New Nagpur Business District projectkicks off with ₹4.60cr land registry

Nagpur: The ₹11,300cr New Nagpur Business District project took a concrete step forward on Wednesday with the completion of its first land registry valued at ₹4.60cr. The transaction, carried out at sub-registrar office no. 10, marks the formal start of land acquisition, with 1.01ha purchased from a farmer in Hingna taluka.This initial registry is being seen as a crucial milestone, signalling the transition of the project from planning to on-ground execution. Officials noted that the pace at which the first transaction was completed is uncommon for a project of such scale, indicating a push to fast-track implementation.The registry was conducted in the presence of NMRDA commissioner Sanjay Meena, additional commissioner Sachin Dhole and deputy collector (land acquisition) Priyadarshini Borkar. Authorities said that the compensation paid to the farmer is much higher than the prevailing rates, in line with assurances given to landowners to secure their cooperation.The New Nagpur project, spread across Mouza Ladgaon (Rithi) and Mouza Godhani (Rithi), is an initiative planned over 692.06ha.According to officials, nearly 97% of the affected farmers have already given their consent, reflecting growing acceptance of the project. In addition to monetary compensation, the govt has also promised developed plots of 1,500sqft per acre within the project area to landowners, further incentivising participation.However, the cost of land acquisition has seen a sharp escalation. While the initial estimate stood at ₹3,000 crore, it is now expected to cross ₹4,000 crore. The project will be implemented in three phases over 15 years, with funding being arranged through a HUDCO loan backed by a state govt guarantee. NMRDA has already received ₹3,000 crore loan for land acquisition.Designed as a future-ready business hub, the New Nagpur Business District will feature an International Business and Finance Centre (IBFC), smart infrastructure and a plug-and-play model for investors. It will also include an advanced underground utility tunnel system, green urban planning and a single-window clearance mechanism.Officials believe the project will generate over five lakh jobs, particularly in startups, MSMEs and knowledge-based industries, significantly boosting Nagpur's position as an emerging economic centre.