Maharashtra Chief Minister Devendra Fadnavis announced the development of a new urban hub, tentatively termed “Third Mumbai”, in Raigad district, as part of the Mumbai Metropolitan Region’s (MMR) expansion. The project, aimed at bolstering the state’s economic growth, was highlighted during the inauguration of Goldman Sachs’ new office in Worli.
According to a TOI report, Fadnavis emphasised that the proposed city would feature international universities, medical colleges and a cutting-edge innovation hub with a focus on quantum computing and artificial intelligence research. “The presence of leading global institutions here reflects the state’s skilled workforce, strong markets and investment-friendly environment,” he said, as quoted by TOI.
The chief minister assured that “Third Mumbai” would be well-connected to existing urban centres through key infrastructure projects, including the Coastal Road, Atal Setu and the under-construction Worli-Sewri Link Road. These developments, he stressed, would facilitate smoother transit and accelerate economic activity.
“Such infrastructure, combined with public-private partnerships, will drive rapid development,” Fadnavis said, adding that necessary approvals for investors would be fast-tracked to ensure swift execution, as reported by TOI.
The inauguration of Goldman Sachs’ Mumbai office further cements Maharashtra’s position as India’s financial nerve centre, the CM noted. “The opening of a new office of a global financial institution like Goldman Sachs further strengthens Maharashtra’s position as the financial hub of the country,” he remarked.
Speaking to Moneycontrol on the sidelines of the World Economic Forum in Davos in January this year, CM Fadnavis had admitted that Mumbai has lost businesses and tech talent to cities such as Bengaluru and Hyderabad and developing Navi Mumbai and a “Third Mumbai” is key to offsetting high real estate costs and retaining talent.
“We are developing 'Third Mumbai' between Navi Mumbai and Raigad districts, which will be three times bigger than Mumbai. This is a thematic city, which will host 60 percent of the data centre capacity,” the CM had added.
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