MMRDA allocates Rs 41,955 crore for infrastructure projects across MMR

The financial budget for 2024-25 is planned to fund infrastructure projects and other developmental directives, including the construction of new Metro Lines dedicated to the strategic expansion of the Metro network, Thane-Borivali Twin Tube Tunnel Road, the Underground Tunnel Road from Orange Gate to Marine Drive, Versova–Virar Sea Link, Thane Coastal Road, Growth Centres, Ramabai Ambedkar Nagar Slum Redevelopment, etc. Thus, the timely approval from the Authority allows MMRDA’s progressive plans for infrastructure projects in and around the Mumbai Metropolitan Region to continue at a steady pace without any hindrance.

The Maharashtra government has facilitated the approval for raising loans to Rs 60,000 crore, while the proposal for raising an additional loan of Rs 30,000 crore is also received by the government. The additional loan amount will be systematically utilised to fund various infrastructure projects across the MMR. A loan of Rs 30,593 crore from the approved amount has been allocated by the State run-REC.

Moreover, the government has guaranteed a loan of Rs 12,000 crore in the first tranche, while the proposal for the guarantee of Rs 12,000 crore in the second tranche is submitted for approval. Furthermore, the proposal for a loan of Rs 50,301 crore has been approved by Power Finance Corporation Limited, as per the MMRDA.

The CM, who is also the chairman of MMRDA said, “The MMR plays an important role in catalysing growth across the state of Maharashtra, and it is currently setting the blueprint for sustainable urban development for not only our state, but also the entire nation, through MMRDA’s brave new directions. We rely on MMRDA to lead the way for the MMR’s infrastructure development and economic growth, and now we have reinforced its vision for the sustainable future of the MMR by approving the budgets…”

Dr Sanjay Mukherjee IAS, commissioner, MMRDA said the MMR’s path towards a sustainable future is laid down brick by brick through the visionary infrastructure projects of MMRDA. “The citizens of the MMR depend on us to complete these projects on time, and the Government of Maharashtra has entrusted us to fulfil this noble goal. Therefore, the approval from the authority for the submitted budgets catalyses the progress of our infrastructure projects, thereby contributing to the sustainable urban development of the MMR,” he said.