In order to ensure sufficient flow of funds for the construction of Mumbai-Nagpur Expressway, Maharashtra State Road Development Corporation (MSRDC) has decided to lease out prime plots in South Mumbai and Bandra. It has 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 ₹550 crore, and it plans to follow a similar process to lease out land in Bandra and along the Mumbai-Pune Expressway in the near future, joint managing director, MSRDC, was quoted as saying in a media report. The revenue generated will be offered to a consortium of nationalized banks – led by the State Bank of India as collateral, as the road building agency is looking to raise ₹28,000 crore as loan from the consortium. So far, it has been able to mop up only ₹15,000 crore through loans. The 701 km-long Mumbai-Nagpur Expressway, 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 and is expected to cut travel time by 8 hours.
📅Published on:
30 August 2019
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