Ramabai Nagar redevelopment project gets ₹1,500-cr bank loan

The Mumbai Metropolitan Region Development Authority (MMRDA) on Tuesday said it has secured a ₹1,500-crore bank loan for redeveloping the Ramabai Ambedkar Nagar and Kamraj Nagar slum pockets along the Eastern Express Highway in Ghatkopar.

- Shashank Rao

MUMBAI:

The project, involving rehabilitation of over 16,000 families, is MMRDA's first foray into slum redevelopment, and the loan from Bank of Maharashtra comprises the first tranche of funding for the ₹8,498-crore project, said sources in the planning body.

Chief minister Devendra Fadnavis welcomed the development, saying the government was committed to ensuring that even the most ambitious urban renewal projects were completed with transparency, speed, and long-term viability.

"Our vision is to uplift communities by providing not just housing, but dignity and security," Fadnavis said in a statement issued by the MMRDA.