 "Chennai-Bengaluru Corridor aims at 15% growth per year")
Maharashtra government will soon launch the process to acquire 10,000 hectare for a Rs 30,000-crore, Mumbai-Nagpur super communication highway.
The project has been billed as the mega project to halve the 793-km travel time to eight hours. The government has prepared a comprehensive compensation package, which proposes to offer each family Rs 2,500 a month for 10 years or Rs 30,000 annually, roughly what the beneficiaries would make from cultivating three acres. Besides, a portion of the developed land would be returned to farmers after the completion of the project.
Further, the government plans to issue “land pool ownership” certificates. Farmers’ gains are mainly from the value accretion to the developed residential and commercial plots they are entitled to, amounting to up 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. 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 would connect the entire breadth of Maharashtra. Currently, a detailed project report was being prepared.
“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.
The Asian Development Bank had the project appraisal while the Malaysian government had expressed interest in providing finance.
State-run Maharashtra State Road Development Corporation, the nodal agency for the project, expects construction to start by end of December and end by September 2019.
The construction cost for the 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.
PARTNERING WITH FARMERS
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Acquisition for highway to be done through land pooling method
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The real unlocking of value will be from the developed plots to be received from the government
