New Delhi: Odisha is set to get a mega 110-km highway project, costing around Rs 8,300 crore. The six-lane Greenfield Capital Region Ring Road, or Bhubaneswar Bypass, will work as an arterial road for three major cities—Khurda, Bhubaneswar, and Cuttack. The new road will bring down travel time by 40 minutes, from the current two hours to 80 minutes.TOI has learnt that the proposal for the project has been cleared by an inter-ministerial panel, and it is likely to be approved by the Union cabinet in the next couple of weeks. The main purpose of the proposed access-controlled highway, which starts from Rameshwar in Khurda and terminates at Tangi (outside Cuttack), is to ease congestion in the existing 86-km section of the NH-16 passing through the three cities.The Kolkata-Chennai NH-16 passes through highly urbanised areas of these Odisha cities, and considering rapid urbanisation and growth in the state capital, Bhubaneswar, it is not practical to widen the NH. As per estimates, traffic in the state capital has crossed one lakh passenger car units (PCUs), leading to congestion. Officials said the proposed project is essential to address congestion and for the overall development of the region.The travel time on the existing NH is around two hours during peak hours, but it can stretch up to two and a half hours. The proposed greenfield road, designed for 100 kmph, is expected to reduce travel time to 1.2 hours. This will also help develop more urban areas outside these cities, sources said.As per the Centre’s policy for building bypasses, the Odisha govt will share 50% of the land cost. The total land cost has been estimated at Rs 1,029 crore. The project has been divided into three packages, and the entire corridor will have six interchanges, four elevated stretches, five major and 44 minor bridges, three rail overbridges, and 17 vehicle underpasses.Sources said the project will be built under the hybrid annuity model (HAM), and the successful bidder will have to complete the project in two and a half years and maintain it for the next 15 years.