Union Road Minister Oscar Fernandes has said that road developers in the country will not be blamed for delays in regulatory procedure but have to take responsibility for their own faults and may have to pay up to 1 per cent of total project cost as penalty for exiting. If there is any fault on the part of the concessionaire, then there will be a penalty of a maximum of one per cent, of the total project for the developer to exit the project, he said.
Tag: road developers
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Road builders asked to pay fine if want to exit projects
Union Road Minister Oscar Fernandes has said that road developers will not be blamed for delays in regulatory procedure but have to take responsibility for their own faults and may have to pay up to one per cent of total project cost as penalty for exiting. If there is any fault on the part of the concessionaire, then there will be a penalty of a maximum of one per cent, of the total project for the developer to exit the project, he said.
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24 highway projects fail to take off, seek bailout
Of the 27 high-density national highway corridor projects awarded two year back to road developers by the Centre, 24 sections have failed to take off due to different reasons, including delays in environmental clearances and land acquisition. The 24 sections of road projects worth a whopping Rs 34,000 crore and spans over 3,500 km. From these projects, the National Highways Authority of India (NHAI) had hoped to earn over Rs 1,00,000 crore through premium income, spread over a period of up to 30
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Road developers see polls to slow NHAI targets
Coming elections in the country are going to cause delay in road works. Road developers are set to see challenging business environment as the National Highways Authority of India (NHAI), which missed project award targets in the last year by a huge margin, may not meet them.
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Developers of 25 highway projects back out, NHAI worried
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 pr
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Centre plans bailout for highway companies
As several of road developers are are under stress and are finding it tough to raise debt and equity to finance projects the National Highways Authority of India (NHAI) is seeking to push a relief package for road developers. The agency is looking at allowing a staggered payment which will allow developers to pay a lower upfront premium this year and instead postpone a part of the amount during the latter part of the contract period to make the projects viable.
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