Ramabai Slum Redevelopment Project: MMRDA expects Rs 10,000 cr revenue from commercial sale on 30-acre parcel
As per an MMRDA official, the estimated cost of the project and revenue from commercial sale is substantially higher, further making the project not only viable but also potentially profitable.
For this project, MMRDA has anticipated Rs 4,000 crore for building rehab housing and developing infrastructure. (Reprersentational Image) The Mumbai Metropolitan Region Development Authority (MMRDA) is set to carry out the Ramabai Slum Redevelopment Project spread on a sprawling 30-acre parcel adjoining the Eastern Express Highway in Ghatkopar. The project aims at building a total rehabilitation area of about 81 lakh square feet.
This space will house about 15,000 tenements, ensuring that existing residents are adequately accommodated in the new development.
Apart from this, it will generate 75 lakh sq ft of built-up area for commercial sale, with the expected revenue from this developed space being around Rs 10,000 crore.
For this project, MMRDA has anticipated Rs 4,000 crore for building rehab housing and developing infrastructure. It had called for a proposal earlier, seeking funds from domestic lenders to be paid within a tenure of 8 years, including a 3-year principal and interest moratorium followed by a 5-year repayment.
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