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MMRDA to raise ₹60,000-cr to fund infra projects

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MMRDA to raise ₹60,000-cr to fund infra projects

Mumbai Metropolitan Region Development Authority (MMRDA) has been given permission by the Maharashtra government to borrow 60,000 crore in loans to finance its ongoing and forthcoming infrastructure projects.

SVR Srinivas, the metropolitan commissioner, revealed that the authority will borrow $12,000 crore in Phase I, for which the state government opted to serve as guarantor in order to finance a number of infrastructure projects in the Mumbai Metropolitan Region (MMR). The nodal agency need money to carry out a variety of initiatives in the area, and over the next 25 years, the agency anticipates a healthy cash flow from a number of sources of income. Due to the Covid-induced lockout and the lack of interest from parties in the land parcels placed up for lease, important projects have been delayed, which has hurt MMRDA’s source of income.

In addition to monetizing land, the authority is confident that it will be able to pay back debts by assessing development fees on residential, commercial, and industrial units. Taxes, cess, and advertising, among other methods, can be used to raise the funds required for asset operations and maintenance. SBI Capital Funds has already been chosen by MMRDA to assist with the loan raising.

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