The Mumbai Metropolitan Region Development Authority (MMRDA) has collected over INR 2,045 crore from stamp duty on home registrations between 2022 to 2024. This funding, along with support from the state government, global financial institutions, and other sources, will be used to finance major infrastructure projects, including Mumbai's metro rail network. MMRDA has now secured approximately INR 1,16,611 crore in debt financing for these projects. Additional funds are expected from urban local bodies, and MMRDA plans to issue bonds worth INR 14,000 crore, with the first tranche of INR 1,400 crore to be released soon.
The Mumbai Metropolitan Region Development Authority (MMRDA) has collected over INR 2,045 crore from stamp duties on home registrations between 2022 and 2024. First reported by Hindustan Times, this money will help fund major transportation projects, such as the ongoing metro rail network construction. MMRDA officials explained that they have secured financial support from various sources, including the state government, global financial institutions, and urban local bodies. These funds are crucial for advancing infrastructure development in the Mumbai Metropolitan Region (MMR).
Senior officials from the MMRDA have revealed that they have obtained essential financial support from multiple sources, including the state government, international financial institutions, urban local bodies, and stamp duty from property transactions. This funding will be directed towards improving the city's infrastructure. Furthermore, these initiatives, including the metro rail project, are anticipated to boost property sales throughout the MMR region. Under Maharashtra's guidelines, MMRDA has already received INR 2,045.12 crore from the 1% stamp duty within the MMR, with an additional INR 3,964.24 crore still expected. For the fiscal year 2023-24, the agency received INR 1,245.12 crore, and INR 800 crore in 2022-23.
According to a letter from the Urban Development Department, another INR 5,904.69 crore is expected from urban local bodies as additional development charges. The Brihanmumbai Municipal Corporation (BMC) has already contributed INR 2,000 crore towards metro project costs. The metro project is a significant undertaking, involving the development of 10 corridors with a total estimated cost of INR 78,862 crore. MMRDA has successfully secured approximately INR 1,16,611 crore in debt financing for metro and other infrastructure projects.
Additional funding has come from multilateral development banks, including the Asian Development Bank, New Development Bank, and KfW, contributing INR 25,525 crore. The Rural Electrification Corporation has provided another INR 30,593 crore, mainly for eight metro projects, with INR 9,073.13 crore already disbursed. The state government has also supported the project with a sub-debt of INR 12,482 crore. In addition, the Rural Electrification Corporation has given initial approval for a INR 16,000 crore loan for a tunnel and elevated road project. MMRDA is also seeking a state government guarantee to issue bonds worth INR 14,000 crore, with the first tranche being INR 1,400 crore.
The Mumbai Metropolitan Region Development Authority (MMRDA) has effectively utilised over INR 2,045 crore from stamp duties and additional financial support from various sources to propel significant transportation projects, particularly the ongoing metro rail network. With a total estimated investment of INR 78,862 crore for the metro project, funding contributions from urban local bodies, international banks, and the state government are crucial for enhancing infrastructure and stimulating property sales in the region. This collaborative financial effort is anticipated to not only improve public transportation but also support urban development initiatives, ultimately benefiting the Mumbai Metropolitan Region.
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