The rent compensation program was officially launched by Maharashtra's Chief Minister Eknath Shinde, with notable figures such as Housing Minister Atul Save, Guardian Minister for Mumbai City Deepak Kesarkar, and Guardian Minister for Mumbai Suburb Mangal Prabhat Lodha in attendance, it said.

The rent compensation is designed to offer financial relief to residents during the redevelopment process. Slum dwellers with residential units will receive Rs 15,000 per month, while those with commercial spaces will get Rs 25,000, Rs 30,000, or Rs 35,000 depending on the location of their property, the statement said.

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MMRDA has appointed a firm to handle the layout, building permissions, and necessary approvals for the project. Once these are secured, construction of the new rehabilitation buildings will begin, with an estimated completion time of 48 months.

"The redevelopment will include free 300 square feet homes with modern amenities, high-quality materials, and earthquake-resistant technology. The new homes will feature well-designed interiors, including vitrified tiles, granite kitchen platforms, and quality bathroom fittings," the official statement said.

The redevelopment project will also create a comprehensive neighborhood with amenities such as a play school, gym, library, and a business center. This initiative aims not only to provide new housing but also to uplift the entire community by creating job opportunities and supporting local businesses.

CM Shinde highlighted that the project's importance, stating that it represents a significant milestone in Mumbai's development and is crucial for making the city slum-free. He expressed commitment to delivering high-quality homes to slum dwellers as soon as possible.

Dr. Sanjay Mukherjee, Metropolitan Commissioner, MMRDA, highlighted that the rent cheque distribution marks the beginning of a transformative journey for thousands of families. He noted that this project, in collaboration with the Slum Rehabilitation Authority (SRA), is a step towards improving living standards and setting a model for future developments.