The Maharashtra Industrial Development Corporation (MIDC) is taking a proactive approach to fund the Purandar airport project, aiming to avoid straining the state’s finances. By exploring private funding options, such as banking consortiums and financial institutions, MIDC is looking to raise the estimated ₹6,000 to ₹8,000 crore needed for land acquisition.
The state government will not directly fund the project, as MIDC leverages its corporate status to secure independent funding. The final decision on the funding approach is imminent, as progress on land acquisition is set to begin with a formal notification by the end of February.
The Purandar airport project has ambitious goals, with a target operational status by March 2029. Chief Minister Devendra Fadnavis has directed MIDC to submit a detailed project report by September 2024 to stay on track. Union Minister Muralidhar Mohol emphasized the airport’s importance for Pune’s growth and connectivity needs.
While the project holds promise for Pune’s development, challenges such as funding risks, land acquisition delays, and economic impacts must be navigated. However, the airport is expected to enhance connectivity, ease pressure on the existing airport, and attract investments in the region.
The MIDC’s innovative funding strategy reflects a smart approach to infrastructure development, with potential to transform Pune’s growth prospects. Timely execution and collaboration will be crucial to achieving the goal of an operational airport by 2029.
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