Fund­ing for Nag­pur e-way to bur­den state

State to pay 9.5% in­ter­est on loan, mort­gage land in re­turn for com­plet­ing Deven­dra Fadnavis’ pet project

Hindustan Times ST (Mumbai) - - YOURSPACE -

in­ter­est rate, the loans we get from in­ter­na­tional fund­ing agen­cies is linked to US dol­lars so it does trans­late to around 5 to 6 % any­way,” he said.

MSRDC has al­ready taken a loan of ₹5,000 crore from five other state pub­lic agen­cies in­clud­ing Mum­bai Metropoli­tan Re­gion De­vel­op­ment Au­thor­ity (MMRDA), City and In­dus­trial De­vel­op­ment Cor­po­ra­tion (Cidco), Ma­ha­rash­tra Hous­ing and Area De­vel­op­ment Au­thor­ity (Mhada), Ma­ha­rash­tra In­dus­trial De­vel­op­ment Cor­po­ra­tion (MIDC) and Slum Re­ha­bil­i­ta­tion Au­thor­ity (SRA) to pay for its ac­qui­si­tion costs. It will pay an in­ter­est of around 8.14% to th­ese agen­cies for this loan.

MSRDC is hop­ing to com­plete the project within 30 months. The work is ex­pected to take off be­fore the end of this year as ten­ders for 13 out of the 16 con­struc­tion pack­ages have been given out. The re­main­ing is ex­pected to be given by end of Septem­ber.

The Phase II of the project in­volves build­ing 17 nodes or smart cities along the ex­press­way. MSRDC has also is­sued Re­quest for Pro­posal doc­u­ments for de­sign­ing th­ese nodes. The land for the nodes will be ac­quired only through land pool­ing method which means there will be no cash com­po­nent for ac­qui­si­tion.

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