MMRDA budget: ₹4,000 crore allocated for development of Mumbai 3.0
The Hindu
MMRDA allocates ₹4,000 crore for Mumbai 3.0, aiming for ₹11,000 crore revenue via land monetisation in 2026-27 budget.
The Mumbai Metropolitan Region Development Authority (MMRDA) approved a ₹48,072-crore budget for the financial year 2026-27 on Monday (February 16, 2026), with the authority projecting a marginal surplus of ₹17 lakh, allocating ₹4,000 crore for development of Mumbai 3.0.
As part of Mumbai 3.0 city development, under the KSC (Karnala-Sai-Chirner) Navnagar Project, 323.44 sq. km will be developed, covering 124 villages in the Panvel, Uran, and Pen talukas of Raigad district. The authority is recognised as a New Town Development Authority, as per the MMRDA officials.
“We are expanding connectivity, decentralising growth through Mumbai 3.0, and strengthening regional sustainability. This Budget marks a transition from financial stress to financial stability while maintaining development momentum at scale,” said Sanjay Mukherjee, Metropolitan Commissioner, MMRDA.
MMRDA expects to generate around ₹11,000 crore in revenue through land monetisation for funding capital-intensive infrastructure projects.
This is MMRDA's first surplus budget since 2017–18. Last year, a deficit of ₹7,468 crore was recorded.
“In three years, MMRDA has achieved ₹17 lakh surplus. The surplus is the outcome of structured land monetisation, strengthening of the Urban Transport Fund (UTF), improved project-linked revenues, and capital mobilisation through international partnerships and institutional financing,” as per the MMRDA.
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