India Maharashtra Eyes Raigad Pen Growth Centre Near AirportIndia Maharashtra Eyes Raigad Pen Growth Centre Near Airport
Maharashtra has secured key memorandums of understanding (MoUs) at the World Economic Forum 2026 to propel the Raigad Pen Smart City project near the upcoming Navi Mumbai International Airport, advancing its Mumbai 3.0 urban growth vision. The agreements lay the foundation for a large‑scale new business district designed to decongest existing urban cores and anchor frontier industries in a rapidly urbanising region.
The state government signed five MoUs, including several with Singapore‑based partners, intended to mobilise private capital and expertise for planning, infrastructure development and land coordination under a joint venture model. In this arrangement, private entities will handle land acquisition while the Mumbai Metropolitan Region Development Authority (MMRDA) leads development and planning oversight. Strategically located 15–20 km from the Navi Mumbai airport, the Raigad Pen Smart City is being positioned as a future‑ready business district — larger than some existing commercial hubs — with a strong emphasis on fintech, global capability centres, data infrastructure and advanced services. Officials have indicated that this will be the first city born from Maharashtra’s Third Mumbai strategy, offering plug‑and‑play infrastructure to attract global firms and stimulate high‑value employment.
Maharashtra’s engagement at Davos reflects a broader push to position regional cities as global nodes for innovation and investment. The smart city initiative aligns with efforts to diversify economic activity beyond traditional urban centres, tapping into international collaborations across technology, mobility, governance and urban planning sectors. Strategic partnerships signed alongside the Raigad Pen MoUs also aim to bring expertise in medtech systems, sustainability frameworks and innovation ecosystems to the state’s urban growth agenda. Urban planners note that locating the project near a major international airport could catalyse logistics connectivity, foreign direct investment and talent inflows, reinforcing integrated regional development. The proximity offers strategic advantages for companies seeking global reach, while the planned business district aims to ease pressure on existing commercial hubs such as the Bandra Kurla Complex.
The Raigad Pen Smart City scheme is set to unfold in phases, beginning with an initial development footprint of several hundred acres with plans to scale up significantly over coming years. Beyond commercial spaces, the framework anticipates supportive infrastructure for housing, mobility and social amenities to ensure a holistic urban ecosystem.
For Maharashtra’s urban policy and real estate ecosystem, this marks a pivotal step toward future‑oriented metropolitan expansion that balances connectivity, economic opportunity and regional equity. As the state continues to attract global interest, attention will now turn to how planned frameworks ensure inclusive growth and sustainable integration with existing cities and towns in the Mumbai metropolitan hinterland.
