Mumbai's Ghatkopar Set for Major Redevelopment with Rs 1,500 Crore Loan
The Mumbai Metropolitan Region Development Authority (MMRDA) has secured a Rs 1,500 crore loan from Bank of Maharashtra to redevelop the Ramabai Ambedkar Nagar and Kamaraj Nagar slums in Ghatkopar, marking a significant step towards urban regeneration.
Mmrda RedevelopmentBank Of MaharashtraMumbai SlumsGhatkoparUrban RegenerationReal Estate MumbaiMay 20, 2025
The project aims to transform a densely populated slum cluster in the eastern suburb of India’s financial capital into a well-planned residential township. To ensure financial viability, MMRDA has devised a multi-source funding strategy. Out of the total Rs 8,498 crore project cost, Rs 3,916 crore will be raised through loans.
“The government’s goal is not just to provide homes but to empower communities to build their own lives. The Government of Maharashtra is consistently and responsibly working to ensure equal opportunities for every citizen,” said Maharashtra Chief Minister Devendra Fadnavis. According to him, concrete steps are now being taken to resolve longstanding redevelopment issues, and a sustainable financial model has been created to complete such large-scale projects.
“This is not merely a redevelopment project, but a blueprint for inclusive and self-reliant urban regeneration. Of the total funding, 46% will come from institutional loans and 39% from internal revenue sources. Through this, MMRDA is maintaining financial discipline while achieving people-centric development,” said Sanjay Mukherjee, IAS, Metropolitan Commissioner, MMRDA. The redevelopment of Ramabai Nagar will set a benchmark for the entire metropolitan region.
The Ramabai Ambedkar Nagar and Kamaraj Nagar slum rehabilitation project is being undertaken on land area of over 78.6 acres, comprising around 17,000 slum dwellers. The first tranche of Rs 1,500 crore for the project has been approved by Bank of Maharashtra, and with the loan agreement signed, this infusion of funds will accelerate the timely execution of the project’s first phase.
The project is expected to bring about significant improvements in the living conditions of the slum dwellers, providing them with modern amenities and infrastructure. It also aligns with the broader goal of making Mumbai a more livable and sustainable city. The successful execution of this project could serve as a model for similar redevelopment initiatives across the country.
Frequently Asked Questions
What is the total cost of the redevelopment project?
The total cost of the redevelopment project for Ramabai Ambedkar Nagar and Kamaraj Nagar in Ghatkopar is Rs 8,498 crore.
How much of the project cost will be raised through loans?
Out of the total project cost, Rs 3,916 crore will be raised through loans.
What is the significance of this project for MMRDA?
This project marks MMRDA’s first direct slum redevelopment project and the first major financial closure under the Slum Rehabilitation Authority (SRA) scheme.
What is the area and population of the slum being redeveloped?
The project covers an area of over 78.6 acres and involves around 17,000 slum dwellers.
How does the project aim to benefit the community?
The project aims to provide modern amenities and infrastructure to the slum dwellers, improving their living conditions and empowering them to build better lives.
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