Maharashtra Cabinet Approves ₹6500 Crore For 'New Nagpur' Project; Aims To Transform Region Into India's Next Global Financial Hub

Mumbai: The Maharashtra state Cabinet approved the Rs 6,500-crore ‘New Nagpur’ project, aimed at transforming Hingna taluka into a significant business hub with a futuristic design. Central to the project is an International Business and Finance Centre (IBFC) that will provide support to various industries, startups, and corporate offices.

The Nagpur Metropolitan Region Development Authority (NMRDA) is tasked with overseeing development, with NBCC (India) appointed as the consultant due to their expertise in large urban projects. The project will cover 692.06 hectares in Mouza Godhni (Rithi) and Mouza Ladgaon (Rithi), with Rs 3,000 crore allocated for land acquisition and Rs 3,500 crore for Phase I, funded through a loan from HUDCO.

The initiative aims to create over five lakh jobs and includes advanced features such as an underground utility tunnel system, smart utilities, and green planning. Additionally, a pioneering single-window clearance system will be established to attract global firms and enhance entrepreneurship efforts.

Two crucial MoUs were signed between NMRDA and central government Navratna PSUs, NBCC and HUDCO, to facilitate the project's construction, covering one thousand acres within the overall 1,710 acres designated for New Nagpur.

The development will occur in three phases over the next 15 years, supported by Rs 11,300 crore from HUDCO, and will significantly alter Nagpur's economic landscape. Present at the signing were NMRDA officials and dignitaries, underscoring the project's importance.

What Is The New Nagpur Project?

The "New Nagpur" project, initiated by the Maharashtra government, aims to transform Nagpur into a significant commercial hub through the development of a 1,780-acre Central Commercial District (CCD) in Hingna. This mixed-use district is designed to attract investment and enhance the region's economy.

A vital component is the Multi-Modal International Cargo Hub and Airport (MIHAN), a large Special Economic Zone that includes IT parks, manufacturing units, and residential areas. Infrastructure upgrades such as a ₹13,748 crore Outer Ring Road, Nagpur Metro Phase-II, and the Mumbai-Nagpur Expressway will improve connectivity.

Economic incentives like tax breaks are being offered to attract companies, with firms like TCS and HCL establishing operations. The project also emphasizes lifestyle enhancements, incorporating recreational facilities, improved traffic management, and new residential complexes, reinforcing Nagpur's status as a logistics and business hub in Central India.