Mumbai Metropolitan Region Development Authority (MMRDA) has entered into a landmark joint venture with Karnala Pen Growth Centre Limited for the development of the Raigad–Pen Growth Centre Project.
The Raigad–Pen Growth Centre Project is the first city planned within the proposed “Third Mumbai” region—envisioned to decongest Mumbai and Navi Mumbai and to create a new global business district on the lines of the Bandra–Kurla Complex (BKC). The project is among India’s first greenfield PPP sustainable growth centre developments, and represents a major step in Maharashtra’s long-term urban and economic transformation strategy.
DSK Legal assisted and advised the MMRDA on this joint venture. The firm's scope of work included advising on the roles, responsibilities, and governance framework of the joint venture partners; land-related issues and development rights; financing and structuring aspects; and the drafting, review, negotiation, and finalisation of key transaction documents, including the shareholders’ agreement.
The transaction team was led by Avinash Khard (Partner) and included Mala Mehto (Principal Associate), Devika Rana (Senior Associate), and Associates Brijesh Ranjan Sahoo, Vedant Sinha and Mihika Mukherjee.
Harvinder Singh (Partner) acted as the lead engagement partner, while Anjan Dasgupta (Partner) served as the relationship partner for MMRDA and provided strategic inputs on the transaction.
Shardul Amarchand Mangaldas & Co advised Karnala Pen Growth Centre on this joint venture.
The Project was formally announced by the Chief Minister of Maharashtra, Devendra Fadnavis, at the World Economic Forum Annual Meeting 2026 in Davos, Switzerland. The announcement was accompanied by the execution of multiple memoranda of understanding (MoUs), highlighting not only significant capital investment commitments but also the transfer of global best practices, technology, and know-how aimed at developing a future-ready city in close proximity to the newly operationalised Navi Mumbai International Airport.
The Project envisages large-scale urban development in the Raigad district, designed as a smart, sustainable city complementing Mumbai and Navi Mumbai. It is proposed to be developed to: (i) provide quality housing, modern infrastructure, and robust transport connectivity to meet the growing population of the Mumbai Metropolitan Regio; and (ii) function as a global city and innovation hub, incorporating Edu City, Medi City, Global Capability Centres (GCCs), data centres, and allied commercial and social infrastructure.
The Project is expected to materially enhance foreign investor confidence by unlocking opportunities across real estate, technology, logistics, and services sectors, while offering superior connectivity, affordability, and long-term growth potential compared to the traditional Mumbai core.
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