MMRDA gets Rs 1,500-crore for Ramabai Nagar slum redevelopment

The redevelopment of Ramabai Nagar is one of the largest urban rejuvenation projects ever carried out in Mumbai and seeks to turn densely populated slums into structured, secure and dignified housing clusters. According to MMRDA officials, the initiative marks a change in attitude from short-term relief to long-term community development with improved infrastructure and higher living standards at its core.

“This redevelopment scheme is a shining example of our government’s vision of developing an equitable, future-ready Mumbai where every citizen has a right opportunity to thrive,” Chief Minister Devendra Fadnavis said, underlining the state’s determination to solve long-pending slum issues through active governance and sustainable funding mechanisms. “Our vision is to uplift communities by providing not just housing, but dignity and security. It reflects our resolve to drive inclusive urban growth that leaves no community behind,” he added.

Groundwork for this redevlopment was conducted during the Maha Vikas Aghadi (MVA) government’s tenure, which had suggested redeveloping Ramabai Ambedkar Nagar as part of a larger scheme to engage different government agencies in making Mumbai slum-free. The plan was brought up by CEO of the SRA and approved later by then Chief Minister Eknath Shinde.

Deputy Chief Minister Eknath Shinde, who also heads MMRDA, said the funding will bring transformative change to thousands of families in slum pockets. “The Rs 1,500-crore loan approval is a strong endorsement of the Government of Maharashtra and MMRDA’s shared vision for transforming lives through infrastructure.” he said, highlighting the effect of improved housing on well being in the community.

The Rs 1,500 crore loan is one part of a larger funding plan under which Rs 3,916 crore will be mobilised through institutional loans.

The signing of the agreement with Bank of Maharashtra is the first financial closure under this plan, which allows MMRDA to initiate the work on Phase 1 of the project. The remaining funds will be sourced through internal revenue mechanisms by the MMRDA.

Metropolitan Commissioner of MMRDA, Dr Sanjay Mukherjee confirmed that the overall project will be financed with a combination of institutional loans (46%) and internal revenue generation (39%). Mukherjee termed the project as “a blueprint for inclusive, self-sustaining urban renewal,” and stated it would be a model for other such projects in the Mumbai Metropolitan Region.

The redevelopment, which kickstarts with the loan approval, will be completed within 48 months, converting one of the oldest and most congested slum pocket in Mumbai into a well designed residential area. Apart from enhancing livability conditions for thousands of slum dwellers, this project also facilitates the expansion of the Eastern Freeway to Thane, which will further improve connectivity in the area.