₹2,38,413 crore. The average cost of award stood at ₹23.80 crore per km which is 54% higher than initial estimated cost of Rs15.52 crore per km.The land acquisition cost for NHAI increased at a CAGR of 27% from FY 2007 to FY 2019 from ₹0.21 crore per hectare to around ₹4 crore per hectare.
This along with prudent bidding by developers at a premium when compared to NHAI’s base price has resulted in significantly higher awarded cost for BMP Phase-I when compared to initial estimates.As per ICRA’s estimates, prevailing uncertainty due to covid-19 and consequent impact on valuations could delay asset monetisation plan of NHAI -- toll-operate-transfer (ToT) auctions and launch of infrastructure investment trust (InvIT).