Does anybody has any Idea when Haldiram Toll Plaza is Going to move ? I am planning to book some project after the Toll Plaza.
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  • Whenever the length of stationary traffic exceeds the red line - what an ambiguous definition.
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  • Lenders may take a Rs 1,400-cr haircut on Gurgaon Expressway

    Lenders may take a Rs 1,400-cr haircut on Gurgaon Expressway | Business Standard



    Lenders may take a Rs 1,400-cr haircut on Gurgaon Expressway

    Lenders to the Delhi-Gurgaon Expressway, a showcase public-private partnership (PPP) road project, might be forced to take a haircut of more than Rs 1,400 crore when the government takes over from DS Construction, the concessionaire. The National Highways Authority of India (NHAI) has informed a consortium of banks, led by IDFC Bank, that the authority would pay the lenders only Rs 175-200 crore if it takes over.

    The consortium, which includes Punjab National Bank, Oriental Bank of Commerce and State Bank of Bikaner and Jaipur, besides IDFC, has an exposure of combined Rs 1,600 crore in the project. The decision would mean a hit of Rs 1,400 crore or more, said a government official. "IDFC-led consortium has agreed to the terms," he confirmed.

    NHAI had terminated the contract awarded to DS Construction earlier this year but the matter is sub judice at present, as the concessionaire had got a stay on the order from the Delhi High Court. "The consortium is entitled to only Rs 175-200 crore according to the termination agreement. We have clearly told it about the decision. IDFC Bank, the lead lender has an exposure of close to Rs 500 crore. It is followed by PNB (less than Rs 400 crore)," a senior NHAI official told Business Standard, asking not to be named as the matter was sub judice. An IDFC Bank spokesperson refused to comment.

    The contract had been terminated after frequent complaints of inordinate delays at the toll plaza. NHAI had also found irregularities in the manner in which DS Construction raised loans from financial institutions without the authority's permission.

    The road transport & highways ministry and NHAI are also learnt to sought the attorney-general's help in vacating the stay so that the project could be taken over at the earliest. NHAI had earlier backed a proposal to allow IDFC Bank to buy 74 per cent of the project's equity from the concessionaire but the bank was not keen. The government's decision to take over followed this. TheDelhi-Gurgaon Expressway was considered a landmark project, as it was the first time the government had received a premium from the operator, and did not have to pay anything for construction. NHAI had awarded the build-operate-transfer (BOT) project to Jaypee DSC Ltd in 2002 but Jaypee Group exited the project in 2004.

    A BLOCK DOWN THE ROAD

    2002: Jaypee DSC Ventures bags the 28-km-long Delhi-Gurgaon Expressway project
    2004: Jaypee Group exits the project, leaving DSC as the only operator
    2008: Construction completed and tolling begins
    Sep 2009: Parliament committee observes the contract terms were not being complied with, asks NHAI why the contract was not terminated
    Sep 2011: A highways ministry investigation finds financial irregularities; NHAI is asked to take legal action against the developer
    Dec 2011: NHAI issues preliminary termination notice; developer challenges the order in Delhi HC
    Feb 2012: NHAI issues contract-termination notice after HC order; NHAI and the private concessionaire inform the HC later they have agreed to work out an out-of-court solution
    Sep 2012: In a separate case against congestion on 32-lane toll plaza, Punjab & Haryana High Court restrains tolling for 15 days; Supreme Court refuses to stay the decision
    Mar 2013: NHAI issues a notice to reply within 15 days why the contract should not be terminated; DSC challenges notice in Delhi HC and gets a stay on the decision
    Sep 2013: Ministry set to to ask Attorney General to help vacate the stay
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  • Developer earns Rs 893cr toll on Gurgaon expressway

    Developer earns Rs 893cr toll on Gurgaon expressway
    Dipak Kumar Dash, TNN Sep 10, 2013, 02.26AM IST


    NEW DELHI: The company operating the now trouble-mired Delhi-Gurgaon expressway may be far from recovering its investment, but it has collected nearly Rs 900cr from motorists who have paid despite long queues and shoddy toll-booth management.

