BENGALURU: The state government has requested the Japan International Cooperation Agency (JICA) to consider complete funding of the `11,950-crore Peripheral Ring Road (PRR) project. Conceived 11 years ago by the BDA to decongest the City, a Special Purpose Vehicle (SPV) was constituted last year to implement the 65.5-km eight-lane project. Additional Chief Secretary of the Urban Development department Mahendra Jain visited Japan recently in connection with expediting funding for numerous urban infrastructure projects.
JICA, a leading funder of infrastructure projects in Karnataka, had already assured funding for civil construction works of the project, that is slated to cost `3,850 crore.The agency had earlier asked the state to mobilises funds on its own for the project’s land acquisition cost, which works out to a whopping `8,100 crore due to the compensation to be paid under the 2013 Land Acquisition Act.
Jain told The New Indian Express, “We have asked JICA to consider funding the land acquisition cost for the project too. Another option we have suggested is that the funding agency could consider investing money through the SPV created for the project by going in for tie-ups on a Public-Private Partnership basis.” It will be a tolled road to ensure investors get back their funds.
A total of 1,910 acres of land have been acquired from farmers for the PRR Road but not an inch of physical progress has been made so far.
Plan to connect major IT hubs
PRR aims to provide seamless connectivity to major IT hubs and residential areas, including Electronic City, Sarjapur, Varthur, Whitefield, Hosakote and Bengaluru Airport. It will link Tumakuru Road and Hosur Road, intersecting Dodaballapur Road, Ballari Road, OMR and Sarjapur Road.