It is MMRDA’s first direct involvement in a slum redevelopment project, making it a landmark moment in the authority’s history, an official statement said
The vision is to transform one of Mumbai’s oldest slum clusters into a modern, dignified living space for thousands of residents, MMRDA said in a statement
The Mumbai Metropolitan Region Development Authority (MMRDA) has secured a Rs 1500 crore loan from the Bank of Maharashtra. The funds will be used for the redevelopment of Ramabai Ambedkar Nagar and Kamraj Nagar in Ghatkopar in eastern suburbs of Mumbai, under a large-scale Slum Rehabilitation Authority (SRA) project worth Rs 8498 crore, an official statement said.
It said that this is MMRDA’s first direct involvement in a slum redevelopment project, making it a landmark moment in the Authority’s history.
The funding marks the first financial closure for the project, signalling serious momentum for Mumbai’s urban transformation, it said.
The vision is to transform one of Mumbai’s oldest slum clusters into a modern, dignified living space for thousands of residents.
The funding marks the first financial closure for the project, signalling serious momentum for Mumbai’s urban transformation, it said.
Maharashtra CM Devendra Fadnavis said, “This redevelopment project exemplifies our government’s commitment to building an equitable, future-ready Mumbai where every citizen has the right opportunity to thrive. Our vision is to uplift communities by providing not just housing, but dignity and security -- and we are relentlessly working towards this through active collaboration with institutions and executing agencies. The Government of Maharashtra has taken a decisive step in resolving redevelopment challenges that have remained unresolved for decades. By establishing sustainable financial models, we are ensuring that even the most ambitious urban renewal projects are completed with transparency, speed, and long-term viability. This initiative is a reflection of our resolve to drive inclusive urban growth that leaves no community behind."
As part of its financial strategy, MMRDA plans to raise Rs 3,916 crore through loans. The current loan of Rs 1500 crore is the first tranche and will help kick off Phase 1 of the redevelopment, the statement said.
The rest of the funding will come from internal revenue sources and other financial mechanisms.
Deputy Chief Minister Eknath Shinde praised the loan approval as a vote of confidence in the government’s vision, stating it would bring lasting change to the lives of thousands of families in Ramabai Nagar.
The Ramabai Nagar redevelopment is expected to serve as a model for similar urban renewal projects across the Mumbai Metropolitan Region, combining financial discipline with people-focused development, the statement said.
MMRDA Commissioner Dr. Sanjay Mukherjee said, “This is not just a redevelopment project -- it is a blueprint for inclusive and self-sustaining urban renewal. By structuring the project with 46 per cent funding through institutional loans and 39% via internal revenue mechanisms, MMRDA is ensuring fiscal discipline while delivering people-centric development. Ramabai Nagar’s transformation will serve as a model for future SRA initiatives across the Mumbai Metropolitan Region.”
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