These developers are borrowing at around 14 per cent, compared to eight per cent at the time of bidding for projects.
With the Reserve Bank of India raising its key policy rates for the 11th time since March 2010 on Wednesday, banks are also expected to increase their lending rates.
This would put more pressure on margins of these developers.
The central bank raised the repo rate to eight per cent from 7.5 per cent and the reverse repo rate to seven per cent from 6.5 per cent.
"In a very short period, the cost of borrowing has increased from eight per cent to 14 per cent.
"This will not only impact the viability of projects but also the bottom line of infrastructure companies," said M Murali, secretary general of the National Highway Builders Federation.
Analysts say future projects might also get impacted, if the higher interest regime continues.
"Some developers are raising money from abroad through various methods but that is also limited.
The revenue collection of these developers is not seeing much change, as any increase in the toll rate is calculated on the basis of the wholesale price index," said Sanjay Sethi, senior executive director and head of infrastructure group at Kotak Investment
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