    But there is doubt among some National Highway Authority of India (NHA) officials about the toll records since the volume of traffic has risen steadily.


    According to official figures submitted by the Delhi Gurgaon Super Connectivity Ltd (DGSCL), between February 2008 and July 2013, it collected only Rs 893 crore and NHAI got another Rs 77.5 crore as its share. NHAI officials, however, doubt the toll collection figure saying that the hand held devices used to collect toll at recently installed split plazas have not been integrated.

    A simple calculation of monthly collection from the three toll plazas on this stretch shows that in 2008-09 the total revenue was Rs 11.6 crore and it increased to
    Rs17.7 crore in 2011-12, which is the highest so far. During last financial year, it dropped to Rs 16.48 crore.

    Though the low toll collection is below the revised project cost, NHAI officials said DGSCL has taken out Rs 656.9 crore from the bank loans for refinancing the project. The developer loaned this amount to its parent company DSC Ltd at a rate of 11.6% interest.

    The project cost was originally only Rs 555 crore in 2002. It was escalated to Rs 1,205 crore in seven years. Byond this, DGSCL has borrowed Rs 1,552 crore from a bank consortium led by Infrastructure Development Finance Company (IDFC).

    The schedule for repayment shows the total amount can be paid by March 2022, just a year before the contract for tolling ends. "The developer's claim of fall in traffic indicates that the company would have huge problem to serve the loan after March 2015. The percentage of repayment will go beyond 10% from that
    year while last year it was only 1.9%," said a senior NHAI official.

    Amid several questions, controversies and disputes between NHAI, DGSCL and lenders and authority's termination notice, the biggest sufferer is the commuter.

    DGSCL has challenged the termination notice in the Delhi high court and there have been 12 hearings since March this year. In the last two hearings, both the developer and IDFC have pushed for referring the matter to arbitration and if this happens the relief to commuters would get delayed further.

    Moreover, since the matter is sub judice and there is uncertainty on whether the court would decide in favour of project take over by NHAI even the committed improvement proposals for traffic movement are stuck.

    Even Haryana government, which has made several announcements on taking over the project, says they have no option but to wait for the court verdict. NHAI says it has taken the "maximum" step it could have as per the contract agreement. Both the parties will now try to get the stayed vacated, as it was first reported by TOI, so that the termination of contract can happen.
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  • Tolls going - boon or bane?

    Originally Posted by BlessU
    Developer earns Rs 893cr toll on Gurgaon expressway
    Dipak Kumar Dash, TNN Sep 10, 2013, 02.26AM IST


    NEW DELHI: The company operating the now trouble-mired Delhi-Gurgaon expressway may be far from recovering its investment, but it has collected nearly Rs 900cr from motorists who have paid despite long queues and shoddy toll-booth management.

    But there is doubt among some National Highway Authority of India (NHA) officials about the toll records since the volume of traffic has risen steadily.


    According to official figures submitted by the Delhi Gurgaon Super Connectivity Ltd (DGSCL), between February 2008 and July 2013, it collected only Rs 893 crore and NHAI got another Rs 77.5 crore as its share. NHAI officials, however, doubt the toll collection figure saying that the hand held devices used to collect toll at recently installed split plazas have not been integrated.

    A simple calculation of monthly collection from the three toll plazas on this stretch shows that in 2008-09 the total revenue was Rs 11.6 crore and it increased to
    Rs17.7 crore in 2011-12, which is the highest so far. During last financial year, it dropped to Rs 16.48 crore.

    Though the low toll collection is below the revised project cost, NHAI officials said DGSCL has taken out Rs 656.9 crore from the bank loans for refinancing the project. The developer loaned this amount to its parent company DSC Ltd at a rate of 11.6% interest.

    The project cost was originally only Rs 555 crore in 2002. It was escalated to Rs 1,205 crore in seven years. Byond this, DGSCL has borrowed Rs 1,552 crore from a bank consortium led by Infrastructure Development Finance Company (IDFC).

    The schedule for repayment shows the total amount can be paid by March 2022, just a year before the contract for tolling ends. "The developer's claim of fall in traffic indicates that the company would have huge problem to serve the loan after March 2015. The percentage of repayment will go beyond 10% from that
    year while last year it was only 1.9%," said a senior NHAI official.

