 "The slums are spread across 600 acres of prime land in Central Mumbai. In 2022, the Adani group had won the bid to redevelop the slums. (Photo: Prachi Pisal)")
The Mumbai Metropolitan Region Development Authority (MMRDA) has secured a Rs 1,500 crore loan from the Bank of Maharashtra (BoM) for its first slum redevelopment project in Mumbai’s Ghatkopar.
This marks the first major financial closure for MMRDA’s Rs 8,498 crore Slum Rehabilitation Authority (SRA) project. The government agency will redevelop Ramabai Ambedkar Nagar and Kamraj Nagar in Ghatkopar.
Sanjay Mukherjee, IAS, metropolitan commissioner, MMRDA, 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 per cent 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.”
Of the total project cost of Rs 8,498 crore, Rs 3,916 crore will be raised through institutional loans. The Rs 1,500 crore loan from BoM represents the first tranche in this funding plan. The agreement has been executed as part of the implementation of Phase 1 of the project.
“To ensure the financial viability of the project, MMRDA has adopted a diversified funding strategy,” the agency noted.
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Devendra Fadnavis, chief minister of Maharashtra, said: “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.”
MMRDA stated that the project is aimed at transforming one of Mumbai’s oldest and densest slum clusters into a dignified, well-planned residential zone. The project will also feature relevant commercial developments.
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