Dharavi & Raigad Pen: Stamp Duty Boosts Mega Projects

The Maharashtra Cabinet has approved significant stamp duty concessions to accelerate progress on two major urban transformation initiatives: the Dharavi Redevelopment Project and the Raigad Pen Growth Centre.

A major component of the approval includes concessions on lease and sub-lease agreements related to Dharavi’s integrated redevelopment. These agreements involve the Special Purpose Vehicle (SPV) overseeing the project and key authorities such as the Rail Land Development Authority (RLDA) and the Slum Rehabilitation Authority (SRA), Mumbai. According to the Chief Minister's Office (CMO), the concessions are intended to fast-track implementation of this massive rehabilitation initiative in one of Asia’s largest slum clusters.

The Dharavi project, designated a vital urban infrastructure and special project, is being carried out through a joint venture between the Maharashtra government and the Adani Group’s Dharavi Redevelopment Project—now operating under the name Navbharat Mega Developers. Under the joint venture, Adani holds an 80% stake, while SRA holds 20%.

In parallel, the Cabinet also approved a 50% stamp duty concession for land agreements under the Raigad Pen Growth Centre. This public-private partnership (PPP) between the Mumbai Metropolitan Region Development Authority (MMRDA) and the Raigad Pen Growth Centre spans 1,217.71 acres. The project is set to include fintech parks, healthcare facilities, residential developments, and commercial zones.

News by Rahul Yelligetti.