MSRDC in talks with CIDCO, MIDC on fund contribution
The Maharashtra State Road Development Corporation (MSRDC), which is responsible to carry out the proposed 5.4km Turbe Kharghar tunnel project, is in talks with CIDCO and MIDC over fund contribution.
A senior official of MSRDC said, "We want Rs 300 crore funds from CIDCO and Rs 150 crore from MIDC and Rs 300 crore will be poured in by us (MSRDC). However, CIDCO has suggested that since the alignment will be passing through its ownership land, they want MSRDC to deduct the land value costing Rs 180 crore and get balance amount as funds from them." However, the official asserted that the land value has been already included in the entire project cost, and CIDCO is supposed to pay more Rs 300 crore.
Over disagreement between the three agencies on fund management, now the state finance department is working on a plan so that the project can be executed swiftly.
The total cost of the project is pegged at Rs 1,222 crore of which the three agencies (CIDCO, MSRDC and MIDC) will contribute funds and Rs 622 crore will be borrowed. Besides, CIDCO has suggested that the said connectivity can meet the existing Palm Beach Road at Juhi Nagar, increasing the project cost by Rs 600 crore. However, the finance department as of now has not agreed with the plan as it will fall under city road ambit and no toll can be levied thereafter as per the rule. The cost of project cannot be recovered making it unviable.
The MIDC's stand on fund contribution for the said project is still unclear. The
MSRDC official informed, "Due to lockdown, MIDC revenue earnings drastically affected. No message has been conveyed on whether they will contribute funds for the project. However, a letter will be send inquiring about their plan in next two days."
Reportedly, the MSRDC in March 2020 took permission from its authority meeting for the proposed six lane Kharghar-Turbhe connectivity project comprising of 3.5km elevated road and 2.5km tunnel. Once ready, the new highway will be used by commuters who are currently using Thane-Belapur and Sion-Panvel highway. The route will also connect VashiKharghar, Taloja Node of CIDCO.