process of taking possession it. This would be the reason the banks may have agreed to lend us money,” said the official.
RoW is a right to make a way over a piece of land, usually to and from another piece of land. “Land acquisition of few stretches in Amravati, Aurangabad region are still pending, but we hope to sort this issue soon,” he added. Total beneficiaries of the Samruddhi corridor are 23,500 and compensation given to land owners till date is Rs 6,600 crore. Out of the total 701 km length of the project, construction of approximately 600 km will be completed by December 2020.
“Considering the current speed of work, commuters will be able to travel from Nagpur to Igatpuri on this stretch. Rest of the part of Samruddhi corridor will be completed within six months after December 2020,” claimed the official. He added that the department is ready for bhumi poojan with the hands of Prime Minister Narendra Modi at any time.
