MMRDA Gets Nod For Rs. 41,955.34 Cr Budget For FY 2024-25

The Mumbai Metropolitan Region Development Authority (MMRDA) has achieved a significant milestone with the approval of 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 Mumbai Metropolitan Region (MMR), reaffirming the authority's unwavering commitment to 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 projected to be Rs. 39,453.04 crore, while the total expenditure is estimated at Rs. 46,921.29 crores, resulting in a deficit of Rs. 7,468.25 crore.

The Government of Maharashtra has facilitated approval to raise loans up to Rs. 60,000 crore, with an additional proposal for a loan of Rs. 30,000 crore pending approval. According to an MMRDA official, funds from these loans will be systematically channelled to support various infrastructure projects.

A loan of Rs. 30,593 crores from the approved amount has been allocated by REC. Additionally, the government has guaranteed a loan of Rs. 12,000 crores in the first tranche, with a proposal for the guarantee of Rs. 12,000 crores in the second tranche awaiting approval. Furthermore, the proposal for a loan of Rs. 50,301 crores has been approved by M/s. Power Finance Corporation Limited. These loans will significantly contribute to the progress of MMRDA's innovative infrastructure projects in the Mumbai Metropolitan Region.

Dr. Sanjay Mukherjee, MMRDA Commissioner, expressed gratitude for the approval of the submitted budgets, emphasising the responsibility entrusted by the Government to fulfil infrastructure projects promptly. He stated, "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 catalyses the progress of our infrastructure projects, thereby contributing to the sustainable urban development of the MMR."