On Tuesday, the Maharashtra Cabinet sanctioned a 50 percent reduction in stamp duty for land transactions associated with the state’s inaugural large-scale urban initiative being carried out under a public-private partnership (PPP) framework.
The Mumbai Metropolitan Region Development Authority (MMRDA) and Raigad Pen Growth Centre Ltd will oversee the implementation of the project in Pen taluka. According to the Chief Minister’s Office (CMO), this initiative aims to stimulate investment and create job opportunities. The meeting of the council of ministers was chaired by Chief Minister Devendra Fadnavis, as reported.
The concession on stamp duty pertains to land agreements necessary for the integrated township project being developed under the New Town Development Authority (NTDA) in Pen taluka. The project covers an area of approximately 1,217.71 acres and is being executed through a Special Purpose Vehicle (SPV) in accordance with MMRDA’s integrated township policy.
Once operational, the growth centre is projected to accommodate fintech companies, educational and healthcare institutions, entertainment venues, affordable housing, commercial districts, retail markets, and construction-related industries.
Characterized as Maharashtra’s first large-scale, world-class urban project under the public-private partnership (PPP) model, it is also expected to draw significant foreign investment. In the long run, the state government anticipates an increase in revenues from stamp duty and taxes resulting from the commercial activities generated by the development, as stated by the CMO. Additionally, the cabinet approved a stamp duty exemption for the transfer of land to the Maharashtra National Law University (MNLU) in Mumbai.
A total of 1,41,640.40 square meters of land in Pahadi, Goregaon (west) has been designated for the permanent campus of MNLU, which is currently operating from rented facilities in Powai. This decision will support the establishment of a permanent and integrated campus, thereby enhancing the educational infrastructure in Mumbai.
