19 April,2026 05:00 PM IST | Mumbai | mid-day online correspondent
A shareholders’ agreement for the project was signed on Saturday. Representational Pic
The Mumbai Metropolitan Region Development Authority (MMRDA) has secured 216 acres of land in Raigad district's Pen growth corridor.
The Authority, in a statement, said it is a step towards building âMumbai 3.0'.
The land aggregation comes amid a strong response from landowners to MMRDA's participatory land acquisition policy, signalling growing public trust in the project's development model.
A shareholders' agreement for the project was signed on Saturday in the presence of Maharashtra Chief Minister Devendra Fadnavis and under the chairmanship of Deputy Chief Minister Eknath Shinde.
MMRDA Metropolitan Commissioner Sanjay Mukherjee said the move sets the stage for on-ground implementation.
Officials said the initiative marks one of the first large-scale successes of a participatory land pooling framework in the region, where landowners become stakeholders rather than being displaced.
The growth centre is located near key infrastructure projects such as the Atal Setu, the Navi Mumbai International Airport, and the Virar-Alibaug Multi-Modal Corridor.
According to the statement, the Raigad growth centre is envisioned as a multi-sector urban ecosystem, including technology and financial districts, global capability centres (GCCs), data centres, IT/ITeS hubs, healthcare zones, and logistics infrastructure.
Authorities said the project is expected to generate over 2 lakh direct jobs, attract significant private and foreign investment, and boost regional economic growth.
The Chief Minister said the project represents a shift towards inclusive development. "We are not just acquiring land but building trust and making citizens partners in growth," he said.
The Deputy Chief Minister added that the strong response from landowners reflects confidence in the participatory model and signals a transition from planning to execution.
Under the policy, landowners are offered multiple options, including consent-based acquisition, compensation through development rights (FSI/TDR), and a land pooling model offering 22.5 per cent developed land in return, on the lines of the CIDCO framework.
MMRDA said consent forms will be available from April 27 on its official website, with landowners required to submit necessary documents for participation.
Officials said the initiative marks a significant step in shaping Mumbai's next phase of urban expansion while ensuring stakeholder participation.
