Development of Growth Centres by Land Aggregators in Joint Venture with MMRDA in Mumbai Metropolitan Region.

MMRDA has received approval in its Authority Meeting to develop Growth Centres near proposed Station of Mumbai Ahmedabad High Speed Railway at Boisar in Palghar Taluka and at Virar in Vasai Taluka and similarly to develop Growth Centre at Pen of Raigad District. The Authority also approved to develop these Growth Centres as T.P. Scheme or on Joint Venture basis and to take further actions for development of same like, delineation of Growth Centre boundary, Appointment of Consultant for preparation of Planning proposals, etc. Government vide notification dated April 20, 2021 has sanctioned the MMR Regional Plan.

Accordingly, MMRDA has invited Expression of Interest (EOI) to develop Growth Centers on partnership basis. Pursuant to this, MMRDA has received proposals for the development of Development Centers from land aggregators who are willing to partner with MMRDA through a Joint Venture.

MMRDA and the Project Proponent (Land Aggregator) shall form a Special Purpose Vehicle (SPV) in the form of a Joint Venture Company (JVC), for the purpose of developing the Growth Centre. The land aggregated by Project Proponent (Land Aggregator) shall be developed by the SPV through Planning and Provision of Basic Infrastructure and undertaking Selling/Leasing of developed plots. Also, to develop Growth Centers, detailed terms and conditions to determine the respective roles of Authority and Land Aggregator will be worked out later by mutual agreement. In this context, MMRDA’s decision will be final.

The proposal submitted to MMRDA has been scrutinized with respect to the components of the Integrated Township Project Policy mentioned in Chapter 14 of the Unified Development Control and Promotion Regulations (UDCPR) as well as the Expression of Interest proposal invited by MMRDA.

Accordingly, MMRDA has entered into a Joint Venture Agreement with the Land Aggregator to develop Growth Centers on a partnership basis with MMRDA in the Mumbai Metropolitan Region.