Mumbai, Sep 8: Big news from Maharashtra! The Nagpur Metropolitan Region Development Authority (NMRDA) just inked two key Memoranda of Understanding (MoUs) with top government companies NBCC (India) Ltd and HUDCO. These deals aim to transform “New Nagpur” into Maharashtra’s shining International Business and Financial Centre (IBFC). Chief Minister Devendra Fadnavis was right there to witness the signing.
Last week, the Maharashtra cabinet gave the green light for this massive IBFC project under “New Nagpur.” It covers a whopping 692.06 hectares in Godhani and Ladgaon villages in Hingna taluka, all under NMRDA’s watch. This move promises to put Nagpur on the global map as a buzzing business hub.
Let’s break down the first MoU with NBCC (India) Ltd. Out of the total 1,710 acres for the New Nagpur project, they’ll kick off development on 1,000 acres right away. The other 710 acres? Saved for future growth. Everything follows a smart “plug-and-play” model, making it super easy for businesses to set up shop.
Imagine this: underground utility tunnels that keep things neat, district cooling systems to beat the heat, automated waste collection and sorting to go green, plus spaces for startups, MSMEs, IT firms, commercial spots, and even residential and mixed-use areas. NBCC steps in as the project management and advisory experts to make it all happen smoothly.
The rollout happens in three phases over the next 15 years. An empowered committee, led by the NMRDA Commissioner, will oversee everything, as per the government release.
Now, the second MoU with HUDCO (Housing and Urban Development Corporation Ltd) brings the real firepower—funding! They’re pumping in Rs 11,300 crore to fuel the project. This includes Rs 6,500 crore as a loan for land acquisition, commercial development, and infrastructure in New Nagpur. Plus, another Rs 4,800 crore goes toward grabbing land for the crucial Nagpur Outer Ring Road.
This cash boost will speed up the entire “New Nagpur” vision and key infrastructure like the Outer Ring Road. On top of that, expect joint workshops, training sessions, and capacity-building programs to skill up everyone involved.
These MoUs mark a huge leap forward, turning “New Nagpur” into a cutting-edge, world-class financial and business center. Officials call it a total “game changer” for Nagpur’s economy, reshaping the city’s future in exciting ways.
