Mumbai, March 30 -- The Mumbai Metropolitan Region Development Authority (MMRDA) has initiated the process of availing loans worth Rs.10,100 crore for two crucial infrastructure projects in the Mumbai Metropolitan Region (MMR), ahead of the commencement of the 2026-27 financial year when it plans to raise the highest ever debt in its history, officials familiar with the matter told Hindustan Times. The two projects are the Mumbai to Samruddhi Expressway connector and the Shilphata Junction flyover, and the amount being sought on loan comprises 42.59% of the development authority's Rs.23,711.16-crore budgetary target for the upcoming fiscal year, officials said. "The MMRDA is looking to secure the loans preferably from a bank or a domestic financial institution/ consortium, on a floating interest rate basis," an official said, requesting not to be identified. Of the total amount being sought on loan, Rs.5,400 crore is for the Mumbai to Samruddhi Expressway connector while Rs.4,700 crore is for the Shilphata Junction flyover; with the connector's estimated cost at Rs.6,748.40 crore and the flyover's at Rs.5,909.21 crore, the debt to equity ratio for funding in case of both projects would be 80:20, the official noted. As per the MMRDA's conditions, the loan would have a 25-year tenure, including a five-year moratorium on principal and interest from the date of first disbursement, and repayment scheduled quarterly or bi-annually. The 21.367-km long Mumbai to Samruddhi Expressway connector - an elevated road from Saket in Thane to Amane - is expected to reduce vehicular congestion on the Mumbai-Agra Highway or National Highway 3. Vehicular traffic on the route has increased significantly due to rapid industrialisation in the area and growth of the logistics sector in and around Bhiwandi. The 19.40-km Shilphata flyover, running from Shilphata to Ranjnoli junction, will improve connectivity between Kalyan, Bhiwandi and surrounding areas, where population density and vehicular traffic have shot up in recent years due to affordable property rates. Other projects linked to the crucial flyover include the Airoli-Katai Elevated Corridor, the Virar-Alibaug Multi-Modal Corridor, Kalyan Ring Road, and Metro Rail Lines (14, 12A, ML12, 5 and 5A). The MMRDA will rely on toll revenue from both projects, as well as the Urban Transport Fund it receives from the Maharashtra government, to secure and repay the debt, officials said. When the MMRDA's budget was presented and approved in March, senior officials said they would rely heavily on land monetisation, and raise the highest ever debt of Rs.23,711.16 crore, compared to Rs.15,548.17 crore raised during 2025-26....