Maharashtra Approves 50% Stamp Duty Relief for MMRDA's ₹1,200 Cr Pen Township Project

The Maharashtra Cabinet has approved a significant 50 percent concession in stamp duty for land transactions associated with the state's inaugural large-scale urban project being executed under a public-private partnership model, according to an official statement from the Chief Minister's Office. The project will be implemented by the Mumbai Metropolitan Region Development Authority (MMRDA) and Raigad Pen Growth Centre Ltd in Pen taluka.

Pen Township: Maharashtra's First World-Class PPP Urban Project

Chief Minister Devendra Fadnavis chaired the council of ministers meeting that took this landmark decision on Tuesday. The stamp duty payment concession applies specifically to land agreements required for the integrated township project being developed under the New Town Development Authority (NTDA) in Pen taluka.

According to the official statement, the ambitious project spans approximately 1,217.71 acres and is being executed through a Special Purpose Vehicle (SPV) as per MMRDA's integrated township policy.

Investment and Employment Generation Focus

The Chief Minister's Office stated that this strategic move will promote investment and generate substantial employment opportunities across the region. The project has been described as Maharashtra's first large-scale, world-class urban development initiative under the public-private partnership model, and is anticipated to attract considerable foreign investment.

Diverse Development Components

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. This comprehensive approach aligns with modern integrated township development strategies.

Long-term Revenue Benefits for Maharashtra

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 revealed. This forward-thinking approach demonstrates Maharashtra's commitment to sustainable urban development that benefits both investors and the state treasury.

MNLU Gets Land Transfer Approval

In a separate but significant decision, 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, which currently operates from rented premises in Powai.

Educational Infrastructure Enhancement

This decision will facilitate the development of a permanent and integrated campus, significantly enhancing the educational infrastructure in Mumbai. The move reflects the state's commitment to strengthening higher education facilities and reducing dependency on rented accommodations for premier educational institutions.

Strategic Impact on Real Estate Development

These cabinet decisions are expected to have significant positive implications for Maharashtra's real estate sector. The stamp duty relief for the Pen township project will reduce transaction costs and accelerate one of India's most ambitious urban development initiatives. The project's strategic location in Pen taluka positions it as a key growth driver for the Mumbai Metropolitan Region.

The comprehensive development approach, combining residential, commercial, educational, and industrial components, is expected to create a self-sustaining urban ecosystem that could serve as a model for future integrated township projects across Maharashtra and other states.

Disclaimer: This news article has been rewritten for informational purposes. While every effort has been made to ensure accuracy, readers are advised to verify information from official sources. The original news source and timing of events should be confirmed independently. This article contains links to related content for additional context and information.