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The union government approved the hybrid annuity model for building national highways, paving the way for construction of 28 projects worth Rs. 36,000 crore this fiscal year.Under this model,the government will contribute to 40% of the project cost in the first five years through annual payments (annuity). The remaining payment will be made on the basis of the assets created and the performance of the developer. Here, hybrid annuity means the first 40% payment is made as fixed amount in five equal installments whereas the remaining 60% is paid as variable annuity amount after the completion of the project depending upon the value of assets created. As the government pays only 40%, during the construction stage, the developer should find money for the remaining amount. Here, he has to raise the remaining 60% in the form of equity or loans. There is no toll right for the developer. Under HAM, Revenue collection would be the responsibility of the National Highways Authority of India (NHAI).
Other models:
The hybrid model will be the fourth to be introduced in India for the execution of road projects and is intended to kickstart stalled projects and accelerate highway construction. The three formats for road projects in India followed so far are:
The hybrid annuity model is a mix of BOT toll and EPC models.In the next two fiscal years, the government will build more than 5,000 km of national highways based on the hybrid annuity model. In the present fiscal year, 1,000 km national highway projects were awarded through the BOT model and 3,000 km through the engineering, procurement and construction (EPC) model.
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