The Mumbai Metropolitan Region Development Authority (MMRDA) has commenced the Mumbai 3.0 project, successfully aggregating 216 acres in the Raigad district and formally adopting a shareholders’ agreement to transition into the execution phase.
This land acquisition is targeted in the Raigad Pen growth corridor, where the New Town Development Area for Mumbai 3.0 is being envisioned. This marks a significant milestone under MMRDA’s participatory land acquisition framework, which has garnered enthusiastic support from local landowners.
“Mumbai 3.0 signifies a transformative era in urban planning, centered on community involvement. Through this model, we aim to foster trust and facilitate collaboration between citizens and developers,” stated Maharashtra Chief Minister Devendra Fadnavis.
According to Eknath Shinde, Maharashtra’s Deputy Chief Minister and MMRDA chairman, the enthusiastic response from landowners reflects a growing confidence in this participatory strategy.
Under this framework, landowners have various options for participation, including consent-based acquisition under the Maharashtra Regional and Town Planning Act, 1966; compensation through development rights like floor space index (FSI) or transferable development rights (TDR); and a land pooling model that includes a 22.5% return of developed land.
“Securing 216 acres in such a short timeframe demonstrates the public’s faith in our participatory land acquisition policy. Mumbai 3.0 is evolving as a community-driven initiative where landowners are co-designers of a new urban landscape. This achievement propels us forward in our implementation efforts,” remarked Sanjay Mukherjee, Metropolitan Commissioner of MMRDA.
The shareholders’ agreement, formalizing the shift from planning to execution, was signed on Saturday.
Officials noted that this land consolidation was made possible through MMRDA’s user-focused approach, providing landowners with multiple ways to participate, which has expedited the gathering of land parcels in the corridor.
The proposed growth center is strategically positioned to leverage proximity to crucial infrastructure projects, such as Atal Setu, Navi Mumbai International Airport, and the Virar-Alibaug Multi-Modal Corridor, which are anticipated to enhance connectivity and facilitate the region’s evolution into a new economic hub.
The Raigad Growth Centre is envisioned as an integrated urban ecosystem, featuring dedicated districts for technology and financial services, global capability centers, data centers, microelectronics, IT/ITeS, healthcare, logistics, and supporting social infrastructure.
The initiative aims to generate over 200,000 high-quality, well-paying direct jobs, alongside significant indirect employment opportunities, while attracting substantial foreign direct investment and private sector funding, boosting regional economic growth.
