MSRDC begins the evalution of the bids received for the sea-facing plot on Nepean Sea Road

This move was taken with an aim to generate funds for the Mumbai-Nagpur expressway which would reduce duration of the travel from 16 hours to 10 hours between the cities.

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As per recent developments, the state corporation had planned to lease the 1.54-acre sea-facing plot on Nepean Sea Road, the market value of which is expected to be around ₹550 crore. Keeping the same in mind, the Maharashtra State Road Development Corporation (MSRDC) recently received four bids, and it is said officials will further evaluate the same.

This move was taken with an aim to generate funds for the Mumbai-Nagpur expressway, and the estimated cost of this 701-km Expressway project is said to be ₹55,447 crore. Officials have not revealed the name of the bidders and they have mentioned that the technical evaluation is currently in process, post which MSRDC would look into the financial evaluation of the bids.

Addressing the same, MSRDC’s joint managing director Vijay Waghmare told the Hindustan Times, “We are yet to release the expression of interests (EoI) for the plots in Bandra and along the Mumbai-Pune expressway. However, we want to proceed with the bidding process for these plots only after gauging the market responses and the lacuna in the bidding process of the Nepean Sea plot.” 

It is said that the officials will also lease plots in Bandra and areas near the Mumbai-Pune expressway corridor for the corridor, and the cumulative sum received from these three plots will be offered as a collateral to the SBI-led consortium of nationalised banks.

The corporation recently submitted a financial closure of ₹28,000 crore for the corridor. Further, it is said that government will be waiving stamp duty on agreements and infuse  ₹3,500-crore as share capital for the project, which was recently named after the laste Shiv Sena Chief, Bal Thackeray. 

The deadline for the completion of the project between Nashik and Nagpur, will be January 2021 and the expressway would reduce duration of the travel from 16 hours to 10 hours between Mumbai and Nagpur.

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