Urban riverfront development has become a strategic component of sustainable urban planning and tourism enhancement in many rapidly growing cities across the world. Pune, one of Maharashtra’s leading metropolitan regions, is currently implementing the Mula–Mutha Riverfront Development Project (RFD) aimed at ecological rejuvenation, enhanced public spaces, tourism growth, and improved urban resilience. This research paper examines the significance of riverfront development along the Mula–Mutha rivers and evaluates its potential impacts on tourism in Pune. Using secondary data, policy documents, stakeholder reports, and academic studies, the paper analyzes existing conditions, ongoing interventions, socio-economic implications, and tourism prospects. The findings suggest that the project can significantly transform Pune’s tourism landscape by improving accessibility, recreation opportunities, cultural activity zones, and aesthetic value. However, ecological, governance, and sustainability concerns remain critical. Recommendations emphasize inclusive planning, ecological restoration, heritage conservation, and eco-tourism integration.