Maharashtra CM Fadnavis Unveils Raigad-Pen as New Business Hub to Decongest Mumbai

Mumbai, Jan 2026 : Maharashtra Chief Minister Devendra Fadnavis on Wednesday announced the creation of a new business district at Raigad-Pen, modelled on the Bandra-Kurla Complex (BKC), marking it as the first city in the planned Third Mumbai region. The initiative aims to decongest Mumbai and Navi Mumbai while driving industrial growth and employment generation.

Speaking at the World Economic Forum in Davos, Fadnavis said the new growth centre will be developed 15–20 km from the Navi Mumbai International Airport. “Permissions for the project have been secured over the past four years, enabling companies to commence operations immediately on a plug-and-play basis,” he noted. The CM highlighted that the district will be developed through a partnership between the state government, the Mumbai Metropolitan Region Development Authority (MMRDA), and private entities, with a focus on creating global capability centres, fintech hubs, and well-paid employment opportunities. He added that the project will include modern ‘walk-to-work’ infrastructure, promoting convenience and sustainable urban living.

Following the announcement, several MoUs worth around ₹1 lakh crore were signed with international and domestic firms, including Republic of Korea’s Havana Group, Switzerland’s SSB Group, Ensar, FedEx, and Tribeca Developers (US), Finland’s River Recycle Group, Dubai’s MGSA Group, Singapore-based Spaces Holding Maple Tree, Genevieve, and Indospace Park Group. These investments are expected to accelerate the development of the new district and attract global enterprises to the region.

A senior MMRDA official explained that the first phase of the Third Mumbai, officially named Karnala–Sai–Chirner (KSC) New Town, will employ drone-based mapping followed by detailed surveys using LiDAR and advanced remote sensing technologies. Spread across 124 villages in Raigad district, the KSC New Town lies within the Navi Mumbai Airport Influence Notified Area (NAINA), whose blueprint was first released publicly in 2013.

One consultant will be appointed to conduct aerial surveys, ground verification, compilation of land ownership records, GIS-based mapping, and preparation of a detailed land-use plan. Another private agency will focus on drafting a vision document, master plan, and comprehensive development strategy. The planning will cover 323.4 sq km, nearly half of which currently comprises hills, forests, and agricultural land. While aerial and ground surveys are expected to take six to eight months, the master plan and development strategy are targeted for completion by August.

Officials said the KSC New Town is being positioned as a key driver to raise the Mumbai Metropolitan Region’s GDP to $300 billion over the next five years, in line with NITI Aayog’s transformation roadmap. The project is expected to attract global talent, promote sustainable urbanisation, and significantly boost the region’s economic output, transforming Raigad-Pen into a major business and technology hub.