Mumbai News: MMRDA Secures ₹1,500 Crore Loan From Bank Of Maharashtra For ₹8,498 Crore Ramabai Ambedkar Nagar & Kamraj Nagar SRA Project
Mumbai: The Mumbai Metropolitan Region Development Authority (MMRDA) has secured a Rs 1500 crore loan from Bank of Maharashtra for the redevelopment of Ramabai Ambedkar Nagar and Kamraj Nagar in Ghatkopar.
This marks the first major financial closure for MMRDA’s Rs 8,498 crore Slum Rehabilitation Authority (SRA) project—the Authority’s first-ever large-scale slum redevelopment project.
This ambitious urban renewal project is aimed at transforming one of Mumbai’s oldest and densest slum clusters into a dignified, well-planned residential zone.
To ensure the financial viability of the project, MMRDA has adopted a diversified funding strategy. Of the total project cost of Rs 8,498 crore, Rs 3,916 crore is to be raised through institutional loans. Rs 1,500 crore loan from the Bank of Maharashtra represents the first tranche in this funding plan. The agreement was executed. This not only facilitates the timely execution of Phase 1 but also underscores the robustness of financial planning and project execution capabilities, as per the MMRDA.
Chief Minister 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.”
Deputy CM & MMRDA Chairman Eknath Shinde asserted, “Rs 1500 crore loan approval is a strong endorsement of the Government of Maharashtra and MMRDA’s shared vision for transforming lives through infrastructure. This project will bring long-awaited change to thousands of families ensuring better homes, better futures, and stronger communities.”
Dr. Sanjay Mukherjee, IAS, Commissioner, MMRDA added, “This is not just a redevelopment project—it is a blueprint for inclusive and self-sustaining urban renewal. By structuring the project with 46% 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.”
Meanwhile, the Slum Rehabilitation Authority (SRA) by this month to handover land for the launch of the project’s first phase.
The redevelopment, spread across 33.15 hectares, will be implemented in four phases. The initial phase will begin on the 17-acre parcel where the SRA has already removed 4,053 slums. Construction will commence soon after MMRDA appoints contractors, with the first phase set to deliver housing for 8,500 local residents. The SRA has completed the process of identifying 14,500 families eligible for resettlement.
The redevelopment project is part of a broader government push to improve housing and infrastructure in the region and also simultaneously work on the Eastern Freeway extension project is ongoing, which will improve connectivity between Mumbai and Thane.
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