Advertisement
In this episode of Prop Personalities, we sit down with Hars...
Luxury real estate is one of the most talked-about segments ...
Welcome to Prop Personalities by Prop News Time - a podcast ...
Airports play a much bigger role than just enabling travel -...
Why does the same hotel brand operate multiple properties in...
The land acquisition cost for the New Nagpur Business District project has risen beyond INR 4,000 crore, exceeding the initial estimate of INR 3,000 crore, as authorities near completion of negotiations with landowners. The project, spanning over 692 hectares in Hingna taluka near Nagpur, is being implemented by the Nagpur Metropolitan Region Development Authority (NMRDA) with NBCC (India) Ltd as consultant. Around 629.43 hectares of private land is being procured through direct purchase across Mouza Ladgaon and Mouza Godhani. Compensation terms, including higher payouts and developed plot allocations for farmers, are being finalised. The INR 11,300 crore project is planned as an International Business and Finance Centre aimed at supporting large-scale commercial development and employment generation.
The land acquisition cost for the New Nagpur Business District project has increased to over INR 4,000 crore in recent developments, with authorities finalising compensation terms for affected landowners as the process enters its concluding phase in Hingna taluka near Nagpur. Advertisement
The Nagpur Metropolitan Region Development Authority (NMRDA), which is overseeing the project, is procuring approximately 629.43 hectares of private land through direct purchase and mutual negotiation across Mouza Ladgaon (Rithi) and Mouza Godhani (Rithi). Of this, around 456.41 hectares fall in Ladgaon and 173.02 hectares in Godhani, covering a total of 269 and 98 survey numbers respectively.
The revised land acquisition estimate marks a significant increase of nearly INR 1,000 crore over the original projection of INR 3,000 crore. Officials indicated that a committee has been assessing land values following detailed surveys conducted over nearly five months, and final compensation rates are expected to be determined shortly. Once finalised, the compensation framework will be submitted to NMRDA, after which formal acquisition proceedings and issuance of notices to farmers will begin.
To facilitate consensus with landowners, the state government had proposed compensation at up to five times the prevailing market rate. In addition, farmers have been assured developed plots measuring 1,500 sq ft per acre of acquired land within the project area, forming part of the rehabilitation and incentive structure.
The broader New Nagpur Business District project, with a total estimated cost of around INR 11,300 crore, is planned across 692.06 hectares in the same region. NBCC (India) Ltd has been appointed as the project consultant, while funding is being arranged through a loan from HUDCO backed by a state government guarantee. Approximately INR 3,500 crore has been allocated for Phase I development.
The development is centred around an International Business and Finance Centre (IBFC), envisioned to support commercial, financial, and knowledge-based industries. The project is expected to generate over 500,000 jobs, particularly in sectors such as technology, startups, and financial services. Planned infrastructure includes a plug-and-play underground utility tunnel system, integrated smart infrastructure, and provisions for streamlined approvals through a single-window mechanism.
Authorities have also introduced policy incentives, including a stamp duty waiver, to attract private investment and accelerate development activity within the district. The project has been positioned as a key state-led initiative aimed at expanding Nagpur's role as a commercial and financial centre within central India.
The escalation in land acquisition cost reflects both the scale of the project and the complexities associated with large-scale urban land assembly through negotiated settlements. With the acquisition process nearing completion, the project is expected to move into the execution phase, subject to finalisation of compensation and transfer of land to the implementing agency.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
