New Nagpur to Rise as Maharashtra’s Global Business and Financial Hub: CM

Nagpur: Chief minister Devendra Fadnavis on Thursday announced that ‘New Nagpur' would be developed as a large-scale, futuristic, hi-tech city to house the state's International Business and Financial Centre (IBFC), positioning the region as a new growth engine in central India. The project would place Nagpur on the lines of hubs like Bangalore and Hyderabad.Responding to TOI's query during his interaction with the media at his official residence Ramgiri, Fadnavis said the IBFC would be modelled on Mumbai's Bandra Kurla Complex (BKC), which despite being spread over just 370 hectares, contributes nearly 3% to the nation's GDP. "Such planned and technology-driven cities are crucial to attract global investors and retain skilled talent," he said. "Imagine the economic potential when we plan something like BKC, but on a much larger and smarter scale in Nagpur."Spread across 1,710 acres in Hingna taluka, the ambitious project will be executed in three phases over 15 years by the Nagpur Metropolitan Region Development Authority (NMRDA). The state cabinet has approved total funding of Rs11,600 crore for the project, with Rs6,500 crore allocated for the ‘New Nagpur Business District' and Rs3,000 crore for land acquisition. An additional Rs3,500 crore will be invested in the development of Phase I infrastructure, while funding will be secured through a Hudco loan backed by the Maharashtra govt's guarantee, as per NMRDA officials.Two key Memoranda of Understanding (MoUs) were signed between NMRDA and the central public sector undertakings — NBCC (India) Ltd, and Housing and Urban Development Corporation Ltd (Hudco) — on September 9, clearing the path for the project's implementation. NBCC has been appointed as the Project Management and Consulting Agency, while Hudco will not only finance but also assist with consultancy, capacity building, and staff training for the NMRDA.The IBFC will come up on 692.06 hectares in mouza Godhani (Rithi) and Ladgaon (Rithi), strategically located near Nagpur's expanding industrial belt in Hingna. The area was selected for its connectivity, available land, and potential for future expansion. The state cabinet's nod has officially moved the project from vision to execution.Planned as a ‘plug-and-play' city, New Nagpur will feature underground utility tunnels for power, water, and communication lines, district cooling systems for energy efficiency, automated waste collection, and smart traffic management systems. Dedicated zones will be created for IT firms, start-ups, MSMEs, and innovation-driven enterprises, while a single-window clearance mechanism will simplify business operations.Declared as a flagship project by the Maharashtra govt, New Nagpur will also offer incentives including a complete stamp duty waiver for investors and developers. NMRDA officials said the development would generate over 5 lakh jobs across technology, finance, and knowledge-based industries. "This project will not only redefine Nagpur's skyline but also its identity," they said. "It will transform the city into an international business destination and a key economic contributor to Maharashtra's future."BOX Key takeaways from the New Nagpur project:- Maharashtra cabinet allocates Rs11,600 crore for the project- Rs6,500 crore earmarked for the ‘New Nagpur Business District'- Project to come up on 692.06 hectares in mouza Godhani and mouza Ladgaon, Hingna taluka- NMRDA to implement the project; NBCC appointed as consultant- Rs3,000 crore for land acquisition; Rs3,500 crore for Phase I development- Hudco to finance project with state guarantee- Anchored around International Business and Financial Centre (IBFC)- Expected to create over 5 lakh jobs in knowledge-based sectors- Plug-and-play infrastructure with underground utilities- Smart utilities, green planning, and single-window clearance- Declared a flagship project with full stamp duty waiver