_~ Maharashtra targets $1.5 trillion MMR economy by 2047; redevelopment, new airports, ports, quantum corridor and AI-led governance to reshape the State ~_

_~ Mumbai”s Third Airport to Soon Come in Virar ~_
_~ New Nagpur and Pune airport to create fresh investment opportunities~_ _~ 140 MSRTC Bus Depots to be Converted in Modern Bus Ports, Tenders in Next 3 Months ~_

_~ In Dharavi Redevelopment, Maharashtra Government Plans to Ready 10,000 rehabilitation homes by January 2029 ~_
_~ Mumbai–Pune to become a Quantum Corridor ~_

MUMBAI, SEPTEMBER 3, 2026 | GPN, SACHIN MURDESHWAR: Maharashtra is entering a new phase of accelerated urban and economic development, with large-scale redevelopment, infrastructure expansion, new economic corridors and technology-led governance set to transform Mumbai and the wider metropolitan regions of the State, said Shri Devendra Fadnavis, Chief Minister of Maharashtra.

The Chief Minister was speaking at the 6th Edition of Real Estate & Infrastructure Investors’ Summit – REIIS 2026, held in Mumbai today, where he outlined the State Government’s long-term development vision and invited the real estate and infrastructure industry to become a key partner in its execution.

Fadnavis also unveiled the logo of ‘Naveen Nagpur’ (New Nagpur), the project initiated by NMRDA (Nagpur Metropolitan Regional Development Authority). NAREDCO Maharashtra signed a Memorandum Of Understanding (MoU) with NMRDA in the presence of Mr. Sanjay Meena, IAS, Metropolitan Commissioner, NMRDA.

Highlighting Maharashtra’s experience with regulation, the Chief Minister said, “Maharashtra was the first State to have a regulator. The Government worked with the developers’ fraternity and today Maharashtra has the most successful regulator in India. The trade has been cleaned up and a level playing field has been created,” he said.

According to the Chief Minister, the transformation taking place in the real estate sector is also reflected in the evolving functioning of industry associations such as NAREDCO, which are increasingly looking at the interests of the entire sector and its long-term growth.

Maharashtra grows at 8.8%; real estate emerges as a major growth engine
The Chief Minister pointed to Maharashtra’s strong economic performance, noting that while India recorded 7.6% growth in the first quarter, Maharashtra registered 8.8% growth. The real estate sector, he said, has an important role in sustaining this growth.

Noting that Mumbai’s property market is already reflecting this momentum with August 2026 recorded around 12,500 property registrations, the highest monthly number, while cumulative registrations crossed 1.06 lakh, generating approximately ₹9,355 crore in government revenue – a record performance, the Chief Minister said, “The real estate industry in MMR is growing at a fast pace. It is now time to give the entire Mumbai a new look”.

Redevelopment to become the new mantra for Mumbai
The Chief Minister identified redevelopment as one of the biggest opportunities for Mumbai’s next phase of transformation.

“With the Government’s cluster approach, in the next 10 years Mumbai will be slum-free. The roadmap is ready and efforts have started on the ground,” he said.

Talking about redevelopment of Dharavi, the Chief Minister informed that the Government’s objective is to have 10,000 rehabilitation homes ready by January 2029 and hand over the keys to eligible residents.

He said the cluster redevelopment approach would also unlock significant potential in old MHADA layouts and other ageing urban settlements developed several decades ago. “This opens up a huge scope for optimum utilisation of available land,” Fadanvis said.

BEST depots to be transformed into mixed-use urban destinations
The State Government is also planning comprehensive redevelopment of BEST depot lands, with the objective of combining transport infrastructure with mixed-use urban development.

The proposed developments could include residential and commercial spaces along with museums, recreational areas and other iconic public destinations.

Fadnavis said the model would help transform Mumbai’s urban landscape while creating a new revenue stream for BEST and strengthening the city’s public transport system.

He urged developers to actively participate in these opportunities.

MMR targeting a $1.5 trillion economy by 2047
Fadnavis said the ‘MMR Growth Plan’ has been designed with an ambitious long-term objective of taking the Mumbai Metropolitan Region’s economy to $1.5 trillion by 2047.

He emphasised that urbanisation has historically been at the heart of economic development and said Maharashtra is now pursuing planned urbanisation across the Mumbai, Pune and Nagpur metropolitan regions.

“These metropolitan regions will become the centres for 60% of India’s data-centre capacity and smart manufacturing,” he said, adding that over the next decade the metropolitan region would emerge as one of India’s most comprehensively planned and developed urban ecosystems.

“Mumbai 3.0 is not the future – it has already begun”
Fadnavis said the infrastructure projects that once formed the vision of Mumbai’s transformation including the coastal road, metro network and airport infrastructure have now moved from planning to delivery. “Mumbai 3.0 is not a future. It has already begun,” he said.

