Nashik, Nov 13 (NationPress) The Nashik Municipal Corporation in Maharashtra is set to issue bonds totaling Rs 400 crore to secure its 25 percent share of funding for various initiatives associated with the upcoming Simhastha Kumbh Mela 2027.

This initiative includes Rs 200 crore in Clean Godavari Municipal Bonds and Rs 200 crore in Green Bonds aimed at enhancing water supply schemes. The official announcement was presented by Nashik Municipal Commissioner Manisha Khatri on Wednesday, just a day prior to Deputy Chief Minister and Urban Development Minister Eknath Shinde's visit to initiate several projects for the Simhastha Kumbh Mela 2027.

Khatri elaborated, “The funds from the Rs 200 crore Clean Godavari Municipal Bonds will be allocated for sewage treatment facilities to uphold the cleanliness of the Godavari River and the Ramkund area. Meanwhile, the Rs 200 crore Green Bonds will be dedicated to water supply initiatives. The Clean Godavari bonds are expected to hit the market by the end of this month.”

By utilizing this fundraising approach, the corporation anticipates receiving incentive amounts of approximately Rs 76 crore per bond from the AMRUT Incentive Award and the Urban Challenge Fund. This funding will cover the interest costs associated with the bonds over a duration of five to seven years, effectively making it an interest-free borrowing option, as stated by Khatri. She emphasized that this strategy would conserve government resources while simultaneously benefiting the municipal corporation. For developments such as truck terminals and exhibition centers, a public-private partnership model will be employed.

The issuance of Rs 400 crore bonds by the Nashik Municipal Corporation is essential as it has proposed a development plan estimated at around Rs 15,000 crore to the state government for the Simhastha Kumbh Mela to be hosted along the banks of the Godavari River in 2027.

The corporation has secured approvals for long-term projects but will need to finance 25 percent of the total expenditure. Given the permanence of the infrastructure projects, this contribution is projected to be around Rs 1,000 crore, Khatri mentioned. She recalled that during the previous Kumbh Mela, the corporation had to secure a loan of Rs 350 crore to arrange the necessary funds.

Previously, Chief Minister Devendra Fadnavis instructed that all infrastructure developments for the Nashik-Trimbakeshwar Simhastha Kumbh Mela be completed with both quality and speed, emphasizing that the Kumbh Mela represents a symbol of faith and cultural heritage. He also urged the administration to expedite the completion of the new ring road in Nashik and finalize land acquisition for Sadhu Village/Tent City as swiftly as possible. This was discussed during a review meeting regarding the Nashik-Triambakeshwar Simhastha Kumbh Mela 2027.

CM Fadnavis asserted that since the Simhastha Kumbh Mela signifies religious belief, maintaining cleanliness in the Ramkund and the riverbed throughout the entire Kumbh Mela duration is vital. He insisted that sewage management should be prioritized and that various facilities at airports and railways should be completed rapidly.

“The construction of the new ring road in Nashik must be finalized without delay. Any postponements will not be tolerated. Relevant departments should promptly approve the necessary funding. Other road projects should also commence immediately. Attention must be paid to ensure that citizens experience no inconvenience due to incomplete work. Facilities in Sadhugram should be tailored to meet the needs of various akharas after consultation,” the CM added.

The Chief Minister highlighted the need for a centralized CCTV camera system to maintain law and order, advocating the use of various AI options and prioritizing arrangements for police accommodation.