Maharashtra clears Rs 11,600 crore ‘New Nagpur’ project

The Maharashtra government has approved the Rs 11,600 crore “New Nagpur” project to develop an International Business and Finance Centre (IBFC) in Hingna, Nagpur.

Chief Minister Devendra Fadnavis said the project will be developed on the lines of Mumbai’s Bandra-Kurla Complex but on a larger scale. “Imagine the economic potential when we plan something like BKC, but on a much larger and smarter scale in Nagpur,” he said.

The project will cover 1,710 acres in Godhani (Rithi) and Ladgaon (Rithi) areas of Hingna taluka, reported The Times of India. It aims to position Nagpur as a major business and financial hub in central India and create employment opportunities.

The state cabinet has allocated Rs 6,500 crore for the business district and Rs 3,500 crore for Phase I infrastructure. Land acquisition will cost Rs 3,000 crore and will be financed through a HUDCO loan with a state guarantee.

Two MoUs were signed — one between the Nagpur Metropolitan Region Development Authority (NMRDA) and NBCC (India) Ltd, which will manage the project, and another between NMRDA and HUDCO for funding support.

The development will feature smart city facilities such as underground utilities, district cooling, automated waste management, and smart mobility. Zones for IT, MSMEs, and start-ups will be created, along with single-window clearances and stamp duty waivers for investors.

NMRDA estimates the project could generate over five lakh jobs in technology and finance sectors over the next decade.

Officials said the initiative is aimed at expanding Maharashtra’s growth beyond Mumbai and Pune by positioning Nagpur as a new centre for investment and innovation.