Maharashtra CM Fadnavis Addresses Rising Property Prices in Mumbai Despite Major Infrastructure Boost
Maharashtra Chief Minister Devendra Fadnavis highlights the ongoing issue of rising property prices in Mumbai, despite significant infrastructure improvements. He emphasizes the need for innovative construction technologies and better collaboration between developers and the government to achieve affordability.
Property PricesInfrastructure DevelopmentReal EstateMumbai Metropolitan RegionAffordable HousingReal EstateAug 16, 2025
Fadnavis highlighted the demand-supply imbalance as a major structural hurdle. Over the past decade, Mumbai has seen a wave of big-ticket infrastructure projects aimed at easing congestion and expanding the city's boundaries. These include the 21.8-km Mumbai Trans Harbour Link (Atal Setu), the Coastal Road, and the rapid expansion of the metro network. Additional projects like the Navi Mumbai International Airport, the Mumbai–Nagpur Samruddhi Expressway, the upcoming Bandra–Versova Sea Link, and upgrades to the suburban rail network are further reshaping the region's connectivity.
These projects have significantly improved connectivity and unlocked new areas for housing and commercial development. However, property prices in Mumbai have continued to climb, despite these transformative gains. Fadnavis noted, “Normally, with so much infrastructure growth, prices should stabilize. But in Mumbai, they are still going up.”
The CM also outlined the government's long-term growth strategy, including plans to create a 'Fourth Mumbai' around the upcoming Vadhavan Port in Palghar district. This new urban center will be backed by significant infrastructure investments aimed at attracting cutting-edge industries. Together, these initiatives are expected to spur large-scale housing and economic activity.
Fadnavis credited the developer community for collaborating with the government in shaping the Real Estate (Regulation and Development) Act (RERA) in Maharashtra and in drafting Mumbai’s Development Plan. He emphasized that this was one of the first instances where everyone accepted the plan due to industry participation.
He also underscored the role of redevelopment in reshaping Mumbai, from slum rehabilitation and cluster projects to the BDD chawl redevelopment, which is billed as Asia’s largest urban renewal program, with completion targeted by 2029. To achieve faster results, Fadnavis urged developers to adopt global construction technologies that allow high-rises to be built in record time.
“From Fourth Mumbai to redevelopment at the city’s core, the opportunities are enormous,” Fadnavis said. “But unless we bring speed, affordability, and global standards, the dream of a truly reshaped Mumbai will remain incomplete.”
Fadnavis encouraged developers to form alliances with the government and even global institutional investors to develop key projects and participate in the transformation of Mumbai through large-scale redevelopment, affordable housing, and the upcoming Third and Fourth Mumbai around the northern periphery of the region.
Frequently Asked Questions
What is the main concern raised by Chief Minister Fadnavis regarding property prices in Mumbai?
Chief Minister Fadnavis is concerned about the continued rise in property prices in Mumbai, despite significant infrastructure developments, which poses affordability challenges.
What are some of the major infrastructure projects in the Mumbai Metropolitan Region?
Major infrastructure projects in the Mumbai Metropolitan Region include the Mumbai Trans Harbour Link (Atal Setu), the Coastal Road, the expansion of the metro network, the Navi Mumbai International Airport, the Mumbai–Nagpur Samruddhi Expressway, and upgrades to the suburban rail network.
What is the 'Fourth Mumbai' and where is it located?
The 'Fourth Mumbai' is a new urban center planned around the upcoming Vadhavan Port in Palghar district. It is backed by significant infrastructure investments aimed at attracting cutting-edge industries.
How is the government involving the developer community in shaping real estate policies?
The government is collaborating with the developer community to shape the Real Estate (Regulation and Development) Act (RERA) in Maharashtra and in drafting Mumbai’s Development Plan, ensuring industry participation and acceptance.
What role do innovative construction technologies play in addressing the housing crisis in Mumbai?
Innovative construction technologies are crucial for building high-rises quickly and efficiently, which can help address the housing crisis in Mumbai by increasing supply and potentially lowering costs.
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