K Raheja Corp Signs MoU with MMRDA at Davos 2026 to Develop Three ‘Innovation Cities’ Worth $10 Billion in Mumbai Metropolitan Region
K Raheja Corp Joins MMRDA at Davos 2026 for Three Innovation Cities Initiative
At the World Economic Forum Annual Summit 2026 in Davos, the Mumbai Metropolitan Region Development Authority (MMRDA) secured investment commitments worth USD 96 billion on the opening day through the signing of 10 major Memoranda of Understanding (MoUs). K Raheja Corp committed USD 10 billion to develop three Innovation Cities focused on logistics, fintech, AI, gaming, and sports innovation, expected to create 1 lakh jobs.
The MoU represents a significant expansion of K Raheja Corp's portfolio beyond its established residential and commercial real estate practices. K Raheja Corp is a property developer in India with interests in commercial and residential projects, malls and hospitality across multiple cities in the country, and is the second largest commercial developer in India. The company operates its commercial business under the brands Mindspace and Commerzone with projects in Mumbai, Hyderabad, Pune and Chennai.
Regional Development Context
The signing of 10 MoUs at Davos 2026 is set to transform Thane, Mumbai, Kalyan, and surrounding regions into a global hub of sustainable infrastructure, innovation, and industrial growth. The landmark agreements are expected to generate approximately 9.6 lakh direct and indirect jobs, positioning the Mumbai Metropolitan Region as the talent capital of India and Asia.
The planned infrastructure includes a FinTech Hub at Wadala and Innovation Cities in Kharbav, as part of a comprehensive Urban Tech Stack supported by Digital Twins to ensure development is data-driven, resilient, and sustainable.
Mumbai 3.0 Framework
The 10 MoUs represent blueprints for 'Mumbai 3.0' and serve as a key to accelerating Maharashtra's march towards the USD 1 trillion economy milestone. The agreements span infrastructure, logistics, fintech, digital ecosystems, sports, education, sustainability, and advanced urban technologies.
K Raheja Corp's involvement aligns with broader regional strategy. A multi-decade economic plan aims to scale the MMR's GDP from a baseline of 84 billion to 825 billion by 2047, requiring substantial diversification into multi-modal logistics, high-yield digital infrastructure and a new ring of satellite business districts.
Developer Track Record
Founded in 1956 by Chandru Raheja, K Raheja Corp was formed after a split between Raheja brothers as a separate group. The commercial business has developed over 54 million square feet of grade-A office spaces across key metro cities of India. Mindspace Business Parks REIT, the group's listed commercial real estate entity, operates across Mumbai Region, Hyderabad, Pune, and Chennai with total leasable area of 33.1 million square feet, branded as Mindspace Business Parks, Commerzone and The Square.
K Raheja Corp's residential division has developed approximately 10 million square feet across 30+ projects, creating homes for 8,500+ families.