Mumbai, 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 vision is to uplift communities by providing not just housing, but dignity and security," Fadnavis said in a statement issued by the MMRDA. The planning authority's first slum redevelopment project will involve rehabilitation of residents of 16,575 tenements in one-bedroom apartments, each measuring 300 square feet. It will include various amenities like gardens, healthcare centres and educational institutions besides an additional 5,000 apartments to accommodate people affected by other ongoing infrastructure projects. MMRDA officials said 46% of the project cost - approximately Rs.3,916 crore - would be raised through institutional loans while 39% would be funded via internal revenue mechanisms. The remaining 15% funds would be raised through other means including possible financial assistance from the government, the officials said. The repayment period for the loan secured from Bank of Maharashtra is 15 years and work on the project will commence once the Slum Rehabilitation Authority (SRA) hands over the 75-acre land parcel to MMRDA, said a senior MMRDA official. The project will be completed within three years, the official added. Apart from apartments for rehabilitation of slum dwellers, the redevelopment project will also have a free-sale component, though the number and size of apartments under this category has not been decided yet, said MMRDA sources. "If MMRDA executes the project itself, it could earn Rs.1,000 crore. But if it ropes in a private developer, it could earn Rs.2,900 crore," said the senior official quoted earlier. "Ramabai Nagar's transformation will serve as a model for future SRA initiatives across the Mumbai Metropolitan Region," the official added....