Consortium for Purandar Airport project approved. Here's more!

Consortium for Purandar Airport project approved. Here's more!

In order to expedite the Purandar Airport project, Maharashtra Chief Minister Devendra Fadnavis has approved a consortium comprising four local authorities to form a special purpose vehicle (SPV). 

The government consortium for investment of seed capital for the proposed airport project will reportedly be formed by the Pune Metropolitan Region Development Authority (PMRDA), along with Mumbai Metropolitan Region Development Authority (MMRDA), City and Industrial Development Corporation of Maharashtra (CIDCO) and the Maharashtra Airport Development Company.

As reported, local authorities are expected to pitch in with 25 per cent investment and would have an equity participation in the project. The SPV is expected to speed up the project, while the local bodies through their various schemes can help invest in the project. The rights for development will be given to the PMRDA and is expected to help in the overall development of the project. Investment for the project is expected to come through various town planning schemes and other means of land monetisation.

Last year, during the ground-breaking ceremony of the Mhalunge-Mann Hi-tech city in Pune, Fadnavis had announced a consortium as well as formation of an airport city around the proposed Chhatrapati Sambhaji Raje International airport at Purandar. Besides, the state government is in plans to develop the airport city to ensure proper planning for Purandar airport and surrounding areas.

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