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The Mumbai Metropolitan Region Development Authority (MMRDA) is set to transform the cityscape with its first slum redevelopment project. Ramabai Ambedkar Nagar, a 75-acre slum area near Ghatkopar's Eastern Express Highway, has been chosen strategically as part of MMRDA's grand plan to extend the Eastern Freeway to Thane. The proposal was formally presented during a significant authority meeting in Nagpur, chaired by Chief Minister Eknath Shinde on December 12.
The CEO of the Slum Rehabilitation Authority (SRA) has suggested that the collaborative redevelopment of Ramabai Ambedkar Nagar with MMRDA, if successful, could allow MMRDA to acquire the slum land without incurring any costs for the freeway extension. This would be a potential win-win for both the authority and the community.
This ambitious project marks a departure from MMRDA's previous initiatives, such as the rental housing project in the Mumbai Metropolitan Region wherein housing units were allocated to project-affected people (PAPS). Beyond slum rehabilitation, MMRDA has committed to rehousing 16,575 slum dwellers, with plans to secure 5,000 tenements for project-affected persons (PAPs) from various projects. This multifaceted approach underscores MMRDA's dedication to addressing housing challenges in Mumbai.
With the Ramabai Nagar project, MMRDA estimates a revenue of Rs 1,073 crore from the sale of residential tenements. However, transferring the sale component to a private developer could potentially boost revenue to an impressive Rs 2,918 crore.
Officials emphasise that the present agreement is not only financially beneficial but also critical for MMRDA, which is grappling with a financial strain due to substantial investments in infrastructure projects over the coming decade. MMRDA has allocated Rs 28,705 crore for diverse infrastructure initiatives in the fiscal year 2023-24, encompassing Metro corridors, the Mumbai Trans Harbour Link, the Versova-Vasai sea bridge, and subterranean road sections from Eastern Freeway to Marine Drive.
The cumulative cost of 10 Metro projects, excluding underground Metro-III (Colaba-Bandra-Seepz) and Metro I (Versova-Andheri-Ghatkopar), stands at a staggering Rs 75,000 crore. MMRDA has sought support, requesting 10% of funds from the Centre and an additional 25% from the BMC to fuel the execution of the various Metro projects. To supplement funds, MMRDA has engaged SBI Capital Markets to secure loans. However, a regular stream of funds remains imperative for the successful execution of these transformative projects.
As Mumbai looks to the future, MMRDA's comprehensive approach to urban development promises not only a physical transformation of the landscape but also innovative reimagining of traditional funding models. The city awaits the execution of these projects as MMRDA endeavours to shape a dynamic, inclusive and sustainable future for Mumbai's citizens.
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