Pune: ₹5,500 Crore Loan Approved from HUDCO for Pune Ring Road Project
The Pune Ring Road project has taken a significant step forward with the recent approval from the Housing and Urban Development Corporation (HUDCO). Maharashtra’s Chief Minister, Eknath Shinde, announced the project’s approval in a cabinet meeting held yesterday. Along with this approval, HUDCO has sanctioned a substantial loan of ₹5,500 crores for the project, backed by a government guarantee as per the Maharashtra State Road Development Corporation’s (MSRDC) requirements.
Land Acquisition and Allocation
The ambitious infrastructure project has already secured 535.42 hectares of land. However, an additional 972.07 hectares are still needed to complete the land acquisition phase. To facilitate this, a budget of ₹1,876 crores and 29 lakhs has been allocated specifically for acquiring the remaining land.
Enhancing Connectivity
The Pune Ring Road is set to significantly enhance connectivity in the region. The route will intersect with several major highways, including:
- Pune-Nashik Highway
- Mumbai-Pune-Solapur Highway
- Pune-Satara Highway
- Pune-Ahmednagar Highway
Additionally, the project will improve access to around 29 villages surrounding Pune, thereby bolstering regional transportation networks and easing traffic congestion within the city.
Economic and Social Impact
The approval and subsequent construction of the Pune Ring Road are expected to have far-reaching economic and social impacts. By improving infrastructure, the project aims to boost local economies, provide better access to resources, and enhance the overall quality of life for residents. The improved road network will facilitate smoother and quicker transportation, reducing travel time and fuel consumption, which can also positively affect the environment.
Future Prospects
With the financial backing from HUDCO and the support of the Maharashtra government, the Pune Ring Road project is poised to transform the region’s infrastructure landscape. The ongoing land acquisition and subsequent construction phases will be closely monitored to ensure timely completion and adherence to planned budgets and schedules.
