Pune: The Maharashtra Industrial Development Corporation (MIDC) on Monday announced that it will finalise a financial institution within the next ten days to raise funds required for acquiring land for the proposed Purandar airport.
According to a government resolution issued by the state’s industries department, approval along with a state guarantee has been granted to MIDC to raise ₹6,000 crore. The amount will be used to acquire nearly 3,000 acres of land spread across seven villages in Purandar taluka. The funds may be borrowed from the Housing and Urban Development Corporation or any other financial institution offering competitive interest rates.
Officials stated that the district administration has already submitted a proposal to determine land compensation rates. Discussions with villagers will begin once the funds are secured and released for the project. Authorities added that the administration had earlier obtained the consent of villagers to sell their land.
District officials noted that more than 90 per cent of the farmers involved have agreed to part with their land. Recently, Chief Minister Devendra Fadnavis, while presenting the state budget, referred to a special purpose vehicle for the Purandar airport project and stated that the government would undertake land acquisition for the facility. Last week, the state government also approved the ₹6,000 crore loan for the purpose, while attaching several financial safeguards.
The government resolution also directs MIDC to adhere to fiscal responsibility and budget management norms, maintaining financial discipline and prudent debt management. The state guarantee will remain subject to adherence to these conditions. The loan must be utilised strictly for land acquisition and related work within the stipulated time.
Additionally, MIDC has been instructed to submit regular monthly or half-yearly reports to the state government on loan repayment and financial status. The resolution further specifies that the loan agreement should clearly outline repayment schedules, penalty interest provisions in case of delays, and options for refinancing at lower interest rates or a one-time settlement, if permitted.
