The Maharashtra state government has taken significant steps towards establishing the Raigad-Pen Growth Centre, a key component of the planned city near Navi Mumbai International Airport. A shareholder agreement was signed between the Mumbai Metropolitan Region Development Authority (MMRDA) and Raigad-Pen Growth Centre Ltd in the presence of Chief Minister Devendra Fadnavis. This agreement marks the beginning of a project that aims to develop a world-class smart city and integrated township, strategically located 25 km from Panvel and 30 km from the airport. Spanning 1,217 acres, the growth centre will be modeled after the Bandra Kurla Complex (BKC) in Mumbai and is expected to become a major economic hub in the Mumbai Metropolitan Region (MMR), fostering economic growth and attracting foreign investment, particularly in the fintech sector. The project will involve land acquisition across 16 villages in Pen taluka, Raigad district, and will include 15% Floor Space Index (FSI) allocated for affordable housing aimed at low-income groups. The MMRDA has also requested a stamp duty waiver from the state revenue department to facilitate the registration of the designated area.