05 March,2024 08:50 PM IST | Mumbai | mid-day online correspondent
MMRDA approves Budget for 2024-25
The financial budget of Mumbai Metropolitan Region Development Authority (MMRDA) for the year 2024-25 and the revised budget for the year 2023-24 have acquired the necessary approvals. The authority has allocated whooping Rs 41, 995 crore for several infrastructural projects in the MMR.
The projects where the funds will be utilised includes the construction of new Metro Lines dedicated to the strategic expansion of the Metro network, Thane-Borivali Twin Tube Tunnel Road, the Underground Tunnel Road from Orange Gate to Marine Drive, Versova - Virar Sea Link, Thane Coastal Road, Growth Centers, Ramabai Ambedkar Nagar Slum Redevelopment and others, the press release from MMRDA said.
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As per the MMRDA statement, a total receipt for the year 2024-25 is estimated to be around Rs. 39, 453 crore, while the total expenditure is estimated to be Rs. 46, 921 crore. The MMRDA expects a deficit of Rs 7, 468 crore.
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"The Government of Maharashtra has facilitated the approval for raising loans to Rs. 60,000 crore, while the proposal for raising an additional loan of Rs. 30,000 crore was also received by the government. The additional loan amount will be utilised to fund various infrastructure projects across the MMR. A loan of Rs. 30,593 crore from the approved amount has been allocated by REC. Moreover, the government has guaranteed a loan of Rs. 12,000 crore in the first tranche, while the proposal for the guarantee of Rs. 12,000 crore in the second tranche is submitted for approval," the statement from MMRDA explained.
While, the proposal for a loan of Rs. 50,301 crore has been approved by M/s. Power Finance Corporation Limited.
The timely approval from the Authority allows MMRDA's progressive plans for infrastructure projects in and around the Mumbai Metropolitan Region to continue at a steady pace without any hindrance, the statement said. MMRDA is committed to sustainable urban development and the elevation of connectivity across the MMR, it said.
