Maharashtra Chief Minister Devendra Fadnavis announced on January 22, 2026 that the Pen smart city project in Raigad district had drawn investment commitments of more than ₹1 lakh crore from global investors.
The investors include entities from the USA, the UAE, Singapore, Australia and The Netherlands, Fadnavis said. The project is about 15-20 km from the upcoming Navi Mumbai International Airport.
What is planned
The project will create a new business district modelled on Mumbai's Bandra-Kurla Complex, with fintech and data centre capabilities. The announcement set a completion timeline of 7-9 years.
Pen, a town in Raigad about 40 km by road from the Navi Mumbai airport, is expected to have offices, data centres and the jobs they bring. The announcement did not specify the sites or how much housing the project would include.
Related reporting on Raigad
Pen taluka is also part of the wider Karnala-Sai-Chirner (KSC) New Town, or Third Mumbai. The Free Press Journal reported in October 2024 that the state had appointed the Mumbai Metropolitan Region Development Authority (MMRDA) as the new town's development authority. The township covers 124 villages over about 323 sq km.
CREDAI-MCHI Raigad president Rajesh Prajapati said at the time that corporates, multinationals and technology firms were eyeing Navi Mumbai for offices because of the airport, according to the same report.
However, land for the new town remains contested. The Hindustan Times reported in February 2026 that the state cabinet approved a 22.5% land-pooling policy on February 10. Under the policy, landowners would surrender land in return for 22.5% of developed plots, with compensation in transferable development rights, extra floor space index or money. Farmer groups in Uran, Panvel and Pen resolved to oppose the policy.
CNN-News18 reported in June 2026 that thousands of farmers vowed to resist the project through legal and democratic means. They rejected the compensation options offered. MMRDA said the project followed statutory procedures and would balance planned urban growth with village interests, the report said.
What it means for buyers and sellers
Pen's local market is largely made up of land and small-town housing. Its PropertyWala page lists nearby places such as Dharamtar Port, about 10 km away, and the JSW Ispat Steel Plant, also about 10 km away. Imagica is about 28 km away.
PropertyWala has no current asking-rate figure for Pen. Interest in land and housing around the planned district will depend on where the business district is sited and how the land-pooling dispute is resolved.
What to watch next
The announcement did not include a site-level master plan. The Free Press Journal reported in June 2026 that Singapore-based Surbana Jurong Infrastructure had been approved as general consultant to prepare the KSC master plan. Farmer groups have said they will intensify their agitation.
Readers can follow the wider district on PropertyWala's Raigad page.