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3mo ago

MMRDA Secures ₹1,500 Crore Loan to Launch Ghatkopar Slum Redevelopment

The funding marks the first financial closure for the ₹8,498 crore project aimed at transforming slum clusters into dignified housing for 17,000 residents.

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On September 3, 2024, then chief minister Eknath Shinde had handed over cheques to beneficiaries of the Ramabai Nagar and Kamraj Nagar redevelopment project (Hindustan Times)
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Overview

  • The Mumbai Metropolitan Region Development Authority (MMRDA) has secured a ₹1,500 crore loan from Bank of Maharashtra to initiate Phase 1 of the redevelopment project in Ghatkopar.
  • This marks the first financial closure for the ₹8,498 crore Slum Rehabilitation Authority (SRA) project, MMRDA's first direct foray into large-scale slum redevelopment.
  • The project will rehabilitate approximately 17,000 slum dwellers with free 1 BHK units of 300 sq ft, alongside amenities like gardens, health centres, and educational facilities.
  • MMRDA’s funding strategy combines 46% institutional loans and 39% internal revenue, ensuring fiscal discipline while prioritizing community-focused development.
  • State leaders, including Chief Minister Devendra Fadnavis, have positioned the initiative as a model for sustainable urban renewal and equitable growth across Mumbai.