Devendra Fadnavis Unveils Mumbai 3.0 Vision and MMR Growth Plan at REIIS 2026
Maharashtra Chief Minister Devendra Fadnavis unveiled the state government's vision for 'Mumbai 3.0' at the 6th Edition of the Real Estate & Infrastructure Investors' Summit (REIIS 2026) in Mumbai, announcing plans for large-scale cluster redevelopment, infrastructure expansion, and economic corridors across the Mumbai Metropolitan Region. The state government is targeting a $1.5 trillion economy for the metropolitan region by 2047 as Maharashtra records an 8.8 percent economic growth rate.
Addressing developers and industry representatives from NAREDCO, Fadnavis stated that Maharashtra has established a level playing field through its regulatory framework. He highlighted the state's economic performance, noting that Maharashtra's 8.8 percent growth outpaced the national first-quarter growth figure of 7.6 percent. He noted that Mumbai recorded approximately 12,500 property registrations in August 2026, while cumulative registrations crossed 1.06 lakh, generating roughly Rs 9,355 crore in state revenue.
Fadnavis identified redevelopment as the core focus for the region's urban transformation, stating that a cluster approach aims to make Mumbai slum-free within the next 10 years. Detailing the Dharavi redevelopment project, the Chief Minister said the government's objective is to complete 10,000 rehabilitation homes by January 2029 and hand over keys to eligible residents. The cluster model will also be applied to older Maharashtra Housing and Area Development Authority layouts and aging urban settlements.
The state government is additionally pursuing the comprehensive redevelopment of Brihanmumbai Electric Supply and Transport depot lands. The proposed projects will integrate transport infrastructure with mixed-use urban spaces, incorporating residential and commercial units, museums, and recreational destinations to generate new revenue streams for the public transport undertaking.
Outlining connectivity plans, Fadnavis announced work on a 24-kilometre sea link from Uttan to Virar, designed to establish signal-free transit from Nariman Point to Virar in tandem with coastal road extensions. The Chief Minister also stated that plans are underway for a third airport in the Virar region, with a detailed project report expected by the end of 2026.
Fadnavis highlighted the upcoming Vadhavan Port as an economic driver expected to generate employment and commercial activity across Thane and Palghar districts. While the Jawaharlal Nehru Port Authority currently handles about 75 percent of the region's container traffic, Vadhavan is being built as a deep-draft port with expanded capacity, supported by dedicated freight corridors.
