Raigad-Pen Growth Centre rolls, agreement signed

A shareholder agreement was signed between the Mumbai Metropolitan Region Development Authority (MMRDA) and the Raigad-Pen Growth Centre Ltd in the presence of chief minister Devendra Fadnavis on Friday

MUMBAI: The state government has taken the first step towards setting up the Raigad-Pen Growth Centre, one of many growth hubs in Third Mumbai, the ambitious planned city being developed near the Navi Mumbai International Airport.

Raigad-Pen Growth Centre rolls, agreement signed

A shareholder agreement was signed between the Mumbai Metropolitan Region Development Authority (MMRDA) and the Raigad-Pen Growth Centre Ltd in the presence of chief minister Devendra Fadnavis on Friday. It paves the way for developing a world-class smart city and integrated township 25km from Panvel and 30km from the Navi Mumbai airport.

MMRDA has written to the additional chief secretary of the state revenue department, requesting a stamp duty waiver on land deals to register the designated area as ‘Raigad Pen Growth Centre’.

The Raigad-Pen Growth Centre will be a business district developed on the lines of the Bandra Kurla Complex (BKC) in Mumbai. It is envisioned as a major economic hub in the Mumbai Metropolitan Region (MMR), boosting economic growth, and attracting foreign investment and fintech companies.

According to officials, the growth centre will be close to Pen and Hamrapur railway stations. It will have 15% FSI dedicated to building affordable housing for low-income groups.