Mumbai's Slums Get a ₹1500 CR Makeover: MMRDA's New Era

The Mumbai Metropolitan Region Development Authority (MMRDA) has secured ₹1,500 crore in funding from the Bank of Maharashtra to launch Phase I of a major slum redevelopment initiative in Ramabai Ambedkar Nagar and Kamraj Nagar, Ghatkopar.

This marks MMRDA’s first direct engagement in slum rehabilitation under the Slum Rehabilitation Authority (SRA), representing a strategic shift in its urban development approach. The total project cost is estimated at ₹8,498 crore. This loan marks the project's first financial closure and signals meaningful progress toward Mumbai’s urban renewal goals.

MMRDA plans to raise ₹3,916 crore through loans, with the remaining funding sourced from internal revenues and alternative financial instruments. The redevelopment aims to transform one of Mumbai’s oldest slum clusters into a modern, dignified living environment, benefiting thousands of residents.

Officials highlighted the Ramabai Nagar redevelopment as a potential model for future projects, combining financial discipline with a people-first approach to address the city’s housing and infrastructure challenges.

News by Rahul Yelligetti.