‘Business as usual won’t work’: Devendra Fadnavis on rising property prices in Mumbai

Maharashtra Chief Minister Devendra Fadnavis on Thursday talked about rising property prices in Mumbai at a CREDAI-MCHI event, saying that despite major infrastructure projects and government measures, housing remains unaffordable for many.

“Despite all efforts — reducing premiums, building infrastructure like Coastal Road or Atal Setu — property prices have only gone up. That is not necessarily bad, because it shows economic growth. But if we truly want affordable housing, we need very different kinds of interventions. ‘Business as usual’ will not work,” Fadnavis said.

He pointed out that redevelopment of BDD chawls, slums and clusters is underway, but warned that long timelines make projects ineffective. “If we dream of a slum-free Mumbai, we cannot afford generational projects that take 7–10 years. Across the world, 80-storey towers are built in just 120 days. Let us bring that technology to Mumbai. If you bring the technology, we will provide the land and all required permissions,” he said.

Fadnavis listed key infrastructure projects — the Coastal Road, Bandra-Versova Sea Link, Worli-Sewri bridge, Atal Setu, Orange Gate Tunnel and Navi Mumbai airport — as major changes that will reshape the Mumbai Metropolitan Region (MMR).

Looking ahead, the Chief Minister said that new urban centres are also being planned. “We are now planning not just a third Mumbai but even a fourth Mumbai. With the bullet train, a 150 sq. km township by MMRDA, data centres, ports and global opportunities, this northern region will become a major hub of growth,” he said.

He added that the state is developing an Education City near Navi Mumbai airport and an Innovation City, aimed at attracting global universities and research institutions. “All this shows that the MMR region alone has the potential to become a $1.5 trillion economy, even while Maharashtra aspires to a $1 trillion economy overall,” he said.

Calling for collaboration, Fadnavis urged developers to look beyond individual projects. “With innovation, new technology, and new ideas, we can truly transform Mumbai and MMR within the next 10 years. Together, let us resolve to make this transformation possible,” he said.