The Mumbai Metropolitan Region Development Authority (MMRDA) is advocating for a waiver on premium payments for government land in the INR 4,000 crore Ramabai Ambedkar Nagar slum redevelopment project in Ghatkopar. The project, covering 331,495 square metres, aims to provide modern homes for 16,000 slum dwellers and improve infrastructure. MMRDA's proposal, awaiting state government and Cabinet approval, could significantly reduce costs, ensuring the project's completion within three years. This initiative is set to enhance living conditions, promote economic growth, and serve as a model for future slum rehabilitation efforts in Mumbai.
The Mumbai Metropolitan Region Development Authority (MMRDA) is pushing for a waiver on premium payments related to government land needed for the redevelopment of the Ramabai Ambedkar Nagar slum project in Ghatkopar. This proposal, currently awaiting the state government's review and Cabinet approval, has the potential to significantly reduce the project's costs, which may run into hundreds of crores.
The Ramabai Ambedkar Nagar redevelopment project covers approximately 331,495 square metres, with land ownership divided between the state government and private stakeholders. MMRDA is particularly focused on securing about 40,000 square metres of government-owned land to ensure the successful completion of this vital project. Under existing regulations, the authority is required to pay 25% of the ready reckoner rate (RR) for government land. However, MMRDA officials argue that given the project's public benefit, it should not incur such costs.
The redevelopment initiative aims to provide homes for around 16,000 slum dwellers, who currently live in substandard conditions. By offering modern housing options, the project looks to improve the living standards of these residents. Furthermore, the initiative will facilitate infrastructure development, including the extension of the Eastern Freeway from Ghatkopar to Thane, which could ease traffic congestion and enhance connectivity in the region.
In collaboration with the Slum Rehabilitation Authority (SRA), MMRDA is initiating a joint venture to undertake this massive effort. The SRA's role includes surveying the area to determine eligibility for relocation, paving the way for MMRDA to conduct the redevelopment effectively. Following an extensive recruitment process, the MMRDA has appointed a project management consultant and architect to oversee the project's execution, positioning it to achieve its goals efficiently.
The financial aspects of this development are noteworthy. MMRDA has secured a line of credit amounting to INR 4,000 crores from three Indian banks, set at an interest rate of 8%. This financing will enable the construction of rehabilitation buildings on the government land once it is officially repurposed for this project. The plans include constructing 7,000 new tenements on the government plots, with additional rehousing occurring on private lands. The remaining areas will be earmarked for commercial developments, contributing to the broader economic growth in Ghatkopar.
If all goes according to plan, officials anticipate completing the redevelopment within three years of receiving the government land. However, this timeline is contingent upon obtaining the necessary environmental clearances and building permits, which can only be pursued after the land transfer is finalised. The successful execution of this redevelopment project could serve as a benchmark for future slum rehabilitation initiatives across Mumbai, demonstrating a comprehensive approach to urban renewal that prioritises the needs of vulnerable populations while promoting infrastructure growth.
In summary, the MMRDA's request for a waiver on land premiums highlights the importance of state support for projects that aim to uplift slum communities. By alleviating financial burdens associated with land acquisition, the government can ensure that projects like the Ramabai Ambedkar Nagar redevelopment remain viable and set the stage for transformational changes in the lives of thousands of residents in Mumbai.
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