The Pune Metropolitan Region Development Authority is set to seek a loan of Rs.1,000 crore from banks to speed up the proposed 128 km ring road project. In the wake of the delay in sanction of funds by Japan International Cooperation Agency, PMRDA has decided to appoint a merchant banker to help seek funds from banks to put the Rs.13,315-crore on the fast track. The ring road is proposed to have various town planning schemes along its stretch.
PMRDA had sought Rs.8,700 crore funds from JICA. At present, the authority has only Rs.638 crore in its kitty and the remaining funds have to be generated through various land monetization models, loans or auction of land.
The development plan for the ring road project has been submitted to the government and the first stretch of Satara to Nagar road will be prepared in the first phase.
The tender for the Satara-Solapur-Nagar road stretch will be floated by November. The 30-km stretch will have three tunnels, a bridge and a junction at Wadki. Eventually, four lanes will be constructed and it will be subsequently expanded to 10 lanes, the PMRDA chief said.
The ring road project will be mainly funded through the proposed Gujarat model of town planning. The main emphasis of the model will be on land monetization.
As many as 20 town planning schemes have been proposed along the ring road as the financial model. Of these, four schemes will come up soon and the Mhalunge town planning programme will be the model scheme with 100% approval of the villagers.
The town planning scheme is primarily a land pooling system that will ensure that the farmers get back 50% of developed land in their respective plots. The authority will ensuring necessary infrastructure work, while some land will be reserved for auction for PMRDA to generate funds. For the Mhalunge model, 200 odd hectares of land that were pooled will now have a formal draft. PMRDA officials have also held several rounds of discussions with people of villages situated along the stretch. Most recently, the officials held such discussions with the people of Uruli Devachi and Handewadi. The Gujarat model town planning scheme of land pooling is being emulated at Mhalunge but landowners are free not to participate.
PMRDA had announced to develop 219 hectares of land at Mhalunge under the town planning scheme, which would comprise both residential and commercial hubs.