MMRDA Signs Shareholder Pact for Raigad–Pen Growth Centre Under Mumbai 3.0

Author: Ajjay Bhagyakar | Published by: Griha Realty

Source: Swarajya Magazine

 Source: Swarajya Magazine

Mumbai’s ambitious Mumbai 3.0 (Third Mumbai) vision has taken a major step forward as the Mumbai Metropolitan Region Development Authority signed a shareholder agreement for the Raigad–Pen Growth Centre—marking the beginning of a new smart city near Navi Mumbai, MMRDA Signs Shareholder Pact for Raigad–Pen Growth Centre Under Mumbai 3.0.

What is Raigad–Pen Growth Centre?

The Raigad–Pen Growth Centre is the first planned city under Mumbai 3.0, designed to:

• Decongest Mumbai & Navi Mumbai

• Create a new business and economic hub

• Develop a planned smart city ecosystem

👉 It is envisioned as a BKC-like global business district for the future.

Strategic Location Advantage

• Located in Raigad district (Pen region)

• Just 15–20 km from Navi Mumbai International Airport 

• Well connected via Atal Setu (MTHL) and upcoming transport corridors

👉 This makes it one of the most strategically positioned growth hubs in the Mumbai Metropolitan Region.

Shareholder Pact & Development Model

MMRDA has partnered through a joint venture / shareholder model to fast-track development:

• Development under integrated township framework

• Focus on smart infrastructure & sustainable planning

• Collaboration between government and private stakeholders

This ensures faster approvals, better execution, and global investment participation.

Vision: India’s Next Smart City Hub

The project is part of a larger 323 sq. km Mumbai 3.0 region covering multiple villages in Raigad.

Key vision includes: ✔️ Fintech & global capability centres ✔️ Logistics & industrial hubs ✔️ Residential + commercial integrated zones ✔️ Sustainable and digital infrastructure

👉 The goal is to build a self-sustaining city contributing to Maharashtra’s $1 trillion economy vision.

Investment & Economic Impact

• MoUs worth ₹1 lakh crore+ already signed for development

• Expected to generate massive employment opportunities

• Attract global investors and tech companies

Real Estate Impact

📈 Rising demand in Panvel, Pen, Uran & Raigad belt 📈 Land value appreciation due to infrastructure push 📈 Growth of residential, commercial & logistics sectors

👉 This region is emerging as the next real estate hotspot near Mumbai.

Conclusion MMRDA Signs Shareholder Pact for Raigad–Pen Growth Centre Under Mumbai 3.0

The Raigad–Pen Growth Centre is not just another project— 👉 It is the foundation of Mumbai 3.0, shaping the future of urban expansion.

With strategic location, smart planning, and strong investment backing, it is set to redefine how cities grow in India.

New city. New economy. New Mumbai.