MMRDA secures ₹1,500-crore loan for redevelopment project in Mumbai's Ghatkopar
The
Mumbai
Metropolitan Region Development Authority (
MMRDA
) has secured a loan of Rs 1,500 crore from
Bank of Maharashtra
for the redevelopment of
Ramabai Ambedkar Nagar
and
Kamaraj Nagar
in Ghatkopar suburb of Mumbai.
This marks MMRDA's first direct slum redevelopment project, and the first major financial closure for the Rs 8,498-crore project under Slum Rehabilitation Authority (SRA) scheme.
The project aims to transform a densely populated slum cluster in eastern suburb of the country's financial capital into a well-planned residential township.
To ensure financial viability, MMRDA has devised a multi-source funding strategy. Out of the total Rs 8,498 crore project cost, Rs 3,916 crore will be raised through loans.
'The government's goal is not just to provide homes but to empower communities to build their own lives. The Government of Maharashtra is consistently and responsibly working to ensure equal opportunities for every citizen,' said Maharashtra Chief Minister Devendra Fadnavis.
According to him, concrete steps are now being taken to resolve longstanding redevelopment issues and a sustainable financial model has been created to complete such large-scale projects.
'This is not merely a redevelopment project, but a blueprint for inclusive and self-reliant urban regeneration. Of the total funding, 46% will come from institutional loans and 39% from internal revenue sources. Through this, MMRDA is maintaining financial discipline while achieving people-centric development,' said Sanjay Mukherjee, IAS, Metropolitan Commissioner, MMRDA.
According to him, the redevelopment of Ramabai Nagar will set a benchmark for the entire metropolitan region.
Ramabai Ambedkar Nagar and Kamraj Nagar slum rehabilitation project is being undertaken on land area of over 78.6 acres comprising around 17,000 slum dwellers.
The first tranche of Rs 1,500 crore for the project has been approved by Bank of Maharashtra and with the loan agreement signed, this infusion of funds will accelerate the timely execution of the project's first phase.
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