MMRDA gets Rs 1500 crore loan for Ramabai Nagar revamp
The Mumbai Metropolitan Region Development Authority (MMRDA) has secured a ₹1,500 crore institutional loan from Bank of Maharashtra to begin work on the redevelopment of Ramabai Ambedkar Nagar and Kamraj Nagar in Ghatkopar, marking its first direct entry into large-scale slum rehabilitation.
The funding marks the first financial closure under MMRDA’s ₹8,498 crore Slum Rehabilitation Authority (SRA) project, aimed at transforming one of Mumbai’s most congested informal settlements into a modern, planned residential area. The ₹1,500 crore tranche forms part of a broader funding strategy in which ₹3,916 crore will be raised via institutional loans, while internal revenue mechanisms will cover 39 per cent of project costs. In an official statement, MMRDA said the redevelopment initiative is designed to ensure “dignified and sustainable urban living” for thousands of residents living in substandard conditions. The agency added that the structured financial strategy reflects its capacity for disciplined, phased execution. Chief Minister Devendra Fadnavis said the project represents a crucial step in the government’s vision for an inclusive and future-ready Mumbai. “This redevelopment project exemplifies our commitment to building a city where every citizen lives with dignity and opportunity,” he said.
Deputy Chief Minister and MMRDA Chairman Eknath Shinde also welcomed the development, stating that the loan is “a strong endorsement” of the state’s resolve to transform lives through infrastructure-led growth. “Thousands of families in Ramabai Nagar will finally see better homes, better futures, and stronger communities,” he said. Metropolitan Commissioner Sanjay Mukherjee highlighted that the MMRDA’s financing model—balancing 46 per cent institutional borrowing with internally generated resources—ensures both fiscal discipline and socially focused urban renewal.
The Ramabai Nagar project is expected to serve as a pilot for future SRA-led redevelopment across the Mumbai Metropolitan Region, with state officials calling it a replicable model for slum transformation based on integrated planning and financial sustainability.
