Rs 2,000 Crore HUDCO Loan Guarantee Cleared For Virar–Alibaug Transport Corridor

The Maharashtra State cabinet, led by Chief Minister Devendra Fadnavis, has approved a government guarantee for a Rs 2,000 crore loan to be raised by the Maharashtra State Road Development Corporation (MSRDC) from the Housing and Urban Development Corporation (HUDCO).

The funds will be utilised for land acquisition for the ambitious Virar–Alibaug Multipurpose Transport Corridor.

According to the official statement, a loan of Rs 2,000 crore will be raised by HUDCO for land acquisition for the Virar to Alibaug route. The government has guaranteed the loan to be raised in this.

The cabinet also sanctioned amendments to a previous government decision concerning HUDCO funding, paving the way for expeditious land acquisition and early commencement of work on the project.

The 126.06-km-long corridor is designed to be a multipurpose route, with the first phase covering 96.41 km between Mauje Navghar in Palghar district and Mauje Balavali in Pen. This phase will be executed under the Build, Operate and Transfer (BOT) model.

Once completed, the corridor will establish seamless connectivity between Jawaharlal Nehru Port Trust (JNPT), the upcoming Navi Mumbai International Airport, and the Mumbai Trans Harbour Link.

It will also interlink key national highways such as the Mumbai–Ahmedabad NH-48, Mumbai–Agra NH-848, and the Mumbai–Vadodara Expressway, traversing fast-growing hubs including Vasai, Bhiwandi, Kalyan, Ambernath, Panvel, and Alibaug.

The state cabinet had approved a total financial outlay of Rs 37,013 crore for the project earlier in June this year which includes Rs 22,250 crore for land acquisition and Rs 14,763 crore towards interest payments.

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