Maharashtra Budget 2026–27: ‘Mumbai 3.0’, Slum Redevelopment and Startup Hub Announced for MMR

Mumbai: The Maharashtra Budget 2026–27 places significant focus on the development of Mumbai and the wider Mumbai Metropolitan Region (MMR), with Chief Minister Devendra Fadnavis outlining several urban infrastructure and economic expansion initiatives.

Presenting the Budget in the Legislative Assembly, Fadnavis said the government aims to expand the economy of the Mumbai Metropolitan Region from about $140 billion to $300 billion by 2030, positioning the region as one of the largest economic growth centres in the country.

Among the major announcements, the government has proposed the development of “Mumbai 3.0”, a new urban growth corridor around the Atal Bihari Vajpayee Sewri–Nhava Sheva Atal Setu. The project will focus on planned development of areas such as Karnala–Sai–Chirner, Pen in Raigad district and zones around the Navi Mumbai International Airport, which are expected to emerge as greenfield urban hubs.

The government has also proposed a fourth Mumbai near Vadhavan in Palghar district, where a logistics and warehousing hub will be developed to support port-led economic activity.

In another major urban initiative, the Slum Rehabilitation Authority (SRA) is preparing a master plan for the redevelopment of 20 lakh slum dwellings in the Mumbai Metropolitan Region, along with the development of 10 lakh affordable housing units, including rental housing.

The government also announced the creation of a “No New Slum Framework” based on GIS mapping to prevent the emergence of new informal settlements in the Mumbai Metropolitan Region. The framework will later be extended to other cities in the state.

To strengthen the innovation ecosystem in Mumbai, the government has allotted 130 acres of land at Wadala for the establishment of a world-class Startup and Innovation Hub.

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The Budget also referred to the economic opportunities emerging from the Mumbai–Ahmedabad bullet train corridor. A master plan will be prepared for development of economic zones around bullet train stations at Virar, Boisar and Thane to maximise economic activity in these areas.

In addition, the government said the Central Government is working with NITI Aayog on growth hub development in cities such as Pune, Nashik, Nagpur and Chhatrapati Sambhajinagar, following a model similar to the Mumbai Metropolitan Region.

According to the government, these initiatives are intended to strengthen Mumbai’s role as the financial and economic centre of the country while creating new urban growth corridors in surrounding regions.