Maharashtra Chief Minister Devendra Fadnavis has outlined a major infrastructure and urban development roadmap for the state, spanning Mumbai redevelopment, new airports, port connectivity, technology corridors and public transport infrastructure.

Speaking at the sixth edition of the Real Estate & Infrastructure Investors' Summit (REIIS) 2026 in Mumbai, Fadnavis said Maharashtra was targeting a $1.5 trillion economy for the Mumbai Metropolitan Region (MMR) by 2047.

“Mumbai 3.0 is not the future. It has already begun,” Fadnavis said, referring to the ongoing development of infrastructure projects including the coastal road, Metro network and airport infrastructure.

Fadnavis identified redevelopment as a key driver of Mumbai's future growth. He said the state government was pursuing a cluster redevelopment approach and aimed to make Mumbai slum-free over the next decade.

In Dharavi, the government plans to complete 10,000 rehabilitation homes by January 2029 for eligible residents. The cluster redevelopment model is also expected to unlock redevelopment opportunities in old MHADA layouts and ageing urban settlements.

The state government is also considering the redevelopment of BEST depot lands into mixed-use developments, combining transport infrastructure with residential, commercial and public spaces.

The MMR Growth Plan aims to expand the region's economy to $1.5 trillion by 2047. Fadnavis said planned urbanisation across the Mumbai, Pune and Nagpur metropolitan regions would support this growth.

He said the three regions were expected to emerge as major centres for data centres, smart manufacturing and technology-led economic activity.

The Chief Minister also pointed to Maharashtra's economic growth, stating that the state recorded 8.8 per cent growth compared with India's 7.6 per cent growth in the first quarter.

Fadnavis announced plans for a third airport for Mumbai in the Virar region, with the detailed project report expected to be ready by the end of 2026.

The state is also working on a proposed 24-km sea link between Uttan and Virar, which is intended to improve connectivity between south Mumbai and the northern parts of the metropolitan region.

The proposed projects are expected to support the development of a new northern growth corridor.

The Chief Minister also highlighted the development of Vadhavan Port and its potential to drive economic activity in Palghar and Thane districts.

The state is planning to improve freight connectivity between the port and Nashik, with further links through the Samruddhi Mahamarg towards Jalna, Wardha and other parts of Maharashtra.

Fadnavis said the development of New Nagpur would create fresh opportunities for real estate and infrastructure investment.

He also announced that work towards a new airport for Pune would begin this year, with tenders expected to be floated shortly.

The Mumbai–Pune corridor, meanwhile, is proposed to be developed as a “Quantum Corridor”, with a focus on technology, Global Capability Centres (GCCs) and advanced industries.

The Chief Minister said artificial intelligence would increasingly influence Maharashtra's economic and governance systems.

He said the government was working towards introducing AI into approval systems and administrative processes to improve efficiency and speed up decision-making.

Fadnavis said the nature of 70 per cent of jobs could change over the next 1,000 days due to AI and other technological disruptions.

Separately, Maharashtra Transport Minister Pratap Sarnaik announced that the Maharashtra State Road Transport Corporation (MSRTC) would invite tenders within the next three months to redevelop 140 ST bus depots into modern bus ports.

The Maharashtra Cabinet approved the initiative on July 14, 2026. The programme is expected to involve private sector participation and could unlock around 13,000 to 14,000 acres of MSRTC land for development.

The proposed bus ports will combine upgraded passenger infrastructure with commercial and allied development opportunities.

Sarnaik made the announcement at REIIS 2026, where Raunak Bandelkar also formally took charge as the new President of NAREDCO Maharashtra Next Gen, succeeding Vikas Jain.