Bharatmala to Boost Real Estate Activity
Pradeep Misra, CMD, REPL (Rudrabhishek Enterprise Ltd.)
The government’s ₹7 lakh crore Bharatmala highway-building programme is expected to give a big boost to the Real Estate sector, besides raising demand for steel and cement and creating large-scale blue-collar jobs in the construction industry. The manufacturing and tourism industry too will benefit from faster flow of goods and passengers projected, following implementation of the project.
The government will have to ensure that possible delays are avoided and the project is completed on time, if the intended benefits are to be reaped. The experience gained from the construction of Golden Quadrilateral might come in handy for the government. The project that began in 2001 was delayed by some eight years; it was to be completed by the end of 2003 but its implementation extended till January 2012.
To complete the project, 128 separate contracts were awarded. In total, 23% of the work was completed by the end of 2002, 80% by the end of 2004, 95% by the end of 2006, and 98% by the end of 2010, according to a study undertaken by the Harvard University. The delay is attributed to issues in key areas of project implementation like land acquisition, financial closure and award of contracts.
The implementing agencies will have the benefit of learning from the Golden Quadrilateral project as the similar hurdles can be anticipated in advance and necessary measures taken to avoid the time lag.
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NBM&CW June 2018