The Maharashtra government has begun work on developing a ‘Third Mumbai’ in Raigad district, aimed at accelerating growth in the Mumbai Metropolitan Region, Chief Minister Devendra Fadnavis announced. Speaking at the inauguration of Goldman Sachs’s new office in Worli, Fadnavis described the initiative as a new chapter in the state’s economic journey.

The proposed city will host international university centres, medical colleges, innovation hubs, and research facilities, with a particular focus on quantum computing and AI-based systems. Fadnavis said the project, driven through public-private partnerships, would play a crucial role in shaping the economic future of both Mumbai and Maharashtra.

Seamless connectivity between Mumbai and the new city will be ensured through major infrastructure projects, including the Coastal Road, Atal Setu and Worli-Sewri Link Road. Fadnavis added that the state will fast-track all required clearances for investors and provide a smooth, investor-friendly environment to strengthen its ease-of-doing-business ranking.

“The state is committed to resolving any issues promptly to ensure development moves without hurdles,” he said.

At the event, Goldman Sachs president Kevin Sneader highlighted India’s growing importance for the firm, while Goldman Sachs India CEO Sonjoy Chatterjee said the new office design reflects a focus on collaboration, innovation and employee well-being.

According to the Chief Minister’s Office, Goldman Sachs began services in India in the 1980s and established full ownership in Mumbai in 2006. Its operations now span investment banking, equity sales and trading, fixed income securities, asset management, and research services.