Transforming Mumbai: Third and Fourth Cities to Power $1.5 Trillion MMR Economy
Maharashtra Chief Minister Devendra Fadnavis has unveiled ambitious plans to transform Mumbai into a global economic powerhouse. The vision includes the development of ‘third’ and ‘fourth’ Mumbai as new economic growth hubs, supported by world-class infrastructure, high-speed connectivity, and an upcoming innovation city designed to rival global centres.
He said the Mumbai Metropolitan Region (MMR) has the potential to become a $1.5 trillion economy. “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,” Fadnavis stated at a CREDAI-MCHI event. Sukhraj Nahar, chairman of Nahar Group, was appointed as the body’s 18th president for 2025–2027.
Fadnavis emphasized the government's commitment to working hand-in-hand with the real estate sector to make this vision a reality. However, he expressed concern over the soaring property prices in Mumbai. Despite offering multiple concessions, including premium reductions, home prices continue to climb. “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.
Regarding infrastructure development, Fadnavis highlighted that the Bandra Versova sea link is 60% complete and will be finished within the next two years. Plans are also in place to extend the road up to Dahisar and from there to Virar. “The MMR Region has the potential to become even $1.5 trillion,” he reiterated during his speech.
Fadnavis also addressed the ease of doing business in Mumbai, noting that the World Bank has appreciated the efforts taken by the government and BMC to improve the business environment. However, he acknowledged that more work is needed. “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, on August 14, announced the new management committee for the next two years. This change of guard marks a leadership transition and the beginning of a transformational phase for the real estate ecosystem in the MMR region. Sukhraj Nahar, the newly elected president of CREDAI-MCHI, emphasized the sector's role in building Mumbai's skyline and soul. “Mission CARES is our declaration to the government, home buyers, and our own conscience, that we will develop with empathy, digitise 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 stated.
Keval Valambhia, COO of MCHI-CREDAI, highlighted the importance of single-window clearances, rationalised premiums, and tech-led approvals. PropTech 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,” Valambhia explained.
The new leadership has outlined an ambitious but pragmatic roadmap for the next 24 months. This includes 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 growth and development in the region, ensuring that the vision of a $1.5 trillion MMR economy becomes a reality.
