5 Fast-Growing Cities in Maharashtra: Emerging as Investment Magnets

If you think Mumbai and Pune are the only hotspots in Maharashtra worth tracking, then this article might surprise you. There’s a whole new wave of cities quietly emerging as industrial and business powerhouses, with airports, freight corridors, smart cities, and mega factories landing faster than ever. Investors aren’t betting on “what could happen someday”; they are keeping an eye on the places where the groundwork is already done.

1. Nagpur

Nagpur is being rebuilt as a next-gen business and finance city, centered around the new International Business & Financial Centre (IBFC). The state wants it to become a knowledge-driven, tech-heavy hub, and investors love that everything is already pre-approved and backed by government guarantees. Add perks like stamp duty waivers, plus new ring road and transit upgrades, and Nagpur suddenly looks like the gateway to Central India’s next big economic push. Recent developments include:

- The Maharashtra cabinet approved the ₹6,500 crore “New Nagpur” IBFC plan. - MoUs & funding frameworks signed with NBCC / HUDCO to push land acquisition and Phase-I. - A 148 km, Rs. 13,748 outer ring road has been approved for Nagpur, featuring integrated logistics hubs and truck terminals to supercharge freight connectivity. - Nagpur will also host a dedicated AVGC-XR (Animation, Visual Effects, Gaming, Comics, and Extended Reality) Media Park under a ₹3,268 crore state plan, creating a hub for animation, VFX, gaming, and immersive tech industries.

What’s coming up (future): - Orange City Water (OCW) was featured on Akashvani’s “Drushtikshep” programme discussing Nagpur’s water-supply system and upcoming infrastructure plans. - The CM confirmed that “New Nagpur” isn’t just a plan on paper anymore, the 1,710 acre IBFC city will be built as Maharashtra’s next global business and finance hub, backed by nearly ₹11,600 crore in funding. - The New Nagpur project will roll out in 3 phases over 15 years.

2. Navi Mumbai

It has quietly turned into one of India’s most valuable real estate and infrastructure plays, and now that the Navi Mumbai International Airport (NMIA) is finally live, the whole place feels like an aviation city before its boom. With CIDCO’s Aerocity, new metro lines, coastal roads, plus JNPT (Jawaharlal Nehru Port Trust) and the MTHL (Mumbai Trans Harbour Link) at its doorstep, the region has become a multi-modal connectivity powerhouse. Developers, logistics majors, hotels, and global funds aren’t “waiting to see”, the growth switch has already been flipped, and everyone wants in. Major developments include:

- Phase 1 of the Navi Mumbai International Airport was inaugurated; runway testing and aerodrome licensing completed. - CIDCO’s 667-acre Aerocity plan gained momentum as NMIA nears full readiness. - Elevated corridor linking Thane to NMIA approved, 26 km fast-track transport link planned.

What’s coming up (future): - Commercial flight operations from NMIA will begin in a phased manner, with multiple airlines already signalling shift plans. - Aerocity to drive hotel, office, exhibition, and retail development around the airport zone, CIDCO positioning it as a “mini BKC with a runway.” - 46+ new project launches in early 2025 because the airport, metro, and MTHL have flipped the switch from “future potential” to “it’s happening now.”

3. Aurangabad

Aurangabad’s AURIC isn’t just another industrial zone; it’s a fully planned smart city inside the Delhi – Mumbai Industrial Corridor, built for modern manufacturing. Big auto, EV, and component players are already setting up because the infrastructure is ready, the land is available, and the state is actively pushing expansion. For investors, it’s that rare mix of planning, scale, and manufacturing-ready land, which is why AURIC is getting serious attention. Major developments include:

- The DPIIT Secretary announced that 10,000 more acres will be added to AURIC. - Maharashtra’s Industries Minister said 5,000 acres will be allotted immediately for expansion; additionally, a new road is being built to connect AURIC’s Shendra node to the Samruddhi Expressway.

What’s coming up: - With this expansion, AURIC is expected to scale up its industrial footprint significantly. - New road connectivity (Shendra to Samruddhi Expressway) is set to improve logistics for industries inside AURIC. - More space means more EV / auto-component players will likely come in; potential for more deep-tech / startup manufacturing.

4. Khed/Khed City

Khed City has quietly turned into Pune’s most underrated industrial win because of an advanced manufacturing hub where companies don’t waste years on land or approvals. Because it’s built by MIDC and the Kalyani Group, global manufacturers already trust the ecosystem, and as Pune’s auto-EV-engineering belt expands outward, Khed is becoming the next stop for suppliers and export-focused units. For investors, it isn’t speculative land; it’s a running industrial economy with more factories lining up. Major developments:

- The SEZ (Special Economic Zone) in Khed City has environmental clearance and is actually built out for industrial use. - DC&T Global has acquired 8.5 acres in Khed City to build a data-centre / modular digital infrastructure facility. - DC&T Global has also commissioned a 3 GWh Battery Energy Storage System (BESS) plant in Khed City. - Hyundai WIA has finalized land in Khed City for its new precision manufacturing plant, making it the latest global auto supplier to anchor operations there.

What’s coming up: - A proposed logistics park industrial block is in the works in Khed (Ambethan, Taluka Khed) as part of a larger logistics-industrial development. - Expansion of worker housing and township amenities planned to support an increasing employee base. - Khed City management actively pitching to European suppliers looking for China-plus-one manufacturing bases in India.

5. Nashik

Nashik is not only a wine or temple stop anymore but is also becoming one of Maharashtra’s most cost-efficient industrial hubs, where companies get land, talent, and logistics without Mumbai Pune price tags. Ambad, Satpur, and Sinnar MIDCs are already full of auto, engineering, electrical, and FMCG players, so new investors walk into a ready ecosystem, not empty land. With the Samruddhi Mahamarg boosting freight movement and air cargo capacity rising, Nashik is turning into the perfect scale-up zone for manufacturers who want to reach very high. Major developments include:

- Nashik attracts ₹5,561 cr in two major industrial investments (Graphite India + Virtuoso Optoelectronics) - Maharashtra Cabinet approves a 105-km freight corridor linking Vadhavan Port and Samruddhi Expressway via Nashik - Nashik is emerging as a port-led development hub, per the CM, thanks to Samruddhi + the new freight corridor + JNPT-Vadhavan Port link.