In order to fund Chief Minister Devendra Fadnavis’ pet project, Mumbai-Nagpur Expressway, the Maharashtra State Road Development Corporation (MSRDC) is planning to lease out prime plots in South Mumbai and Bandra to raise funds.
According to Hindustan Times, MSRDC has already invited an expression of interest (EOI) for leasing out a 1.54-acre land parcel at Nepean Sea Road for 60 years, whose market value is around Rs 550 crore. MSRDC plans to follow a similar process to lease out land in Bandra and along the Mumbai-Pune Expressway in the future.
Vijay Waghmare, joint managing director, MSRDC told the leading daily, “Given the current market conditions, we have floated an EOI to assess the response. We will float bids based on the response.” The revenue generated will be offered to a consortium of nationalised banks – led by the State Bank of India (SBI) – as collateral. MSRDC is looking to raise Rs 28,000 crore as loan from the consortium, as so far, it has been able to mop up only Rs 15,000 crore through loans.
The 701 km-long Mumbai-Nagpur Expressway or also known as Samruddhi Mahamarg, will be a 6 lane expressway, connecting the two capitals of Maharashtra Nagpur and Mumbai. The expressway will run through 10 districts, 26 tehsils, and 390 villages in the state and is expected to cut travel time between the two cities to 8 hours. The project is expected to cost Rs 46,000 crores and requires the acquisition of 8,603 hectares of land.
MSRDC is the nodal agency responsible for executing the project which comprises building a completely greenfield expressway, designed for speeds up to 150 km/h on flat terrain and up to 100 km/h on the mountainous terrain of the Western Ghats section.