Maharashtra CM Fadnavis flags rising property prices in Mumbai despite major infra push
Devendra Fadnavis
has said that despite sweeping infrastructure improvements across the Mumbai Metropolitan Region (MMR), which should have eased supply constraints and moderated property prices, housing prices across the city and peripheral areas continue to rise, underlining the challenges of affordability in India's most expensive real estate market.
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Fadnavis pointed to the expansion of metro lines, highways, and connectivity corridors across MMR that have opened up new catchments for development. 'Normally, with so much infrastructure growth, prices should stabilize. But in Mumbai, they are still going up,' he said while interacting with developers at an Industry event, noting that the demand-supply imbalance remains a structural hurdle.
Over the past decade, Mumbai region has seen a wave of big-ticket infrastructure projects aimed at easing congestion and expanding the city's boundaries, from the 21.8-km Mumbai Trans Harbour Link (
Atal Setu
) and the Coastal Road to the rapid expansion of the metro network. The
Navi Mumbai International Airport
, the Mumbai–Nagpur Samruddhi Expressway, the upcoming Bandra–Versova Sea Link, and upgrades to the suburban rail network are further reshaping how people and goods move across the region.
Together, these projects have dramatically improved connectivity, unlocking new catchments for housing and commercial development. In theory, this scale of infrastructure expansion should have helped moderate property prices by dispersing demand more evenly across the region. Yet, prices in Mumbai have continued to climb despite these transformative gains, Fadnavis pointed out.
The CM also highlighted the government's long-term growth strategy, including the plan to create a 'Fourth Mumbai' around the upcoming
Vadhavan Port
in Palghar district. The new urban centre will be backed by significant infrastructure push aimed at attracting cutting-edge industries. Together, these are expected to spur large-scale housing and economic activity.
Fadnavis credited the developer community, particularly to collaborate with the government in shaping the Real Estate (Regulation and Development) Act (RERA) in Maharashtra and in drafting Mumbai's Development Plan. 'It was one of the first times everybody accepted the plan because it was made with industry participation,' he said.
He also underscored the role of redevelopment in reshaping Mumbai—ranging from slum rehabilitation and cluster projects to the BDD chawl redevelopment, billed as Asia's largest urban renewal programme, with completion targeted by 2029. To deliver faster results, he urged developers to adopt global construction technologies that allow high-rises to be built in record time.
'From Fourth Mumbai to redevelopment at the city's core, the opportunities are enormous,' Fadnavis said. 'But unless we bring speed, affordability, and global standards, the dream of a truly reshaped Mumbai will remain incomplete.'
He also encouraged the developers to form alliances with the government and even global institutional investors to develop key projects and participate in the transformation of Mumbai through large-scale redevelopment, affordable housing, and the upcoming Third and Fourth Mumbai around the northern periphery of the region.
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