Chief Minister Devendra Fadnavis acknowledges that Maharashtra has lost business opportunities to Bengaluru and Hyderabad due to high real estate costs. However, he is confident that the development of Navi Mumbai as a 'Third Mumbai' will help balance the
Navi MumbaiReal EstateMaharashtraDavos 2025Sustainable DevelopmentReal Estate MaharashtraJan 22, 2025
The main goal is to create a new economic and residential hub to alleviate the pressure on Mumbai's real estate market and attract more businesses to the state.
High real estate costs in Mumbai have been a deterrent for many businesses, leading to a significant number of companies moving their operations to other cities like Bengaluru and Hyderabad.
The key aspects include the creation of new residential areas, commercial zones, and industrial parks, with a focus on sustainable and smart city initiatives.
The government is working in collaboration with private sector partners to ensure that Navi Mumbai is equipped with state-of-the-art infrastructure, including efficient public transportation, green spaces, and smart utilities.
The development of Navi Mumbai is expected to create more affordable and accessible real estate options, reducing the strain on Mumbai's overburdened infrastructure and creating a more balanced distribution of economic activities.
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