Mumbai, June 18, 2025 – In a major move to drive regional development, the Maharashtra Cabinet, led by Chief Minister Devendra Fadnavis, has approved a 50% concession on stamp duty for land transactions related to the upcoming integrated township project in Pen taluka. The decision aims to promote growth within the Mumbai Metropolitan Region (MMR) through a public-private partnership (PPP) model.
Key Highlights
- The concession applies to land agreements under the integrated township project being implemented by the Mumbai Metropolitan Region Development Authority (MMRDA) and Raigad Pen Growth Centre Ltd.
- The project covers approximately 1,217.7 acres and will be executed by a Special Purpose Vehicle (SPV) formed under MMRDA’s township policy.
- The proposed township will include fintech zones, educational and healthcare institutions, affordable housing, commercial areas, retail outlets, and entertainment hubs.
- The stamp duty concession is designed to encourage private investment, generate employment, and attract foreign direct investment, while laying the groundwork for long-term tax and revenue gains from future commercial activity.
Additional Stamp Duty Relief
The Cabinet has also approved a stamp duty waiver for land being allocated to Maharashtra National Law University (MNLU). A total of 1,41,640.40 square meters in Goregaon (West) has been assigned for the construction of MNLU’s permanent campus, currently operating from rented premises in Powai.
Strategic Importance
- This is Maharashtra’s first large-scale township being developed under a PPP model with global standards.
- The project is expected to enhance infrastructure, encourage social development, and create a balanced urban ecosystem through collaboration between government and private stakeholders.
What’s Next?
- Implementation is set to commence following land acquisition and regulatory approvals by the SPV.
- With significant cost savings through the stamp duty concession, investor interest in the township is projected to increase.
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