{"id":54604,"date":"2026-01-29T14:13:07","date_gmt":"2026-01-29T14:13:07","guid":{"rendered":"https:\/\/my.legal500.com\/developments\/?post_type=press_releases&#038;p=54604"},"modified":"2026-01-29T14:13:07","modified_gmt":"2026-01-29T14:13:07","slug":"transaction-summary-mmrda-third-mumbai","status":"publish","type":"press_releases","link":"https:\/\/my.legal500.com\/developments\/press-releases\/transaction-summary-mmrda-third-mumbai\/","title":{"rendered":"Transaction Summary &#8211; MMRDA (Third Mumbai)"},"content":{"rendered":"<p dir=\"auto\" align=\"justify\"><strong>DSK Legal\u00a0assisted and advised the\u00a0Mumbai Metropolitan Region Development Authority (MMRDA)\u00a0in connection with a landmark joint venture between MMRDA and\u00a0Karnala Pen Growth Centre Limited\u00a0(a group company of Q-West Infrastructure Private Limited and Orange Smart City Infrastructure Private Limited) for the development of the\u00a0Raigad\u2013Pen Growth Centre Project.<\/strong><\/p>\n<p dir=\"auto\" align=\"justify\"><!--more--><\/p>\n<p dir=\"auto\" align=\"justify\">The Raigad\u2013Pen Growth Centre Project is the first city planned within the proposed\u00a0<b>\u201cThird Mumbai\u201d<\/b>\u00a0region\u2014envisioned to decongest Mumbai and Navi Mumbai and to create a new global business district on the lines of the\u00a0<b>Bandra\u2013Kurla Complex (BKC)<\/b>. The project is among India\u2019s first\u00a0<b>greenfield PPP sustainable growth centre developments<\/b>, and represents a major step in Maharashtra\u2019s long-term urban and economic transformation strategy.<\/p>\n<p dir=\"auto\" align=\"justify\">The Project was formally announced by the\u00a0<b>Hon\u2019ble Chief Minister of Maharashtra, Mr. Devendra Fadnavis<\/b>, at the\u00a0<b>World Economic Forum Annual Meeting 2026 in Davos, Switzerland<\/b>. The announcement was accompanied by the execution of multiple memoranda of understanding (MoUs), highlighting not only significant capital investment commitments but also the transfer of global best practices, technology, and know-how aimed at developing a future-ready city in close proximity to the newly operationalised\u00a0<b>Navi Mumbai International Airport<\/b>.<\/p>\n<p dir=\"auto\" align=\"justify\">The Project envisages large-scale urban development in the Raigad district, designed as a smart, sustainable city complementing Mumbai and Navi Mumbai. It is proposed to be developed to: (i) provide quality housing, modern infrastructure, and robust transport connectivity to meet the growing population of the Mumbai Metropolitan Regio; and (ii) function as a global city and innovation hub, incorporating\u00a0<b>Edu City, Medi City, Global Capability Centres (GCCs), data centres, and allied commercial and social infrastructure<\/b>.<\/p>\n<p dir=\"auto\" align=\"justify\">The Project is expected to materially enhance foreign investor confidence by unlocking opportunities across real estate, technology, logistics, and services sectors, while offering superior connectivity, affordability, and long-term growth potential compared to the traditional Mumbai core.<\/p>\n<p dir=\"auto\" align=\"justify\">DSK Legal\u2019s scope of work\u00a0included advising on:<\/p>\n<ol dir=\"auto\" start=\"1\" type=\"1\">\n<li>the roles, responsibilities, and governance framework of the joint venture partners;<\/li>\n<li>land-related issues and development rights;<\/li>\n<li>financing and structuring aspects; and<\/li>\n<li>the drafting, review, negotiation, and finalisation of key transaction documents, including the shareholders\u2019 agreement.<\/li>\n<\/ol>\n<p dir=\"auto\" align=\"justify\">The DSK Legal team advising MMRDA was led by\u00a0<b>Mr. Avinash Khard (Partner)<\/b>\u00a0and included\u00a0<b>Ms. Mala Mehto (Principal Associate)<\/b>,\u00a0<b>Ms. Devika Rana (Senior Associate)<\/b>, and associates\u00a0<b>Mr. Brijesh Ranjan Sahoo<\/b>,\u00a0<b>Mr. Vedant Sinha<\/b>, and\u00a0<b>Ms. Mihika Mukherjee<\/b>.<\/p>\n<p dir=\"auto\" align=\"justify\"><b>Mr. Harvinder Singh (Partner)<\/b>\u00a0acted as the lead engagement partner, while\u00a0<b>Mr. Anjan Dasgupta (Partner)<\/b>\u00a0served as the relationship partner for MMRDA and provided strategic inputs on the transaction.<\/p>\n<p dir=\"auto\">Karnala Pen Growth Centre Limited\u00a0was advised by\u00a0Shardul Amarchand Mangaldas &amp; Co., along with its in-house legal and business teams.<\/p>\n","protected":false},"featured_media":0,"template":"","class_list":["post-54604","press_releases","type-press_releases","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/my.legal500.com\/developments\/wp-json\/wp\/v2\/press_releases\/54604","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/my.legal500.com\/developments\/wp-json\/wp\/v2\/press_releases"}],"about":[{"href":"https:\/\/my.legal500.com\/developments\/wp-json\/wp\/v2\/types\/press_releases"}],"wp:attachment":[{"href":"https:\/\/my.legal500.com\/developments\/wp-json\/wp\/v2\/media?parent=54604"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}