India, May 21 -- The Mumbai Metropolitan Region Development Authority (MMRDA) on Tuesday said it has secured a Rs.1,500-crore bank loan for redeveloping the Ramabai Ambedkar Nagar and Kamraj Nagar slum pockets along the Eastern Express Highway in Ghatkopar. The project, involving rehabilitation of over 16,000 families, is MMRDA's first foray into slum redevelopment, and the loan from Bank of Maharashtra comprises the first tranche of funding for the Rs.8,498-crore project, said sources in the planning body.

Chief minister Devendra Fadnavis welcomed the development, saying the government was committed to ensuring that even the most ambitious urban renewal projects were completed with transparency, speed, and long-term viability.

"Our vis...