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How ‘Third Mumbai’ Will Change Metropolitan Region’s Game – CM Fadnavis Explains

admin | August 19, 2025 5:21 PM CST

Mumbai: Maharashtra is preparing to script a new chapter in its growth story with the creation of a 'Third Mumbai' in neighbouring Raigad district, Chief Minister Devendra Fadnavis announced on Monday.

The ambitious project, he said, will not only ease the burden on the existing metropolitan region but also transform the state into a global hub of innovation and investment. Fadnavis made the announcement while inaugurating the expanded office of global investment banking giant Goldman Sachs in Worli. Calling it "a matter of pride for the state", he said the new facility reaffirmed Maharashtra's strengths. "The opening of Goldman Sachs' new facility is a matter of pride for the state. It reaffirms Maharashtra's skilled workforce, robust markets, and investor-friendly environment. This also underlines the state's leadership in the financial sector," he said.

The Chief Minister explained that the new city in Raigad would be designed to host centres of international universities, medical colleges, innovation hubs and advanced research facilities. Cutting-edge fields such as quantum computing and AI-based systems will form a major focus. "The state government is committed to development and is working with the private sector to build 'Third Mumbai'. The new city will host centres of international universities and will play a crucial role in the economic growth of both Mumbai and Maharashtra. The project will include medical colleges, innovation hubs, and research facilities," he noted. Connectivity, often the bane of large urban projects, will be addressed with seamless links to Mumbai. Infrastructure such as the Coastal Road, the Atal Setu sea bridge and the Worli-Sewri Link Road are all expected to support fast and efficient travel between the two cities. Fadnavis also invited private investors to join hands in shaping the new city. "Good development happens through public-private partnerships. All necessary clearances for incoming investors will be fast-tracked at the government level. Maharashtra is an investor-friendly state. We are continuously improving our ease-of-doing-business rankings," he assured, adding that any issues investors encounter would be swiftly resolved. The event also highlighted the growing interest of global firms in Maharashtra. Kevin Sneader, president of Goldman Sachs, said opportunities in India's market hold great significance for the company. Goldman Sachs India CEO Sanjay Chatterjee added that their new office was designed to promote collaboration, innovation and employee well-being. According to the Chief Minister's Office, Goldman Sachs began its India operations in the 1980s, with a full presence established in Mumbai by 2006. Today, the firm offers investment banking, equity sales and trading, fixed income securities, asset management and research services from its Mumbai base. As Maharashtra eyes the future, 'Third Mumbai' is being positioned as the game-changer that could redefine the metropolitan region. With innovation at its core, global partnerships on the table and infrastructure already taking shape, the state government is betting big on this new city to cement Mumbai's place among the world's leading financial and technology hubs.