MMRDA Inks ₹4.07 Lakh Crore Deals to Fuel Infrastructure Boom

The Mumbai Metropolitan Region Development Authority (MMRDA) has entered into memoranda of understanding (MoUs) worth Rs 4.07 lakh crore with prominent financial institutions to finance a variety of infrastructure projects across the Mumbai Metropolitan Region (MMR).

These agreements were formalized at the IGF Mumbai NXT 25 event, organized by the India Global Forum in Mumbai, in the presence of Maharashtra Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis. As part of these MoUs, the Housing & Urban Development Corporation (HUDCO) will explore and extend funding of up to Rs 1.5 lakh crore over the next five years. Along with financial support, HUDCO will provide consultancy services and capacity-building assistance to meet the growing urban infrastructure demands of the MMRDA.

Additionally, two major public sector financiers, REC and Power Finance Corporation (PFC), have each pledged Rs 1 lakh crore to MMRDA’s infrastructure development initiatives. The Indian Railways Finance Corporation (IRFC) has committed Rs 50,000 crore, while the National Bank for Financing Infrastructure and Development (NaBFID) has pledged Rs 7,000 crore. Beyond financing, HUDCO will offer strategic advisory services to ensure projects align with the region’s future urban needs.

This significant partnership is expected to expedite the development of crucial urban infrastructure, including transportation systems, housing, utilities, and digital infrastructure across the metropolitan region. By securing these funding agreements, MMRDA is poised to play a pivotal role in shaping Mumbai’s urban future.

The collective efforts of these institutions highlight a strong commitment to transforming the infrastructure landscape of the MMR, fostering sustainable urban growth, enhancing connectivity, and meeting the demands of future expansion.

News by Rahul Yelligetti.