Maharashtra May Mortgage Land Of Its Departments To Fund Infra Projects
MUMBAI: Since the past one year, officials from various departments like PWD, revenue, transport, animal husbandry and various other departments in the state have been busy going through maps trying to figure out one thing -how much land do they own. Last year, the Maharashtra government had asked all its departments to find out how much land they owned, an exercise -considered radical and innovative -aimed at funding big-ticket infrastructure projects in the state. The idea is simple: the state wanted the departments to disclose how much land they owned, and after determining its worth, the government said it would mortgage the land with banks and financial institutions to raise money at lower interest rates. A number of bureaucrats ET spoke to said that their rough estimate suggests that they expect to unearth anywhere upwards of Rs 50,000 crore to Rs 70,000 crore as land value from this initiative. Right now, banks and other and other institutions are charging high interest rates on loans that are taken.