BackECONOMY
Shareholder agreement signed for Raigad-Pen Growth Centre in Raigad district
A shareholder agreement was signed between MMRDA and Raigad-Pen Growth Centre Ltd in the presence of Chief Minister Devendra Fadnavis, marking the first step toward establishing the Raigad-Pen Growth Centre. The project envisions a 1,217-acre smart city near Panvel, developed by OSCIPL under MMRDA oversight, with land acquisition planned in 16 villages and a 15% FSI set aside for affordable housing, plus discussions on stamp duty waivers.
Why It Matters
The agreement aims to create a major economic hub in the Mumbai Metropolitan Region, expected to attract foreign investment and fintech companies and boost regional growth.
Timeline
1 Event
Shareholder agreement signed between MMRDA and Raigad-Pen Growth Centre Ltd
April 17, 2026
A shareholder agreement was signed between the Mumbai Metropolitan Region Development Authority (MMRDA) and Raigad-Pen Growth Centre Ltd in the presence of Chief Minister Devendra Fadnavis, marking the first step toward establishing the Raigad-Pen Growth Centre. The development is planned as a world-class smart city and integrated township about 25 km from Panvel and 30 km from the Navi Mumbai airport. The project will be overseen by MMRDA and developed by M/s Orange Smart City Infrastructure Private Ltd (OSCIPL). The growth centre is envisioned as a Bandra Kurla Complex (BKC)-like business district spanning 1,217 acres, with land acquisition planned in 16 villages in Pen taluka, Raigad district, and 15% of FSI dedicated to affordable housing. The MMRDA has also written to the state revenue department seeking stamp duty waiver on land deals to register the area as ‘Raigad Pen Growth Centre’. The site will be close to Pen and Hamrapur railway stations and aims to attract foreign investment and fintech companies.