India, April 19 -- The state government has taken the first step towards setting up the Raigad-Pen Growth Centre, one of many growth hubs in Third Mumbai, the ambitious planned city being developed near the Navi Mumbai International Airport.

A shareholder agreement was signed between the Mumbai Metropolitan Region Development Authority (MMRDA) and the Raigad-Pen Growth Centre Ltd in the presence of chief minister Devendra Fadnavis on Friday. It paves the way for developing a world-class smart city and integrated township 25km from Panvel and 30km from the Navi Mumbai airport.

MMRDA has written to the additional chief secretary of the state revenue department, requesting a stamp duty waiver on land deals to register the designated area a...