The vast 75-acre slum settlement known as Ramabai Ambedkar Nagar is located in Ghatkopar, Mumbai, and is being completely redeveloped. The Mumbai Metropolitan Region Development Authority (MMRDA) has started a ground-breaking endeavour to get a ₹ 4,000 crore loan for this purpose. The development authority is taking on a slum redevelopment project of this kind for the first time.
On February 3, 2024, the MMRDA formally launched the finance process by publishing an “expression of interest” to secure the substantial loan required to carry out the ambitious project. All costs associated with the renovation will be covered by the allotted money, and repayment terms are expected to exceed 15 years.
Plans to provide rehabilitation for 16,575 slum inhabitants and an extra 5,000 tenements for people impacted by other ongoing projects are outlined in the “detailed project report” that MMRDA developed. The Slum Rehabilitation Authority (SRA) will survey the slum residents thoroughly and will be instrumental in giving MMRDA ownership of the undeveloped land. From the date of land handover, the project’s full execution is anticipated to take about three years.
In addition, the development authority is aggressively looking for funding, asking the Brihanmumbai Municipal Corporation (BMC) for an extra 25 percent of the funds and the central government for 10 percent of the total to help with the implementation of several metro projects. If the development agency builds the residential tenements, MMRDA believes that the sale of such units will generate revenue of ₹ 1,073 crore.
In light of the MMRDA’s efforts to revitalise Ramabai Nagar and meet the area’s pressing housing and infrastructure demands, this project is a major step towards that goal. The project demonstrates MMRDA’s dedication to sustainable urban development and is in line with the larger goal of developing well-planned urban areas that meet the changing needs of a growing city.