He pointed to the emergence of new urban centres, including Education Cities, Medi-cities and Innovation Cities, as the foundation for an entirely new and vibrant economic ecosystem.

Uttan–Virar sea link and third airport to open a new growth corridor
Looking ahead, Fadnavis outlined plans for a major expansion of Mumbai’s northern connectivity. With the coastal road planned towards Virar, the State is working on a 24-km sea link from Uttan to Virar, which is envisaged to create signal-free connectivity from Nariman Point to Virar.

He also announced plans for a third airport for Mumbai in the Virar region, with the DPR expected to be ready by the end of 2026.

“This will create a new ecosystem for Mumbai 4.0 with improved connectivity,” he said.

Vadhavan Port to reshape India’s maritime economy
The Chief Minister described the upcoming Vadhavan Port as a transformational project for Maharashtra and India’s maritime ambitions.

He said JNPA currently handles around 75% of the relevant container traffic through the region, while Vadhavan is being developed with the ambition of becoming one of the world’s leading deep-draft ports and having significantly greater handling capacity.

The port is expected to generate large-scale employment and catalyse economic activity across Palghar and Thane districts.

The Chief Minister also outlined his vision for a dedicated freight corridor connecting the port towards Nashik and further through the Samruddhi Mahamarg towards Jalna, Wardha and dry ports up to Gadchiroli, thereby extending port-led economic activity to the interior parts of Maharashtra.

“Our dream is to create port connectivity to every corner of Maharashtra and bring the blue economy to the entire State,” he said.

New Nagpur and Pune airport to create fresh investment opportunities
Calling Nagpur the fastest-developing city in Maharashtra, the Chief Minister urged the real estate and investment community to explore opportunities emerging from New Nagpur, where land acquisition and planning for a modern economic ecosystem is underway.

For Pune, he announced that work towards a new airport would begin this year, with the tender expected to be floated soon.

Pune, he noted, has witnessed a major surge in Global Capability Centres (GCCs), creating significant demand for commercial and supporting real estate.

Mumbai–Pune to become a Quantum Corridor
The Chief Minister said Maharashtra’s future growth strategy would increasingly be driven by advanced technology.

He proposed developing the Mumbai – Pune corridor as a “Quantum Corridor”, positioning the region as a technology-intensive, GCC-driven economic corridor.

“The future is quantum and the region will be GCC-smart. The real estate sector will be a close partner in this development,” he said.

AI to reshape 70% of jobs in the next 1,000 days
The Chief Minister also highlighted the demographic and technological transformation underway in Maharashtra and India.

With 65% of India’s population being young, Maharashtra alone has around 3 crore people in the 18–28 age group, representing a generation with new aspirations and a natural familiarity with technology.

“The generation is born with technology and now it is time to adopt AI. In the next 1,000 days, the nature of 70% of jobs will change because of AI. This is an era of disruption,” he said.

The State Government, he added, is already working towards bringing AI into approval systems and government processes, with the objective of making governance faster, more efficient and technology-driven.

The Chief Minister called upon the real estate and infrastructure fraternity to look beyond conventional development and participate in building the next generation of Maharashtra’s urban, economic and technological ecosystem.

“The opportunity before Maharashtra is not simply to build more. It is to build a completely new ecosystem for the future,” he said.

Meanwhile in an another session, Shri Pratap Sarnaik, Transport Minister, Government of Maharashtra announced that the Maharashtra State Road Transport Corporation (MSRTC) will invite tenders within the next three months for the redevelopment of 140 ST bus depots into modern Bus Ports. The announcement at the investors’ summit comes at a time when Maharashtra is seeking greater private sector participation in infrastructure development.

The Maharashtra Cabinet had approved the initiative on July 14, 2026. Sarnaik called upon private developers to actively participate in the opportunity, which is aimed at transforming the state’s bus infrastructure through private sector participation.

The Minister said the larger initiative has the potential to unlock and develop approximately 13,000 to 14,000 acres of land od MSRTC through private participation. The redevelopment of ST depots into integrated Bus Ports is expected to create modern transportation hubs with commercial and allied development opportunities, while simultaneously upgrading passenger infrastructure across Maharashtra. The project represents a significant opportunity for the real estate and infrastructure sector to participate in the state’s next phase of urban and transport-led development. The proposed Bus Port programme will offer developers a sizeable opportunity to partner in the transformation of the state’s public transport ecosystem.

Sarnaik was speaking at RIIES 2026 while also addressing the change-of-guard ceremony of NAREDCO Maharashtra Next Gen, where Raunak Bandelkar formally took charge as the new President from outgoing President Vikas Jain.