Mumbai's Transformation: 'Third' and 'Fourth' Cities to Power $1.5 Trillion MMR Economy
Maharashtra Chief Minister Devendra Fadnavis envisions a major transformation in Mumbai, with plans to develop ‘third’ and ‘fourth’ Mumbai as new economic growth hubs, aiming to surpass Dubai within a decade.
MumbaiReal EstateInfrastructureEconomyDevelopmentReal Estate MaharashtraAug 15, 2025
Fadnavis spoke at a CREDAI-MCHI event, where he highlighted the region's potential to surpass Dubai in size and quality. “We can build a city even bigger than Dubai and even better than that in Mumbai. This is our potential. The transformation is possible within the next 10 years,” he said. The event marked a change of guard, with Sukhraj Nahar, chairman of Nahar Group, appointed as the body’s 18th president for 2025–2027.
However, Fadnavis also raised concerns about the rising property prices in Mumbai, despite the government's efforts to make housing more affordable. “Over the last 10 years, whenever we've claimed that housing will be affordable, the price of housing has increased in Mumbai. Even after reducing the premium, the housing prices have not come down. We expected that building Coastal Road or Atal Setu would lower the price, but instead, it has skyrocketed after construction,” he noted.
Fadnavis emphasized the government's commitment to working with the real estate sector to achieve these ambitious goals. “The government is fully committed to working hand-in-hand with the real estate sector to make this vision a reality,” he stated. He also mentioned the progress on infrastructure projects, such as the Bandra Versova sea link, which is 60% complete and expected to be finished in the next two years. Plans are in place to extend the road up to Dahisar and from there to Virar.
Speaking about the ease of doing business, Fadnavis noted that the World Bank has appreciated the government's efforts. “The World Bank appreciated our efforts to bring ease of doing business in Mumbai, and if you look at the World Bank report, it actually appreciated the efforts taken by the government and BMC to bring ease of doing business, but still, I agree we have to do more,” he said.
CREDAI-MCHI, the Confederation of Real Estate Developers' Associations of India – Mumbai Chapter, announced the new management committee for the next two years. Sukhraj Nahar, the newly elected president, emphasized the sector's commitment to building Mumbai's soul as well as its skyline. “Our sector has always built Mumbai's skyline. Now, we must also build its soul. Mission CARES is our declaration to the government, home buyers, and our own conscience, that we will develop with empathy, digitize with purpose, green our cities with urgency, and ensure every home is accessible and dignified. This is a pivotal moment to move beyond rhetoric and deliver real, measurable impact,” he said.
Keval Valambhia, COO of MCHI-CREDAI, highlighted the importance of PropTech in achieving these goals. “At CREDAI-MCHI, we are pushing for single-window clearances, rationalized premiums, and tech-led approvals. Prop Tech will enable AI-driven project tracking and blockchain-backed compliance, making the process faster and more transparent. The shift from paperwork to real-time systems is critical. Every rupee saved in friction is a rupee that builds scale, trust, and better homes. Because at the end, building better homes is about building a stronger India together,” he stated.
The new leadership has outlined an ambitious roadmap for the next 24 months, including the establishment of a PropTech Lab to accelerate innovation adoption, the creation of an Affordable Housing Innovation Cell (AHIC), and the launch of mobile skilling labs across the MMR region. These initiatives aim to drive sustainable and inclusive growth in the real estate sector, contributing to the overall development of Mumbai and the MMR.
Frequently Asked Questions
What is the vision for Mumbai's future according to Chief Minister Devendra Fadnavis?
Fadnavis envisions the development of ‘third’ and ‘fourth’ Mumbai as new economic growth hubs, aiming to surpass Dubai in size and quality within the next 10 years. He believes the Mumbai Metropolitan Region (MMR) has the potential to become a $1.5 trillion economy.
What are the concerns raised by Fadnavis regarding housing prices in Mumbai?
Fadnavis expressed concern over the rising property prices in Mumbai, despite the government's efforts to make housing more affordable. He noted that even after reducing premiums and constructing infrastructure projects, housing prices have continued to increase.
What infrastructure projects are currently underway in Mumbai?
The Bandra Versova sea link is 60% complete and is expected to be finished in the next two years. Plans are also in place to extend the road up to Dahisar and from there to Virar.
What is CREDAI-MCHI's Mission CARES?
Mission CARES is CREDAI-MCHI's commitment to developing with empathy, digitizing with purpose, greening cities with urgency, and ensuring every home is accessible and dignified. It aims to move beyond rhetoric and deliver real, measurable impact.
What are the key initiatives outlined by the new leadership of CREDAI-MCHI for the next 24 months?
The new leadership has outlined an ambitious roadmap, including the establishment of a PropTech Lab to accelerate innovation adoption, the creation of an Affordable Housing Innovation Cell (AHIC), and the launch of mobile skilling labs across the MMR region.
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