Maharashtra: Government eyes to generate Rs 50,000 cr from expressway in two years

The government aims to earn Rs50,000 crore in the next two years from Mumbai-Nagpur Super Communication Expressway, which was inaugurated by Prime Minister Narendra Modi in Nagpur on Sunday.

Ateeq ShaikhUpdated: Monday, December 12, 2022, 07:24 AM IST
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Mumbai-Nagpur Samruddhi Mahamarg Expressway | File

Nagpur: The government aims to earn Rs 50,000 crore in the next two years from Mumbai-Nagpur Super Communication Expressway, which was inaugurated by Prime Minister Narendra Modi in Nagpur on Sunday.

“We acquired the land for the 701 km-long expressway through the land securitisation model and assured the project-affected people that they will be adequately compensated. Initially, finances were arranged from government agencies such as the Mumbai Metropolitan Region Development Authority (MMRDA) and the Maharashtra Industrial Development Corporation (MIDC),” Deputy Chief Minister Devendra Fadnavis said during the inauguration of the expressway.

Some political parties were working to convince villagers not to hand over their land parcels, Mr Fadnavis said. “However, it did not work and all of them gave us the required plots. Not a single litigation was filed,” he said.

The State Bank of India was the first to approve lending around Rs 8,000 crore, after which other lenders followed suit, resulting in more than Rs 55,000 crore being raised from different sources.

In the next two years, through various methods, “we plan to generate Rs 50,000 crore”, Mr Fadnavis said. The revenue generated from the Mumbai-Nagpur Super Communication Expressway, a project executed by the Maharashtra State Road Development Corporation, will be utilised for other infrastructure projects within the state.

The state government plans to create a network of expressways within Maharashtra such as between Nagpur and Goa, as well as one from Pune to Sindhudurg via Ahmednagar, Aurangabad, Raigad, and Ratnagiri. The aim is to develop a total of 5,300 km of expressway.

Mr Modi has also been invited to inaugurate theNagpur International Airport, which is scheduled to be ready a month later.

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