Maharashtra expects to earn Rs 50,000 crore from new Mumbai-Nagpur Expressway in next two years

Maharashtra expects to earn Rs 50,000 crore from new Mumbai-Nagpur Expressway in next two The Maharashtra government aims to earn Rs 50,000 crore in the next two years from the Mumbai-Nagpur Expressway, inaugurated by Prime Minister Narendra Modi on Sunday.

The project, executed by the Maharashtra State Road Development Corporationis, is India’s longest access-controlled expressway stretching across 701 km.

“In the next two years, we plan to generate a revenue of Rs 50,000 from the Mumbai-Nagpur Samruddhi Expressway and will utilise the money to fund other infrastructure projects within the state,” Deputy Chief Minister Davendra Fadnavis said.

He explained that the land was acquired for the expressway through the land securitisation model and the project-affected people were adequately compensated.

Initially, finances were arranged from government agencies such as the Mumbai Metropolitan Region Development Authority (MMRDA) and the Maharashtra Industrial Development Corporation (MIDC).”

Fadnavis said that while some political parties were trying to mislead the villagers and asking them not to hand over their land they could not succeed in their design. The entire land was acquired without a single case being filed in court, he added.

The State Bank of India was the first to approve a loan of around Rs 8,000 crore for the project, after which other lenders followed suit, resulting in more than Rs 55,000 crore being raised.

Fadnavis also said that the state government has plans to construct more expressways which include linking Nagpur and Goa, as well as Pune to Sindhudurg via Ahmednagar, Aurangabad, Raigad, and Ratnagiri.