The Mumbai Metropolitan Region Development Authority has signed a shareholder agreement with the Raigad-Pen Growth Centre, marking a key step in advancing the Mumbai 3.0 vision. The agreement was formalised at Sahyadri Guest House in the presence of Maharashtra Chief Minister Devendra Fadnavis.
The project aims to develop Raigad-Pen Growth Centre Limited as an integrated township, envisioned as a smart, self-sustained urban hub. Planned in Pen taluka of Raigad district, the development will benefit from proximity to major ports and key infrastructure corridors, supporting both residential and economic growth.
Designed under an integrated township policy, the project will include social housing and essential urban infrastructure, focusing on balanced and planned expansion beyond Mumbai’s core. It forms part of a broader strategy to ease congestion in Mumbai while driving regional development.
MMRDA has also introduced a participatory land acquisition model, offering landowners options such as direct purchase, development rights, or land pooling. Under this, owners will retain a share of developed land, ensuring continued involvement.
Spanning over 323 sq km across multiple talukas, the project is expected to reshape growth patterns in the region.
