The Mumbai Metropolitan Region Development Authority (MMRDA) on Saturday signed a shareholder agreement with the Raigad-Pen Growth Centre in the presence of Maharashtra Chief Minister Devendra Fadnavis.
The agreement was formalised at the Sahyadri Guest House in south Mumbai, where senior bureaucrats and officials from various departments were present.
According to an official release, the agreement aims to facilitate the development of the Raigad-Pen Growth Centre Limited as an integrated township project.
Key features of the project include its proposed development as a smart city, expansion in Pen taluka of Raigad district, and connectivity to major port areas. The township is also envisaged to be self-reliant, with provisions for social housing, it said.
The project is expected to be developed under an integrated township policy framework, with a focus on planned urbanisation and infrastructure-led growth in the region, the release added.
The project forms part of the larger Mumbai 3.0 vision aimed at decongesting the metropolis and promoting balanced regional development across the Mumbai Metropolitan Region, officials said.
In a related initiative, MMRDA announced a participatory land acquisition framework for the new town development area (NTDA), offering landowners multiple options.
These include mutual consent-based acquisition, compensation through development rights such as FSI/TDR, and a land pooling model, officials said.
Under the land pooling mechanism, landowners will receive 22.5% of developed land, ensuring their continued stake in the project, they added.
The NTDA covers around 323.44 square kilometres across 124 villages in Uran, Panvel and Pen talukas of Raigad district in the influence zone of the Atal Setu corridor, and is expected to drive large-scale planned urbanisation and infrastructure-led growth, MMDRA said.
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