Crisil says hybrid annuity road projects stay safe despite delays and right of way hurdles

Delays pile up, but credit risk stays contained

A growing set of Indian road projects under the hybrid annuity model is facing execution delays, largely linked to model complexity and a slow right-of-way acquisition process. However, Crisil finds lenders are still protected because concession agreements provide strong safeguards, keeping credit profiles stable even as timelines slip. The key friction point remains getting land access cleared.