The Mumbai Metropolitan Region Development Authority (MMRDA) has secured approval for its annual budget for the fiscal year 2024-25 during the 156th meeting of the Authority.
Totaling Rs. 41,955.34 crore, the budget is dedicated to various infrastructure projects spanning the MMR, underscoring the authority's steadfast commitment to enhancing regional development. The allocation targets key initiatives, including the expansion of the Metro network, construction of new Metro lines, Thane-Borivali Twin Tube Tunnel Road, Underground Tunnel Road from Orange Gate to Marine Drive, Versova-Virar Sea Link, Thane Coastal Road, Growth Centers, and Ramabai Ambedkar Nagar Slum Redevelopment.
In the estimated budget for 2024-25, total receipts are estimated at Rs. 39,453.04 crore, the total expenditure is projected to be Rs. 46,921.29 crores, resulting in a deficit of Rs. 7,468.25 crore.
Government of Maharashtra has facilitated the approval to raise loans up to Rs. 60,000 crore, with an additional proposal for a loan of Rs. 30,000 crore pending approval. The funds from these loans will be channeled systematically to support various infrastructure projects, according to MMRDA official.
A loan of Rs. 30,593 Crs from the approved amount has been allocated by REC. Moreover, the government has guaranteed a loan of Rs. 12,000 Crs in the first tranche, while the proposal for the guarantee of Rs. 12,000 Crs in the second tranche is submitted for approval. Furthermore, the proposal for a loan of Rs. 50,301 Crs has been approved by M/s. Power Finance Corporation Limited. This loan will make significant contributions to the progress of the MMRDA’s innovative infrastructure projects in the MMR.
MMRDA Commissioner, Dr Sanjay Mukherjee said, “The citizens of the MMR depend on us to complete these projects on time, and the Government has entrusted us to fulfil this noble goal. The approval from the authority for the submitted budgets catalyzes the progress of our infrastructure projects, thereby contributing to the sustainable urban development of the MMR."