MMRDA Unveils Rs 480,724 mn Budget, First Surplus in Eight Years

23 Feb 2026 CW Team

The Mumbai Metropolitan Region Development Authority presented a Rs 480,724 million (mn) budget for 2026–27 and projected a marginal surplus of one point seven million (mn), its first since 2017–18. Revenue was pegged at Rs 480,725.7 mn, narrowly exceeding expenditure and reversing downgrades seen in the prior year. The budget was framed amid record infrastructure allocations and higher borrowing.

Infrastructure accounts for 87 per cent of expenditure, amounting to over Rs 420,000 mn allocated to projects. Rs 40,000 mn has been earmarked for the Third Mumbai project covering 124 villages in the influence zone of the Atal Setu and the Navi Mumbai airport, with Rs 20,000 mn spent in 2025–26. A provision of Rs 11,890 mn was made for a 70 km integrated tunnel corridor whose total cost is estimated at Rs 240,000 mn.

The budget relies on borrowings of Rs 237,111.6 mn, the highest in five years, while borrowing estimates for 2025–26 were Rs 223,273.5 mn against actual proceeds of Rs 155,481.7 mn. Interest outgo has risen from Rs 660 mn in 2022–23 to Rs 32,470 mn in 2026–27, roughly a 50 fold increase over five years. Land sales are expected to bring Rs 111,770 mn versus Rs 45,820 mn last year.

Income from operational assets such as tolls, metro lines and the regional water supply project underperformed and is projected at Rs 4,410 mn for 2026–27 after downward revisions. Officials said the surplus reflected fiscal discipline and calibrated capital mobilisation, and described the outcome as evidence of investor confidence and focused governance. Analysts cautioned that past trends show infrastructure spending has often lagged targets, noting a spend of just over Rs 260,000 mn against an intended Rs 350,000 mn in 2025–26 and delays on several metro and road projects.

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