Road developers of 25 highway projects, which were allotted to them over a year ago, have been backed out. With this, the National Highways Authority of India (NHAI) has appealed to the government to step in and take a call on rescheduling of premium payment to the developers. These road developers state that delays in statutory clearances, fall in traffic density due to adverse economic conditions in the country besides higher costs of raw materials has resulted in them wanting out of these projects.
Though these are the reasons being put forth by the developers, NHAI is of the opinion that it is actual scarcity of funds which is causing the delay, say reports. A total of 25 such projects awarded by NHAI, which was expected to yield Rs 98,115 crore gross premium. NHAI has called on the government to take a decision on these projects and salvage the development of highway construction failing which it will lead to stalling of the projects.