    Amid several questions, controversies and disputes between NHAI, DGSCL and lenders and authority's termination notice, the biggest sufferer is the commuter.

    DGSCL has challenged the termination notice in the Delhi high court and there have been 12 hearings since March this year. In the last two hearings, both the developer and IDFC have pushed for referring the matter to arbitration and if this happens the relief to commuters would get delayed further.

    Moreover, since the matter is sub judice and there is uncertainty on whether the court would decide in favour of project take over by NHAI even the committed improvement proposals for traffic movement are stuck.

    Even Haryana government, which has made several announcements on taking over the project, says they have no option but to wait for the court verdict. NHAI says it has taken the "maximum" step it could have as per the contract agreement. Both the parties will now try to get the stayed vacated, as it was first reported by TOI, so that the termination of contract can happen.



    I have my interests in sectors 70x & 90x beyond KD toll and have been a keen advocate of toll removal.... but off late i have been thinking - if both tolls go away would it benefit or take the city to the dogs? e-way would become any other road in gurgaon... whatever we say about the upkeep of the e-way, it is still one of the better roads in gurgaon. look at the condition of GCx road..??

    Does this govt (or for that matter any govt) has any inclination or capabilities to maintain public infra? they are very quick in pointing fingers at the concessionaire of e-way... they need to look inside and see what they have accomplished in terms of road infrastructure in the city... and it is not that they have any limitation of funds... they have not been able to erect any bus-stops, FoBs, street lights etc.. in the city..but look at how they point fingers at e-way... i find it so ironical.
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  • http://www.change.org/p/kherki-dhaul...the-toll-plaza

    Do sign if you have a property or work place beyond kherki dhaul toll plaza !
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  • hi MANOJa;

    looks like are very active on this forum.

    i need info regarding removal of khekri toll plaza, please share if u have any new updates.

    also i am planning to buy a property in godrej frontier, share if u have any insights about it.
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  • Originally Posted by siddharth123
    hi MANOJa;

    looks like are very active on this forum.

    i need info regarding removal of khekri toll plaza, please share if u have any new updates.

    also i am planning to buy a property in godrej frontier, share if u have any insights about it.



    Nothing concrete yet . Your guess is as good as mine .
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  • Inderjit reminds Gadkari of promise to remove toll plaza


    Gurgaon: Gurgaon MP Rao Inderjit Singh has written to Union highway and road transport minister Nitin Gadkari, seeking removal of the Kherki Daula toll plaza, which was to be dismantled in this year.

    In the letter (TOI has a copy), Singh has reminded Gadkari that when he had visited NH-8 in July last year, he had promised residents that the toll plaza would be removed in another year. Singh has now urged Gadkari to fulfil the promise. Singh has also expressed concern over a lack of provisions for flyovers, elevated roads and facilities for pedestrians on the Gurgaon-Jaipur expressway. "Due to no provision for pedestrian-friendly facilities, several spots continue to be accident-prone," read the letter, dated December 14.

    "The work of widening of the Gurgaon-Jaipur expressway has been going on for several years and the public has been facing great inconvenience due to this. However, there are several locations on this stretch with no provisions for flyovers, elevated roads and road crossing facilities for pedestrians," it says.

    Singh has also said that the expressway passes through two heavily constructed areas - Manesar and Bilaspur Chowk. Residents of Manesar village resent the fact that the expressway divides their village - which is thickly populated for 2 km along the expressway - into two, and no solution has been worked out till now despite the Union minister being apprised of the problem during his inspection last year.

    Moreover, Bilaspur Chowk is also heavily crowded because it connects NH-2, NH-8 and NH-71, and the lack of a flyover leads to frequent traffic jams, which inconvenience commuters, he wrote.



    Inderjit reminds Gadkari of promise to remove toll plaza - The Times of India


    Originally Posted by siddharth123
    hi MANOJa;

    looks like are very active on this forum.

    i need info regarding removal of khekri toll plaza, please share if u have any new updates.

    also i am planning to buy a property in godrej frontier, share if u have any insights about it.
    CommentQuote
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