Centre approves ₹1,500 crore for Pune’s Ring Road project
With this, the PMRDA has floated a tender for the project.pune Updated: Dec 05, 2017 23:28 IST
The central government has approved ₹1,500 crore for the Ring Road project to be executed by the Pune Metropolitan Regional Development Authority (PMRDA). With this, the PMRDA has floated a tender for the project.
Addressing a press conference on Tuesday, PMRDA chief executive officer Kiran Gitte, said , “The central government has given its nod for the release of ₹1,500 crore for the Ring Road project. While the funding will be from the National Highway Authority, the Ring Road work would be executed by the PMRDA. The remaining amount would be raised through financial institutions.”
Gitte said that a 31 km stretch has been proposed in the first phase between Satara road to Ahmednagar road. The tenders have already been floated and it is expected that actual work on ground would be started in the first month next year.
The stretch has three tunnels and railway line over bridges. Though the state government took the decision not to construct near hills, this road is mainly passing through hills but mainly in the form of tunnels. The PMRDA would take necessary permissions for these tunnels and there would be no environment impact because of it.
The total ring road length is 128 km and the estimated cost of the project is ₹13,315 crore. The PMRDA is planning to take loans from global agencies including Asian Development Bank, Japan International Cooperation Agency and other agencies.
The PMRDA is also conducting the credit rating of the organisation which will help raise funds. There are many plots available with the agency which would be auctioned to raise funds for the project.
Gitte said that as the government had approved ₹1,500 crore, the PMRDA has got a two-year window to raise the remaining funds for the project. This ₹1,500 crore is enough for the next two years.
The PMRDA has even planned to develop town planning schemes along the Ring Road and undertook a meeting with the land owners.