The Mumbai Metropolitan Region Development Authority (MMRDA) has secured a Rs 1500 crore loan from the Bank of Maharashtra. The funds will be used for the redevelopment of Ramabai Ambedkar Nagar and Kamraj Nagar in Ghatkopar in eastern suburbs of Mumbai, under a large-scale Slum Rehabilitation Authority (SRA) project worth Rs 8498 crore, an official statement said.

It said that this is MMRDA’s first direct involvement in a slum redevelopment project, making it a landmark moment in the Authority’s history.