Mumbai: The state government has released Rs 954 crore from the revenue collected through the 1% additional stamp duty levied in the Mumbai Metropolitan Region. This decision has brought much-needed relief to the Mumbai Metropolitan Region Development Authority (MMRDA), which has been struggling with debt due to large-scale infrastructure projects. The move will help reduce the funding crunch and ensure smoother progress on several ongoing development works in Mumbai.
In addition to this, the government has also allocated Rs 201 crore to the Mumbai Metro Rail Corporation (MMRC), the body responsible for constructing the underground Metro 3 line. This underground corridor is one of the most ambitious transport projects in the city and is expected to significantly reduce traffic congestion once completed.
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The extra 1% stamp duty was introduced in 2019 with the specific goal of creating a steady fund for Mumbai’s infrastructure expansion. According to estimates, the levy was expected to generate around Rs 5,480 crore by September 2024, according to report by Lokmat.
The MMRDA had earlier written to the state government requesting the release of this revenue. Now, with funds being disbursed in phases, Thursday’s decision marks a crucial step in easing financial pressures.
MMRDA has been relying heavily on loans, development charges, and funds from transport-oriented development (TOD) to keep projects moving. With this new release, the authority can repay part of its loans while ensuring its share of the costs in major projects is covered.
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