Maharashtra Targets $1.5 Trillion Economy for Mumbai Metropolitan Region by 2047 – CM Devendra Fadnavis

 

Mumbai: Maharashtra has set an ambitious target of transforming the Mumbai Metropolitan Region (MMR) into a $1.5 trillion economy by 2047, Chief Minister Devendra Fadnavis said at the sixth Real Estate & Infrastructure Investors’ Summit (REIIS) 2026 organised by NAREDCO Maharashtra.

The government’s “Mumbai 3.0” vision is centred on large-scale redevelopment, infrastructure expansion, new economic corridors and technology-driven growth. Fadnavis said several major projects that were earlier part of long-term plans have now moved towards implementation.

The development roadmap includes expansion of the metro network, coastal road infrastructure, new airport facilities and the Vadhavan Port. The state is also planning a 24-km Uttan-Virar sea link, aimed at improving connectivity between Mumbai and the northern parts of the MMR. A third airport for Mumbai in the Virar region has also been proposed.

The government is also looking at redevelopment of BEST depot land, with potential mixed-use projects combining residential and commercial development with public and recreational facilities.

The MMR growth strategy goes beyond traditional real estate and infrastructure. According to the government’s plans, new education, healthcare and innovation centres, along with data centres, smart manufacturing and technology-led industries, are expected to create new employment and investment opportunities.

The Mumbai-Pune region is also being positioned for advanced technology industries, including a proposed Quantum Corridor.

For the property sector, the proposed transformation could create new residential and commercial growth corridors across the wider MMR. Improved connectivity and large infrastructure projects could support the development of emerging urban centres outside Mumbai’s traditional core.

The $1.5 trillion target is a long-term government objective, and achieving it will depend on sustained economic growth, infrastructure execution, private investment and coordinated urban planning.

With redevelopment and connectivity forming major parts of the strategy, the MMR is expected to remain a key focus of Maharashtra’s real estate and infrastructure development agenda over the coming decades.