E-Paper
‘Third’ and ‘Fourth’ Mumbai to power $1.5 trillion MMR economy; City can surpass Dubai in 10 years: Devendra Fadnavis
Maharashtra chief minister Devendra Fadnavis noted that despite concessions to the real estate sector, home prices continue to rise
Maharashtra Chief Minister Devendra Fadnavis has said Mumbai is poised for a major transformation, with plans to develop ‘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 said at a CREDAI-MCHI event marking a change of guard, where Sukhraj Nahar, chairman of Nahar Group, was appointed as the body’s 18th president for 2025–2027.
Fadnavis questions real estate developers over rising housing prices in Mumbai
Fadnavis told the developers that "the government is fully committed to working hand-in-hand with the real estate sector to make this vision a reality” but expressed concern over soaring property prices in Mumbai, noting that despite offering multiple concessions to the real estate sector, 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," said the Maharashtra CM.
About Mumbai's infrastructure development, Fadnavis said, "The Bandra Versova sea link is 60% complete, and it will be completed in the next 2 years. Further, there are plans to extend the road up to Dahisar and from there to Virar. The MMR Region has the potential to become even $1.5 trillion," Fadnavis said while speaking at the event.
Speaking about ease of doing business, he noted that "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."
CREDAI-MCHI on August 14 also announced the new management committee for the next two years. "This change of guard marks not only a leadership transition but also the beginning of a transformational phase for the real estate ecosystem in the Mumbai Metropolitan Region (MMR)," the body said in a statement.
Sukhraj Nahar, newly elected president of CREDAI-MCHI, said that, “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, 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.”
"At CREDAI-MCHI, we are pushing for single-window clearances, rationalised 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," Keval Valambhia, COO, MCHI-CREDAI, said.
Also Read: Mumbai real estate: Will the Apple store and Sky City Mall drive property prices in Borivali?
According to the statement, the new leadership has outlined an ambitious but pragmatic 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.
