MMRDA's Rs 4,000 Crore Project to Uplift Lives in Ramabai Ambedkar Nagar

The Mumbai Metropolitan Region Development Authority (MMRDA) has initiated the process of securing a Rs 4,000 crore loan to facilitate the redevelopment of Ramabai Ambedkar Nagar, a sprawling 75-acre slum situated off the Eastern Express Highway in Ghatkopar, Mumbai. This marks the first time that the development authority is venturing into a slum redevelopment project.

On February 3, 2024, MMRDA released an 'expression of interest' to acquire the Rs 4,000 crore loan for financing the comprehensive redevelopment of the slum. The funds will be allocated for all aspects of the project, as outlined in the detailed project report prepared by MMRDA. The redevelopment aims to provide rehabilitation for 16,575 slum dwellers and offer an additional 5,000 tenements for individuals affected by ongoing projects. The repayment period for the loan is expected to span 15 years.

The Slum Rehabilitation Authority (SRA) will conduct a survey of slum dwellers and subsequently transfer possession of the vacant land to MMRDA. The authority anticipates a three-year timeline for project execution from the day SRA hands over the land.

Additionally, MMRDA has requested 10 percent of the funds from the Central government and an additional 25 percent from the BMC to support the implementation of various metro projects.

According to MMRDA estimates, the development agency stands to generate Rs 1,073 crore from the sale of residential tenements in the proposed redevelopment.

News by Rahul Yelligetti