Curation Team
MUMBAI: The Maharashtra Cabinet on Tuesday approved a 50 per cent concession in stamp duty for land transactions linked to the state’s first large-scale urban project being executed under a public-private partnership (PPP) model.
The project will be implemented by the Mumbai Metropolitan Region Development Authority (MMRDA) and Raigad Pen Growth Centre Ltd in Pen taluka.
This move will promote investment and generate employment opportunities, the Chief Minister’s Office (CMO) stated.
Chief Minister Devendra Fadnavis chaired the meeting of the council of ministers, it said.
The stamp duty payment concession applies to land agreements required for the integrated township project being developed under the New Town Development Authority (NTDA) in Pen taluka.
According to the statement, the project spans approximately 1,217.71 acres and is being executed through a Special Purpose Vehicle (SPV) as per MMRDA’s integrated township policy.
Once operational, the growth centre is expected to house fintech firms, educational and healthcare institutions, entertainment hubs, affordable housing, commercial zones, retail markets, and construction-related industries.
Described as Maharashtra’s first large-scale, world-class urban project under the public-private partnership (PPP) model, it is also anticipated to attract substantial foreign investment.
In the long term, the state government expects to receive increased revenues through stamp duty and taxes from commercial activity generated by the development, the CMO said.
The cabinet also approved a stamp duty waiver 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 at Pahadi in Goregaon (west) has been earmarked for the permanent campus of MNLU, currently operated from rented premises in Powai.
This decision will facilitate the development of a permanent and integrated campus, enhancing the educational infrastructure in Mumbai.
