Raigad-Pen Growth Centre: The First City of Third Mumbai Unveiled

Maharashtra Chief Minister Devendra Fadnavis made a significant announcement at the World Economic Forum in Davos, Switzerland, on January 23, 2026. He revealed that the state government will develop the Raigad-Pen Growth Centre as the first city in the proposed 'Third Mumbai' business hub.

The growth centre will be located 15-20 km from the Navi Mumbai International Airport, which was inaugurated on December 25, 2025. Permissions for the project have been obtained over the last three to four years, and with these approvals in place, the first city of the Third Mumbai is being announced.

The Raigad-Pen Growth Centre will be developed on a “plug and play” and “ready-to-start” model, enabling stakeholders to begin operations immediately. The new business district will include global capability centres and a fintech ecosystem. It will be the country’s first such project under a Public-Private Partnership (PPP) model, with the state government, MMRDA, and private partners working together.

Envisioned as a new business district on the lines of the Bandra-Kurla Complex (BKC), the city will host Global Capability Centres (GCCs), fintech hubs, and high-quality employment, with a “walk-to-work” urban design. Global investors backing the project include Havanna Group (Republic of Korea), SSB Group (Switzerland), FedEx (USA), RiverRecycle (Finland), MGSA (Dubai), Mapletree/Spaces Holding (Singapore), GNV, Indospace Parks, and Tribeca Developers (USA).

Speaking at a CNN-News18 Townhall event in August 2025, Chief Minister Devendra Fadnavis outlined the vision for 'Third Mumbai'. He stated, “We are developing ‘Third Mumbai’—which will come up between the Atal Setu and the Navi Mumbai airport. This new Mumbai is a futuristic city. It includes an ‘Edu City’ where seven top-ranked global universities have already come in, and five more are on the way. Just today, I finalised talks with another leading university.”

Third Mumbai will be a comprehensive development, including: - Edu City : Proposed to host as many as 12 foreign universities and serve over 100,000 students. - Medic City : Focused on healthcare and medical research. - Innovation City : A hub for technological advancements and startups. - Knowledge and Cybersecurity Hubs : Specializing in AI and quantum computing research. - Designated zones for data centers, MNCs, and corporate offices .

The project is conceptualised to be three times larger than the current city of Mumbai, envisioned as a global economic hub. It will be connected to Mumbai’s island city through the Coastal Road, Atal Setu (MTHL), and the Worli-Sewri Link Road. Planned suburban rail extensions under MUTP 4, plus road and metro connectors, will further enhance connectivity.

The Mumbai Metropolitan Region Development Authority (MMRDA) will serve as the nodal development body. The New Town Development Authority (NTDA) will oversee planning, land use, and policy coordination. The initiative emphasises public-private partnerships (PPPs), with fast-tracked clearances and investor-friendly policies.

At the CNBC-TV18 India Business Leader Awards (IBLA) in December 2024, Fadnavis announced that Maharashtra is developing a new urban centre—‘Third Mumbai’, also known as Karnala-Sai-Chirner (KSC) New Town. He emphasised that this new hub will be three times larger than the current city of Mumbai and is poised to become the next business capital of India.

He added that the project represents a major economic engine for the state, with the potential to help Maharashtra become the first trillion-dollar economy among Indian states. At the World Economic Forum in Davos in early 2025, Fadnavis highlighted that Mumbai’s high real estate costs were driving businesses and talent away to cities like Bengaluru and Hyderabad. He stressed that developing Navi Mumbai and Third Mumbai is essential to offset high real estate costs and retain talent in Maharashtra.

At a CREDAI MCHI meeting in August 2025, Fadnavis expressed concern that housing prices continue to rise despite infrastructure investments and concessions. He urged developers to look beyond existing projects and invest in Third Mumbai and Fourth Mumbai, which he said are being planned with components like bullet train connectivity, townships (around 150 sq km by MMRDA), data centers, and port infrastructure.