Meghalaya Achieves No Cost Overruns in Infra Projects
ECONOMY & POLICY

Meghalaya Achieves No Cost Overruns in Infra Projects

Meghalaya has reached a significant milestone, with none of its 15 ongoing infrastructure projects exceeding their budget allocations. This achievement stands in stark contrast to the persistent issue of cost overruns faced by infrastructure projects across the Northeast. 

The Ministry of Statistics and Programme Implementation (MoSPI), which monitors central sector projects costing Rs 1.5 billion and above, highlighted this success in its report. The monitoring is based on data from the Online Computerized Monitoring System (OCMS), provided by various line ministries and implementing agencies. 

Key projects in Meghalaya, including the development of the permanent campus for the National Institute of Technology (NIT) in Sohra, the construction of the International Centre for Performing Arts and Culture, and various road widening initiatives, are progressing as planned within their allocated budgets. The cumulative expenditure for these projects currently stands at Rs 3171.3 billion. 

Experts attribute the lack of cost overruns to efficient project management, proactive stakeholder engagement, and early identification of challenges, particularly with land acquisition and clearances. Additionally, the projects are progressing on scheduled. 

In contrast, many infrastructure projects in the Northeast face significant cost escalations due to factors such as hilly terrain, unpredictable weather, and existing infrastructure deficits, which complicate logistics and increase operational costs. Delays in obtaining environmental clearances for projects in sensitive ecological zones, as well as socio-political challenges such as land disputes and community resistance, further contribute to the rise in costs.     

Meghalaya has reached a significant milestone, with none of its 15 ongoing infrastructure projects exceeding their budget allocations. This achievement stands in stark contrast to the persistent issue of cost overruns faced by infrastructure projects across the Northeast. The Ministry of Statistics and Programme Implementation (MoSPI), which monitors central sector projects costing Rs 1.5 billion and above, highlighted this success in its report. The monitoring is based on data from the Online Computerized Monitoring System (OCMS), provided by various line ministries and implementing agencies. Key projects in Meghalaya, including the development of the permanent campus for the National Institute of Technology (NIT) in Sohra, the construction of the International Centre for Performing Arts and Culture, and various road widening initiatives, are progressing as planned within their allocated budgets. The cumulative expenditure for these projects currently stands at Rs 3171.3 billion. Experts attribute the lack of cost overruns to efficient project management, proactive stakeholder engagement, and early identification of challenges, particularly with land acquisition and clearances. Additionally, the projects are progressing on scheduled. In contrast, many infrastructure projects in the Northeast face significant cost escalations due to factors such as hilly terrain, unpredictable weather, and existing infrastructure deficits, which complicate logistics and increase operational costs. Delays in obtaining environmental clearances for projects in sensitive ecological zones, as well as socio-political challenges such as land disputes and community resistance, further contribute to the rise in costs.     

Next Story
Real Estate

Indian REITs Offer 6-7.5 per cent Yield, Surpassing Many Global Markets

Indian Real Estate Investment Trusts (REITs) are delivering average yields of 6–7.5 per cent for unitholders, outperforming many mature markets, including the US, according to a report by Credai and Anarock.Credai, the apex body of Indian real estate developers, and property consultant Anarock released the report Indian REITs – A Gateway to Institutional Real Estate at an event in India.Currently, India has five listed REITs – Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, Nexus Select Trust, and Knowledge Realty Trust. Nexus Select Trust pr..

Next Story
Infrastructure Energy

Insolation Energy Wins 226 MW Solar Projects Under PM-KUSUM

Insolation Energy on Monday announced securing multiple solar projects totalling 226.45 MW, with an investment of Rs 7.5 billion, under the PM-KUSUM scheme. The orders were awarded to its wholly-owned subsidiary, Insolation Green Energy Pvt Ltd, by Jaipur Vidyut Vitran Nigam Limited for 20 sites and Ajmer Vidyut Vitran Nigam Limited for 115 sites, the company informed the exchanges.“The combined SPV solar power plants will total 226.45 MW under PM-KUSUM Component A, with the final levelised tariff at Rs 3.04 per unit for 16 sites, Rs 2.82 per unit for 5 sites, Rs 2.75 per unit for 53 sites, ..

Next Story
Infrastructure Energy

Numaligarh Refinery Awards EPC Contract for Rooftop Solar Projects

State-owned Numaligarh Refinery Ltd. (NRL) has awarded a Letter of Award to Solarium Green Energy Ltd. for the rate contract covering the Engineering, Procurement, and Construction (EPC) of grid-connected rooftop solar PV projects at various locations. The projects fall within the categories of 51–200 kW and 201–1000 kW. Notable projects include a 140 kW rooftop solar plant at NRL Assam, a 760 kW plant at NRL Assam, and a 280 kW plant at NRL West Bengal.The supply order covers ex-manufacturing works and the dispatch price for plant and equipment for the 140 kW, 760 kW, and 280 kW rooftop s..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?