Looking to develop 24 planned townships along the proposed ambitious 706-km Mumbai-Nagpur Expressway, the Maharashtra government has roped in the South Korean government to offer technical proficiency and financial backing to build these new cities.
The government recently signed a Memorandum of Understanding (MoU) with the Korean Land and Housing Corporation, an undertaking of the South Korean government that specialises in land development, town planning and housing stock.
Besides the Mumbai-Nagpur corridor, the MoU is also expected to cover other smart city projects being implemented in Maharashtra under the Centre’s ‘Smart Cities’ mission, as well as the revamp of Bandra’s government colony, a 93-acre sprawl of crumbling buildings near the Bandra Kurla Complex.
A senior official from the state public works department said, “The government has discussed the Mumbai-Nagpur expressway as one of the main projects under the agreement. Experts from the Korean Land and Housing Corporation will help the government plan all the new townships that are to be created along the proposed expressway, and may also take up the development of one or two nodes by themselves.”
The government is also likely to receive funding from the South Korean government . The South Korean government, last year, offered to pledge a $10 billion fund for infrastructure projects.