MMRDA gets state cabinet nod to raise Rs 600 bn in loans

19 Jul 2022 CW Team

The Mumbai Metropolitan Region Development Authority (MMRDA) has been allowed by the new Maharashtra government to raise Rs 600 billion in loans. In Phase I, the authority will borrow Rs 120 billion crore, for which the Shiv Sena-BJP government has decided to stand guarantor to fund various infrastructure projects in the Mumbai Metropolitan Region (MMR).

Chief Minister Eknath Shinde made the announcement at a post-cabinet briefing last week. Metropolitan commissioner SVR Srinivas said, "We will need this money to execute existing and future projects in MMR."

MMRDA expects good cash flow from various sources of revenue over the next 25 years, but officials said the Rs 600 billion that it has been allowed to raise will act as a buffer in case of non-receipt from expected sources in the next five years due to delay in projects and its impact on revenue inflow. MMRDA's sources of revenue have been hit due to delay in commissioning of major projects because of the Covid-induced lockdown as well as lack of interest demonstrated by parties in the land parcels put up on lease in the Bandra-Kurla Complex (BKC).

The authority is confident it will be able to repay loans by levying development charges on residential, commercial and industrial units, besides monetising land.

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