The Mumbai Metropolitan Region Development Authority (MMRDA) has secured a ₹1,500 crore loan from the Bank of Maharashtra to fund the redevelopment of Ramabai Ambedkar Nagar and Kamraj Nagar in Ghatkopar. This marks the first major financial closure for MMRDA’s ₹8,498 crore Slum Rehabilitation Authority (SRA) project—its first large-scale slum redevelopment initiative.
The transformative urban renewal plan aims to convert one of Mumbai’s oldest and most densely populated slum clusters into a well-planned residential zone with modern amenities and infrastructure.To ensure financial viability, MMRDA has adopted a diversified funding strategy. Of the total project cost, ₹3,916 crore will be raised through institutional loans.
The ₹1,500 crore from Bank of Maharashtra constitutes the first tranche under this framework and will facilitate timely execution of Phase 1.Chief Minister Devendra Fadnavis stated, “This redevelopment project reflects our commitment to an equitable, future-ready Mumbai. It is about delivering dignity and security—not just housing—through effective collaboration and governance.”Deputy Chief Minister and MMRDA Chairman Eknath Shinde added, “The loan approval underscores the shared vision of the Government and MMRDA. It will bring long-awaited change, ensuring better homes and stronger communities.”
MMRDA Commissioner Dr Sanjay Mukherjee, IAS, remarked, “This is a model for inclusive, self-sustaining urban renewal. With 46% funding through institutional loans and 39% from internal sources, we’re ensuring fiscal discipline while prioritising community development.”The project spans 33.15 hectares and will be implemented in four phases.
The initial phase will begin on a 17-acre plot where 4,053 slums have already been cleared. Housing for 8,500 residents will be delivered once contractors are appointed. The SRA has identified 14,500 families eligible for resettlement and is expected to hand over the land by the end of this month.
Source: The Free Press Journal
