Niti Aayog, India's central think tank, has prepared an ambitious master plan to transform the Mumbai Metropolitan Region (MMR) into a global economic hub. This strategic proposal includes the development of the following 10 planned cities2 tourist hubs and 7 world-class business districts, all aimed at significantly boosting the economic landscape of the region.
Affordable housing and slum rehabilitation
A key highlight of the scheme is the rehabilitation of 2.2 million slum families, with a focus on converting slum-dwelling land into affordable housing. With 40-50% of this land being financially attractive for private investment, the scheme proposes to build affordable homes at rents of less than ₹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 a viability gap fund to support less economically viable slum areas.
Business districts and industry development
The master plan identifies seven core industries – financial services, fintech, healthcare, education, aviation, media and data centres – that are critical to the transformation of the region. It proposes the creation of business districts based on global benchmarks such as Canary Wharf and The Bund. Located in Bandra Kurla Complex, Wadala, Kharghar and MbPT lands, these districts aim to serve as magnets for talent and innovation, spurring business growth and economic development.
Tourism as an economic driver
Tourism plays a key role in the master plan, with the potential to contribute $55-60 billion to MMR's targeted $160 billion GDP by FY30. Key initiatives include promoting coastal and heritage tourism, cruises, wellness tourism and building a 40 million litre capacity oceanarium and theme-based adventure parks in Navi Mumbai. A world-class film city with iconic Bollywood studios is also proposed, which will further strengthen 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 warehouse space. Additionally, the proposal highlights the need for new academic institutions in STEM, law, and the liberal arts, as well as additional hospital beds to meet the needs of the growing population.
NITI Aayog's Master Plan is a comprehensive roadmap to transform MMR into a thriving economic hub, with a special focus on housing, business, tourism and infrastructure development.
