Mumbai-Nagpur Maharashtra Samruddhi Mahamarg Closer To Fruition With 86 Per Cent Land Acquired At 5x Market Rates

The Maharashtra State Road Development Corporation (MSRDC) has finished acquiring nearly 86 per cent of the required land for India’s longest expressway – the 700 km-long Mumbai-Nagpur Maharashtra Samruddhi Corridor, reports The Financial Express.

Engaging directly with farmers in ten districts, a total of Rs 5,326 crore had been handed over in lieu of land deals, with a 10,649 sale deeds being written to 20,916 farmers for 6,115.17 hectares of land.

The total land requirement for the expressway is 8,636.09 hectare of which 1345.22 hectare is government owned. MSRDC is in possession of 7,290.87 hectares which includes government land and expects to spend a total of Rs 7,500 crore on land acquisition for the Rs 46,000 crore project.

A notification was issued in November last year under the Maharashtra Highways Act, allowing the corporation acquire land at five times the market rate for those voluntarily handing over their project. Around 300 hectares of land is still under dispute because the land is jointly owned by farmers and their relatives, thus requiring the intervention of the judiciary.

The districts of Nagpur, Amaravati, Washim and Wardha have seen 90 per cent of sale deeds registered while Jana, Nashik and Thane have seen around 75 per cent of them registered.

Funds for the project will come from various banks and financial institutions. State Bank of India has approved Rs 5,000 crore and is expected to commit another Rs 3,000 crore while nine other public-sector banks have given an in-principle approval for Rs 13,000 crore. The Life Insurance Corporation of India (LIC) and India Infrastructure Finance Company (IIFC) are expected to raise Rs 28,000 crore.

Exactly two months ago, the MSRDC had shortlisted 18 contractors to build 13 of the 16 packages that the expressway has been divided into.

Also Read: The Economics Of Mumbai-Nagpur Expressway