NAGPUR: The Maharashtra cabinet has approved a full waiver on stamp duty and registration charges for land acquisitions related to the New Nagpur Business District and New Outer Ring Road projects. This decision is anticipated to expedite the implementation of these significant infrastructure initiatives in the Nagpur district.
The resolution was passed during a cabinet meeting presided over by CM Devendra Fadnavis, which stated that private land necessary for these projects will be acquired via direct purchases and negotiations with landowners.
As per government reports, stamp duty and registration fees for land transactions linked to these projects amount to approximately 637 crore. This exemption comes under the Maharashtra Stamp Act, following a request from the Nagpur Metropolitan Region Development Authority (NMRDA) to facilitate quicker land acquisitions.
The larger initiative, the 11,300 crore New Nagpur Business District project, is planned over 692.06 hectares in Godhani and Ladgaon villages in Hingna taluka. It aims to establish an International Business and Finance Center (IBFC), envisioned as a pivotal economic hub for Central India.
Officials anticipate that this project could revolutionize the economic landscape of the Nagpur region by attracting diverse industries, financial institutions, and businesses, while generating substantial employment opportunities.
In conjunction with the New Nagpur project, the government is also advancing plans for a 148 km long and 120-meter-wide New Outer Ring Road. This corridor will link various major highways entering the city, including the Amravati National Highway, Hingna State Highway, Samruddhi Expressway, and others.
The state government has already approved a total expenditure of 13,748 crore for this project. Of this amount, 4,800 crore will be sourced through a HUDCO loan supported by a state government guarantee, while an additional 8,948 crore will be allocated as financial assistance from the state government.
The project will also see the development of four truck and bus terminals along the Ring Road corridor to enhance logistics and connectivity within the city.
The implementation of the Outer Ring Road project will occur in two phases. The first phase will involve constructing a 75 km segment requiring land acquisition from 50 villages. The second phase will encompass the remaining 73 km, necessitating land acquisition from 49 villages.
