HUDCO Loan Plan Approved As Maharashtra Sets Timeline For Three Major Vidarbha Expressways The Maharashtra government has approved a proposal to secure funding for land acquisition in three major expressway projects in the Vidarbha region, marking a significant step toward enhancing road connectivity and boosting industrial growth in eastern Maharashtra. The decision was announced during a Cabinet Infrastructure Development Committee meeting chaired by Chief Minister Devendra Fadnavis at the Mantralaya, with senior ministers and officials present. The meeting focused on advancing the Nagpur-Gondiya, Bhandara-Gadchiroli, and Nagpur-Chandrapur expressways, which are critical for improving regional mobility and infrastructure development. Fadnavis emphasized the need for timely execution of the projects, directing the Maharashtra State Road Development Corporation to establish a clear "project implementation schedule." This includes setting specific timelines for tender announcements, bid finalization, and overall project completion. The Chief Minister also instructed the finance department to expedite the proposal for funding from the Housing and Urban Development Corporation (HUDCO), ensuring the plan is processed urgently to meet the strategic goals of the region. The three expressways are part of a broader initiative to strengthen transportation networks in Vidarbha, a region historically underserved in terms of infrastructure. The Nagpur-Gondiya corridor, spanning 162.57 km, is projected to cost Rs 19,582.19 crore, with land acquisition expenses exceeding Rs 3,100 crore. The Bhandara-Gadchiroli project, covering 94.24 km, requires approximately Rs 931 crore for land acquisition, while the Nagpur-Chandrapur expressway, stretching 204.#maharashtra_government #devendra_fadnavis #vidarbha #hudco #maharashtra_state_road_development_corporation
Maharashtra Govt Approves 12,998 Crore Loan Package for Nagpur Infrastructure Projects The Maharashtra government has approved state guarantees totaling nearly 13,000 crore for two major infrastructure projects in Nagpur: the New Nagpur Business District and the New Outer Ring Road. The funding will come from HUDCO, the central government's housing and urban finance corporation. The approvals, issued through separate government resolutions, mark revised versions of earlier decisions and are designed to support the development of these projects. The New Nagpur Business District, anchored by the International Business and Finance Centre (IBFC), will receive a guarantee of 4,999.28 crore. This covers a principal loan of 3,000 crore and projected interest of 1,999.28 crore. The Outer Ring Road project, which includes four truck-and-bus terminals, will be funded with a guarantee of 7,999.13 crore, covering a principal of 4,800 crore and projected interest of 3,199.13 crore. Both guarantees replace earlier approvals, with the IBFC project superseding a resolution dated November 12, 2025, and the Outer Ring Road project replacing one from October 9, 2025. The Nagpur Metropolitan Region Development Authority (NMRDA) will borrow the loans from HUDCO at an annual interest rate of 8.60%, with repayment spread over 60 equal installments over 15 years. The loans will be drawn down within a 12-month window starting from April 20. The IBFC project is part of a larger 11,300 crore New Nagpur Business District, which will span 692.06 hectares in Mouza Ladgaon and Mouza Godhani in Hingna. NMRDA will implement the project with NBCC (India) Ltd as the consultant. The loan will fund the land acquisition phase, while approximately 3,500 crore has been allocated for Phase I development.#nagpur #maharashtra_govt #hudco #nmrda #ibfc
