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Road agency to set up IT parks

Cash strapped government agencies are now looking at novel ways to raise money to fund their infrastructure projects.

mumbai Updated: Jan 24, 2011 01:39 IST
Zeeshan Shaikh

Cash strapped government agencies are now looking at novel ways to raise money to fund their infrastructure projects.

Following in the footsteps of the Mumbai Metropolitan Region Development Authority’s (MMRDA), which raised crores of rupees by selling land at the Bandra Kurla Complex (BKC), the debt-ridden Maharashtra State Road Development Corporation (MSRDC) too, is looking to commercially exploit land for raising money to fund infrastructure projects. The agency, which is in debt of nearly Rs 4,000 crores, is now planning to construct two IT parks spread over 14.5 acres on the Mumbai-Pune Expressway.

“We are looking at creating the IT Parks by leasing out 14.5 acres of land at Kon and Airiwali near Panvel. This land is on the Mumbai-Pune Expressway and its proximity to Mumbai could make it a lucrative destination for investors,” a senior MSRDC official said.

The project could help MSRDC raise approximately Rs 100 crores if it gets any backers. The MSRDC is increasingly looking towards exploiting land that it holds across the state to raise capital for its projects. It had plans of commercially developing nearly 1000 acres of land that it holds on the Mumbai-Pune Expressway to raise capital and is planning to come up with a comprehensive policy to undertake the systematic corridor development along the Mumbai-Pune Expressway.

By conservative estimates, this land, if sold or leased, can fetch a minimum of Rs 4,000 crores.