MMRDA Secures USD 96 Billion in MoUs for Third Mumbai at Davos WEF Summit 2026

The Deal at Davos

On the very first day of the WEF Annual Summit 2026 in Davos, MMRDA signed 10 major Memoranda of Understanding valued at USD 96 billion (Rs 8.73 lakh crore). The MoUs were signed in the presence of Chief Minister Devendra Fadnavis, with Sanjay Mukherjee, IAS, Metropolitan Commissioner, MMRDA, representing the authority.

Chief Minister Devendra Fadnavis said, "The historic USD 96 billion in investments secured on the very first day of WEF 2026 is a reflection to the global investors' unwavering faith in Maharashtra's potential."

Five Major Investment Partners

• SBG Group (USD 45 billion): Integrated logistics, industrial and digital infrastructure hubs across MMR, expected to generate 4.5 lakh jobs over 10 years
• Panchshil Realty (USD 25 billion): Fintech districts, integrated townships, and industrial-logistics hubs, generating 2.5 lakh jobs
• K Raheja Corp (USD 10 billion): Three "Innovation Cities" focused on logistics, fintech, AI, gaming, and sports innovation, creating 1 lakh jobs
• IISM Global (USD 8 billion): A global-standard integrated Sports City and Sports Innovation & Skill-Tech University, generating 80,000 jobs
• Sumitomo Realty & Development (USD 8 billion): A world-class High Street District and transit-oriented development at BKC, creating 80,000 jobs

Strategic Knowledge Partnerships

MMRDA also signed strategic knowledge and technology partnerships with leading global institutions. An MoU was signed with University of California, Berkeley for collaboration in AI, sustainability, urban policy, and innovation ecosystems; Japan International Cooperation Agency (JICA) for a unified digital architecture for multimodal urban mobility and transport digital twins. Further, MoU was also signed with Sembcorp Development Ltd., Singapore for sustainable, low-carbon industrial ecosystems across strategic corridors in Palghar, Raigad, and Kharbav. MMRDA signed MoU with Technical University of Munich (TUM), Germany for advanced mobility engineering, climate-resilient planning, and transit-oriented development with Urban Futures Collective, London, along with a global academic consortium including MIT Media Lab and UCL, to develop open-source digital twins for evidence-based metropolitan governance.

Vision for Third Mumbai

With the signing of 10 MoUs at Davos 2026, MMRDA is set to transform Thane, Mumbai, Kalyan, and the surrounding regions into a global hub of sustainable infrastructure, innovation, and industrial growth. These initiatives will generate over 9.6 lakh direct and indirect jobs across diverse and futuristic sectors, from the Urban Tech Stack and AI to sports medicine and Net-Zero sustainable development, empowering local talent and providing them a platform to compete on the global stage.

Through MMRDA's vision and execution, the authority aims at ensuring that the dreams of youth translate into tangible, future-ready careers while reshaping MMR as a benchmark for metropolitan excellence.

Policy Context and Next Steps

On February 10, 2026, the state Cabinet approved the land policy framework for the Third Mumbai project, a move that significantly advances the creation of a new city near the Mumbai Trans Harbour Link, widely known as Atal Setu. The proposed city, officially named Karnala-Sai-Chirner (KSC) New Town, will span roughly 323 square kilometres. Development responsibilities will be led by the Mumbai Metropolitan Region Development Authority (MMRDA) alongside the New Town Development Authority (NTDA).

In June 2026, Maharashtra approved the appointment of Surbana Jurong as consultant to prepare the master plan for the proposed Karnala–Sai–Chirner New Town, known as KSC New Town or Mumbai three point zero, and authorised the Mumbai Metropolitan Region Development Authority (MMRDA) to proceed on a government to government basis.

Budget and Infrastructure Allocation

Under its record budget of ₹48,073 crore for 2026–27, the authority has allocated ₹4,000 crore for the development of Karnala-Sai-Chirner Town, popularly known as Third Mumbai project. Around 87 percent of the budget is dedicated to metro lines, tunnels, highways, and elevated corridors.

The master planning timeline targets completion around August 2026. Infrastructure Progress: Several enabling infrastructure projects are nearing completion.