Did MMRDA Secure Rs 1,500 Crore Loan for Ramabai Nagar Redevelopment?

Mumbai, May 20 (NationPress) The Mumbai Metropolitan Region Development Authority (MMRDA) has successfully obtained a Rs 1,500 crore loan from the Bank of Maharashtra aimed at redeveloping Ramabai Ambedkar Nagar and Kamraj Nagar in Ghatkopar.

This achievement represents the inaugural significant financial closure for MMRDA's Rs 8,498 crore Slum Rehabilitation Authority (SRA) project, marking the Authority's first substantial entry into extensive slum redevelopment.

According to an MMRDA statement, this ambitious urban renewal initiative seeks to convert one of Mumbai's oldest and most congested slum areas into a dignified and well-organized residential community.

“To guarantee the project's financial sustainability, MMRDA has implemented a diversified funding approach. From the total project budget of Rs 8,498 crore, Rs 3,916 crore will be sourced through institutional loans. The Rs 1,500 crore loan from the Bank of Maharashtra signifies the initial disbursement in this funding strategy. The agreement has been finalized, facilitating the prompt execution of Phase 1 and highlighting MMRDA's robust financial planning and project management capabilities,” stated the MMRDA.

Chief Minister Devendra Fadnavis remarked, “This redevelopment initiative showcases our government's dedication to fostering an equitable and future-ready Mumbai where every citizen has the potential to flourish. Our vision is to elevate communities by providing not only housing but also dignity and security—an endeavor we are persistently pursuing through collaborations with institutions and executing agencies.”

“The Government of Maharashtra has taken a pivotal step in addressing redevelopment issues that have persisted for decades. By establishing sustainable financial frameworks, we are guaranteeing that even the most ambitious urban renewal undertakings are completed with transparency, efficiency, and enduring viability. This initiative reflects our commitment to driving inclusive urban development that leaves no community behind,” added CM Fadnavis.

Meanwhile, Deputy Chief Minister and MMRDA Chairman Eknath Shinde stated, “The approval of the Rs 1,500 crore loan is a strong affirmation of the Government of Maharashtra and MMRDA’s united vision for transforming lives through infrastructure. This project will bring long-awaited improvements to thousands of families in Ramabai Nagar—ensuring better homes, brighter futures, and stronger communities.”

Metropolitan Commissioner Sanjay Mukherjee indicated that by structuring the project with 46 percent funding through institutional loans and 39 percent via internal revenue systems, MMRDA is ensuring fiscal discipline while delivering development that centers on the people.

The transformation of Ramabai Nagar is expected to serve as a benchmark for future SRA projects throughout the Mumbai Metropolitan Region.