The Mumbai Metropolitan Region Development Authority (MMRDA) has achieved a significant milestone by securing the first financial closure for its ambitious Slum Rehabilitation Authority (SRA) project, valued at INR 8,498 crore. This landmark initiative focuses on the comprehensive redevelopment of Ramabai Ambedkar Nagar and Kamraj Nagar in Ghatkopar, signalling MMRDA’s direct engagement in one of the largest and most inclusive urban renewal programmes in the region.
Guided by Maharashtra’s Chief Minister Devendra Fadnavis and Deputy Chief Minister Eknath Shinde, who also chairs MMRDA, the project aims to transform these densely populated informal settlements into well-planned residential areas. Beyond providing new housing, the redevelopment seeks to uplift the quality of life for thousands of residents by delivering modern infrastructure and improved living conditions, reinforcing the government’s commitment to equitable urban growth.
MMRDA has devised a diversified funding model to ensure long-term financial sustainability. Of the total project cost, INR 3,916 crore will be raised through institutional loans, with INR 1,500 crore recently secured from the Bank of Maharashtra. This financial breakthrough paves the way for the swift commencement of Phase 1, demonstrating MMRDA’s dedication to transparent and efficient project delivery by leveraging both public and private financing.
Chief Minister Fadnavis described the redevelopment as a symbol of Mumbai’s vision for equality, dignity, and security for all citizens. Deputy Chief Minister Shinde highlighted that the funding approval reflects a shared commitment to transforming communities and improving housing standards for thousands of families.
MMRDA’s Metropolitan Commissioner, Dr Sanjay Mukherjee, emphasised that this redevelopment represents a foundation for inclusive, sustainable urban growth. The project sets a new standard for future SRA initiatives, integrating social equity with urban planning to create a Mumbai that is not only economically vibrant but socially just and environmentally sustainable.
Source: Urban Acres
