NITI Aayog, India’s central think tank, has laid out an ambitious master plan to transform the Mumbai Metropolitan Region (MMR) into a global economic hub. This strategic proposal includes the development of 10 planned cities, 2 tourism hubs, and 7 world-class business districts, all aimed at significantly boosting the region’s economic landscape.
Affordable Housing and Slum Rehabilitation
One of the major highlights of the plan is the rehabilitation of 2.2 million slum households, focusing on transforming slum-occupied land into affordable housing. With 40-50% of this land financially attractive for private investments, the plan proposes building affordable homes with rents below ₹15,000 per month, following a model similar to Singapore’s public housing system. The Maharashtra government has also been asked to provide ₹20,000 crore in viability gap funding to support less economically viable slum areas.
Business Districts and Industry Growth
The master plan identifies seven core industries—financial services, fintech, health, education, aviation, media, and data centers—as crucial to the region’s transformation. It proposes the creation of business districts modeled after global benchmarks like Canary Wharf and The Bund. These districts, located in Bandra Kurla Complex, Wadala, Kharghar, and MbPT land, aim to serve as magnets for talent and innovation, fostering business growth and economic development.
Tourism as an Economic Driver
Tourism plays a pivotal role in the master plan, with the potential to contribute $55-60 billion of MMR’s targeted $160 billion GDP by FY30. Key initiatives include promoting coastal and heritage tourism, cruises, wellness tourism, and constructing a 40-million-litre capacity oceanarium and a themed adventure park in Navi Mumbai. A world-class Film City featuring iconic Bollywood studios is also proposed, further strengthening Mumbai’s global appeal.
Infrastructure and Education Expansion
The plan also emphasizes infrastructure development, calling for 150-175 million square feet of office space, 12,000-15,000 premium hotel rooms, and 70 million square feet of warehousing space. Additionally, the proposal highlights the need for new educational institutions in STEM, law, and liberal arts, along with additional hospital beds to cater to the growing population.
NITI Aayog’s master plan is a comprehensive roadmap for transforming MMR into a thriving economic center, with a strong focus on housing, business, tourism, and infrastructure development.
