NAGPUR: The projected cost for acquiring land for the New Nagpur Business District project is expected to surpass ₹4,000 crore, nearly ₹1,000 crore more than the original estimate of ₹3,000 crore. The final compensation rates for farmers are anticipated to be confirmed within a week. According to collectorate sources, “Once the compensation details are finalized, they will be forwarded to the Nagpur Metropolitan Region Development Authority (NMRDA) to initiate the acquisition process.”
The acquisition encompasses land from Mouza Ladgaon (Rithi) and Mouza Godhani (Rithi) in Hingna taluka. A total of 629.43 hectares of private land is being acquired through direct negotiations, with 456.41 hectares in Ladgaon and 173.02 hectares in Godhani. The district administration’s detailed surveys and land value assessments took nearly five months. A committee is finalizing the land acquisition rates, projected to be completed in one week. The acquisition will involve 269 survey numbers in Ladgaon (Rithi) and 98 survey numbers in Godhani (Rithi). Officials report the process is nearing completion, and compensation notices will be sent to the farmers once finalized.
To promote cooperation, the government previously offered compensation at five times the current land rate. Moreover, Maharashtra’s revenue minister and Nagpur’s guardian minister, Chandrashekhar Bawankule, assured farmers that for every acre of acquired land, they would receive a developed plot of 1,500 square feet within the New Nagpur project.
The broader ₹11,300 crore New Nagpur Business District project will span 692.06 hectares in the same areas. NMRDA will oversee the project, with NBCC (India) Ltd serving as the consultant. While ₹3,000 crore was initially allocated for land acquisition, approximately ₹3,500 crore has been designated for Phase I development.
Funding is being secured through a loan from Hudco, which is backed by a state government guarantee. This development will center around an International Business and Finance Centre (IBFC), intended to position Nagpur as a major business and finance hub.
It is estimated that the project will create over 500,000 jobs, particularly in knowledge-based sectors and startups. Unique features include an underground utility tunnel system designed on a plug-and-play model, along with state-of-the-art infrastructure, green planning, and a streamlined single-window clearance mechanism to enhance business convenience. The state government has designated this initiative as a flagship project and has announced a stamp duty waiver aimed at attracting investment, positioning the New Nagpur Business District as an advanced, integrated corporate city.
