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Maharashtra has signed five MoUs at the World Economic Forum in Davos, including four with Singapore-based firms, to advance the Raigad Pen Smart City project under the Mumbai 3.0 mission. The project, located near the Navi Mumbai International Airport, will be developed through a joint venture model involving private land acquisition and public development. Planned as a major business district focused on fintech and Global Capability Centres, the project is expected to expand up to 1,000 acres and support wider economic growth across Maharashtra.
Maharashtra took a significant step in its Mumbai 3.0 vision after the state government signed five memorandums of understanding at the World Economic Forum in Davos, including four agreements with Singapore-based companies, for the Raigad Pen Smart City project. Chief Minister Devendra Fadnavis said the project is being positioned as a new growth centre and will be located around 15-20 kilometres from the upcoming Navi Mumbai International Airport. Advertisement
The chief minister said the smart city initiative was formally launched through these agreements with five foreign entities and described it as a unique model. For the first time, the state government has entered into a joint venture with a private partner where land acquisition is being handled by the private entity, while development will be carried out through the Mumbai Metropolitan Region Development Authority.
The Raigad Pen project is planned as a major business district, with a strong focus on frontier industries. The chief minister indicated that Global Capability Centres will form a key part of the development and said several leading global investors have already shown interest and signed agreements with the state. According to him, the project is expected to mark the beginning of what is being referred to as the third phase of Mumbai's growth.
He said the initial development area is around 300 acres, with plans to expand it to nearly 1,000 acres in later phases. The proposed business district is expected to be larger than the Bandra Kurla Complex once fully developed. He also noted that Mumbai has already been identified as India's fintech capital, and the entire fintech ecosystem is expected to be anchored within this new city.
Highlighting broader investment discussions at Davos, the chief minister said the signing of MoUs should be seen as a secondary outcome. He explained that the state's primary objective at such global platforms is to build long-term collaborations rather than focus only on investment figures. Several strategic partnerships have been signed with international institutions, global universities such as MIT, and companies operating in sectors like medical technology.
He said the state recently held focused discussions with global medtech companies, adding that the sector has the potential to significantly improve healthcare outcomes in Maharashtra. Collaboration in areas such as innovation, urban planning, governance, mobility, and circular economy remains a key priority for the state government.
The chief minister added that these strategic partnerships are not limited to Mumbai but are intended to benefit cities across Maharashtra. He said collaborations related to city planning, urban transport, governance, and technology will be extended statewide to strengthen institutional capacity and improve service delivery.
Speaking on regional development, he said areas that earlier faced challenges due to naxalism, such as Gadchiroli, are now emerging as industrial centres, particularly as a new steel hub. He said investor interest, including foreign direct investment, is increasing in districts like Gadchiroli and Nandurbar, reflecting a wider spread of economic activity across the state.
He also noted that alongside investment, the government is focusing on large-scale job creation, training, and skill development to ensure local communities are integrated into new growth opportunities. Referring to India's growing presence at Davos, he said this shift has been driven by sustained engagement at the global level over the past decade, which has helped build investor confidence in the country and the state.
Source PTI
FAQ
Q1. What agreements has Maharashtra signed for the Raigad Pen Smart City project?
Maharashtra has signed five memorandums of understanding at the World Economic Forum in Davos to advance the Raigad Pen Smart City project under its Mumbai 3.0 vision. Four of these agreements are with Singapore-based companies, reflecting strong international interest in the project. The MoUs formally mark the launch of the smart city initiative and lay the groundwork for collaboration in planning, development and investment around the proposed business district near the Navi Mumbai International Airport.
Q2. Where will the Raigad Pen Smart City be located and why is the location significant?
The Raigad Pen Smart City is planned around 15-20 kilometres from the upcoming Navi Mumbai International Airport. Its proximity to the airport is expected to make it a strategic node for business, finance and global services. The location is also aligned with the broader Mumbai 3.0 strategy, which seeks to decongest existing commercial hubs while creating new, well-connected growth centres that can support long-term urban and economic expansion.
Q3. What development model is being used for this smart city project?
The project follows a joint venture model that the state government has described as unique. Under this structure, land acquisition will be undertaken by a private partner, while development responsibilities will be handled by the Mumbai Metropolitan Region Development Authority (MMRDA). This approach is intended to reduce delays associated with land acquisition while ensuring that public-sector planning standards and infrastructure development remain central to the project's execution.
Q4. What type of economic activity is the Raigad Pen Smart City expected to host?
The smart city is being positioned as a major business district with a strong emphasis on frontier industries. Global Capability Centres are expected to be a key component, alongside fintech and allied financial services. With Mumbai already recognised as India's fintech capital, the state government plans to anchor the entire fintech ecosystem within this new city. Once fully developed, the business district is expected to surpass the scale of existing hubs such as the Bandra Kurla Complex.
Q5. How does the project fit into Maharashtra's broader development and investment strategy?
The Raigad Pen Smart City is part of a wider effort to promote balanced growth across Maharashtra. The state government has emphasised that its engagement at platforms like Davos is aimed at building long-term partnerships rather than focusing only on immediate investment figures. Collaborations in areas such as urban planning, mobility, governance, healthcare, education and technology are expected to benefit cities beyond Mumbai, while rising industrial activity in districts like Gadchiroli and Nandurbar reflects the state's push to spread economic development more evenly.
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