The Mumbai Metropolitan Region Development Authority (MMRDA) has approved a Rs 48,072-crore budget for 2026–27, projecting a marginal surplus of Rs 17 lakh and earmarking Rs 4,000 crore for the ambitious Mumbai 3.0 initiative. This marks the authority’s first surplus budget since 2017–18, compared to last year’s deficit of Rs 7,468 crore.
Under the Karnala-Sai-Chirner (KSC) Navnagar Project, part of Mumbai 3.0, 323.44 sq. km spanning 124 villages in Panvel, Uran and Pen talukas of Raigad district will be developed. MMRDA officials noted that the authority is recognised as a New Town Development Authority for this project.
“We are expanding connectivity, decentralising growth through Mumbai 3.0, and strengthening regional sustainability. This Budget marks a transition from financial stress to financial stability while maintaining development momentum at scale,” said Sanjay Mukherjee, Metropolitan Commissioner, MMRDA.
MMRDA expects to generate about Rs 11,000 crore through land monetisation to fund capital-intensive infrastructure. “In three years, MMRDA has achieved a surplus of Rs 17 lakh. The surplus is the outcome of structured land monetisation, strengthening of the Urban Transport Fund (UTF), improved project-linked revenues, and capital mobilisation through international partnerships and institutional financing,” as per the MMRDA.
Around 87% of the outlay—Rs 42,026.14 crore—has been allocated for development projects. The total budget represents a 58.57% increase over the revised 2025–26 estimate.
Chief Minister Devendra Fadnavis said, “The budget reflects global investor confidence and a long-term infrastructure-led growth vision, reflecting the Mumbai Metropolitan Region as a modern, investment-ready and globally competitive urban region.”
Major allocations include Rs 5,543.51 crore for east-west connectivity projects such as key underground tunnels, Rs 12,816.53 crore for multi-ring road initiatives, and significant funding for multiple Metro corridors including Metro Lines 2A, 2B, 4, 5, 6, 7, 9, 10, 12, 13 and 14. Additionally, Rs 731.33 crore has been earmarked for slum rehabilitation and housing projects.
Source: The Hindu
