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Nagpur/Mumbai: As the Metro Rail project in Nagpur is picking up soon, other developments linked to the city too are being pushed on the fast track! The much talked about ambitious Rs 30,000 Nagpur-Mumbai Express Way has also been put on high buzz! The latest we hear is that the Maharashtra government will soon launch the process to acquire 10,000 hectare of land for this highly anticipated super communication 793 km long highway which would reportedly cut the travel time between the two cities to eight hours from the present 16.
Rs 2500 pm per acre!
The government has prepared a comprehensive compensation package that proposes to offer each family Rs 2,500 a month for 10 years or Rs 30,000 annually, which is roughly what they would make from cultivating three acres of arable land. Besides, a portion of developed land will be returned to farmers after the project completion.
Land pool ownership certificates
Further, the government plans to issue ‘land pool ownership’ certificates. Farmers’ gain is mainly from the value accretion to the developed residential and commercial plots they are entitled to, amounting to almost 35 per cent of the land acquired. The government may allot the residential and commercial plots to farmers as close as possible to their surrendered lands. The state cabinet is expected to clear the compensation package at its meeting slated for Tuesday.
Gold Rate
Friday 24 Jan. 2025
Partnering with Farmers
Acquisition for highway to be done through land pooling method.
Real unlocking of value from to be developed plots to be received from govt.
Project financing via borrowings, commercial exploitation of land, bonds.
793 km highway to reduce traveling time to 8 hours from 16 hours.
State public works minister Eknath Shinde, who also heads MSRDC, told Business Standard,” The government will adopt a land pooling model which was recently implemented by the Andhra Pradesh government for the establishment of its capital at Amravati. Farmers will be made partners in the project. Some percentage of developed land will be given back to farmers.” He further said the highway will connect the entire breadth of Maharashtra.Currently, the detailed project report is being prepared.
Channelising Finance
”The finances for project could be raised through various means such as borrowing, commercial exploitation of land, bonds. Many financial institutions have shown interest in the project. Creation of multiple smart cities along the highway is also envisaged. The government is exploring various means,” Shinde said.
Interestingly, the Asian Development Bank has already launched the project appraisal while Malaysian government has expressed its desire to provide finance.
The project will be developed on engineering, procurement and construction (EPC) cum annuity basis. The state-run Maharashtra State Road Development Corporation, which is the nodal agency for the project, expects commencement of construction by end of December and completion by September 2019.
The construction cost for eight lane expressway is estimated at Rs 30 crore per km which involves six lanes of super communication highway and two lanes of service roads, utility shifting, bypass and other structures.
