The Mumbai Metropolitan Region Development Authority (MMRDA) has signed a shareholder agreement with Raigad-Pen Growth Centre Ltd. to develop an integrated township project in Maharashtra’s Raigad district, marking a key step in the state’s broader “Third Mumbai” urban expansion strategy.
The agreement was signed on Saturday, 18 April, in the presence of Maharashtra Chief Minister Devendra Fadnavis at the Sahyadri State Guest House, with senior officials from the state government and MMRDA in attendance.
The project will be developed in Pen taluka of Raigad district as a greenfield smart city, with a focus on creating a self-reliant, self-sustained urban ecosystem anchored in infrastructure, employment generation and planned urbanisation.
Under the agreement, the project will be taken forward through Raigad Pen Growth Centre Ltd. under an integrated township policy framework, with plans to develop it as a smart, self-reliant city in Pen taluka of Raigad district, supported by connectivity to major port areas.
Spread across approximately 1,217.71 acres, the Raigad-Pen Growth Centre will cover 5 clusters and 16 villages in Pen taluka of Raigad district.
According to MMRDA, the site is 25 Km from Panvel, 30 Km from Navi Mumbai airport, and is within easy reach of key ports, and has Hamrapur and Pen as its nearest railway stations.
This connectivity is expected to position the project as a significant economic hub within the Mumbai Metropolitan Region.
The development will be implemented through the special purpose vehicle (SPV), Raigad Pen Growth Centre Ltd., under a public-private partnership model.
The project falls within the New Town Development Authority framework and is designed to follow an integrated township policy approach.
According to project details, the township will adopt a “Live-Learn-Work-Play” urban planning model, combining residential, commercial and social infrastructure within a single ecosystem.
Plans include the development of business districts, healthcare and education facilities, along with provisions for affordable housing, with 15% of the built-up area earmarked for economically weaker sections and low-income groups.
The initiative is aligned with the state’s long-term strategy to decongest Mumbai and Navi Mumbai by creating a new urban and economic centre.
The Raigad-Pen project forms a core component of the “Third Mumbai” vision, which aims to drive decentralised growth through infrastructure-led development in emerging regions.
To attract investment, the state government has also introduced policy support measures, including stamp duty concessions, while positioning the project as a major destination for domestic and global investors.
With its scale, connectivity and policy backing, the Raigad-Pen Growth Centre is expected to play a central role in shaping the next phase of urban expansion in the Mumbai Metropolitan Region.
