The MMRDA is all set to redevelop Mumbai’s one of the oldest slums, Ramabai Ambedkar Nagar, which was created in the early 1960s. The slum spread over 75 acres of land, will be redeveloped by the MMRDA into a residential-cum-commercial zone.
The plan was discussed at the body’s meeting with chief minister, Eknath Shinde, who is also the chairperson of MMRDA, on 12 December 2023. It will now be tabled at the state cabinet for its approval.
Currently, there are around 16,500 slum dwellers at Ramabai Ambedkar Nagar. MMRDA proposes to develop the land jointly with the Slum Rehabilitation Authority (SRA), who will identify the PAPs and rehabilitate them in the newly constructed towers. They will also be offered monetary compensation. The SRA will assess the slum dwellers residing here or working out of these spaces, to derive the probable compensation per slum.
The redevelopment will enable MMRDA to generate an estimated Rs 4,000 crore or more, given the cost of land. The authorities expect revenue of Rs 1,073 crore from the sale of residential units, while commercial hubs will fetch higher revenue. MMRDA is looking at connecting the Eastern Freeway and Eastern Express Highway (EEH) that will pass through the area, to make this a lucrative commercial enterprise.
In a recent MMRDA board meeting with chief minister Eknath Shinde, a proposal to appoint MMRDA as a special planning authority to develop the land occupied by the defunct dairies at Worli and Kurla was approved. Accordingly, MMRDA has planned to develop the Worli land parcel as a business hub. A further call will now be taken by the state government. Monetisation of prime land parcels like this one helps MMRDA fund infrastructure projects. The Maharashtra government is considering setting up a business hub on the 16.25-acre plot at Worli that once housed its dairy development department.
Mumbai Metropolitan Region Development Authority (MMRDA) is a state agency, that is responsible for the infrastructure development of the Mumbai Metropolitan Region, comprising Mumbai, Mumbai Suburban and Thane. It was set up on 26 January 1975 under the Mumbai Metropolitan Region Development Authority Act, 1974 Government of Maharashtra.
The Real Estate cum Commercial Complex projects are crucial for MMRDA as it is looking for finance to fund its ongoing infrastructure projects. MMRDA needs around Rs 75,000 crore for its 10 metro rail projects.
As of 20 December 2023, MMRDA was involved in 195 projects, with aggregate investment of Rs 2,37,147.27 crore. Of the 195 projects, 29 projects with a total investment committment of Rs 79,633.99 crore were in various stages of execution. Some of the large ongoing projects proposed by the MMRDA are a Rs 63,426 crore Versova-Virar Sea Link Project, a Rs 20,000 crore Wadala-Thane-Kasarvadavali Metro Rail Corridor [Metro 4], a Rs 18,000 crore Mumbai International Airport-Navi Mumbai Airport – [Metro 8] and a Rs 14,400 crore Tunnel (Thane-Borivali) Roadways Project.
Photo sourced from: https://mmrda.maharashtra.gov.in/
